Canadian Market Modestly Higher As Energy Stocks Rise

(RTTNews) - The Canadian market is modestly higher in late afternoon trades on Monday, led by strong gains in the energy space.

A few stocks from financials sector are up with notable gains. Stocks from the rest of the sectors are turning in a mixed performance.

The mood is somewhat cautious as investors await central bank meetings for clues on policy tightening. The Federal Reserve, European Central Bank and the Bank of Japan are scheduled to announce their policies later in the week.

The benchmark S&P/TSX Composite Index is up 54.02 points or 0.26% at 20,601.53

Cenovus Energy (CVE.TO), up 3.2%, is the top gainer in the Energy Index. Suncor Energy (SU.TO), Imperial Oil (IMO.TO), Vermilion Energy (VET.TO), Canadian Natural Resources (CNQ.TO), Baytex Energy (BTE.TO) and Tamarack Valley Energy (TVE.TO) are up 2 to 2.6%.

In the financials sector, Royal Bank of Canada (RY.TO) is gaining 1.2%. National Bank of Canada (NA.TO), Brookfield Corporation (BN.TO), Laurentian Bank (LB.TO), Goeasy (GSY.TO), Bank of Montreal (BMO.TO), Manulife Financial Corporation (MFC.TO) and Canadian Imperial Bank of Commerce (CM.TO) are up 0.5 to 1%.

CGI Inc (GIB.A.TO) announced that it is planning to invest C$1 billion over three years on the expansion of its artificial intelligence services and solutions. The stock is up 0.3%.

TC Energy Corporation (TRP.TO) shares are down 2.5%. The company announced today that it has entered into an agreement to sell a 40% stake in its Columbia Gas Transmission and Columbia Gulf Transmission systems for C$5.2 billion.

On the economic front, wholesale sales in Canada fell 4.4% month-over-month in June 2023, according to preliminary estimates.