Energy Stocks Lifting Canadian Market; CWB Rises After Results

(RTTNews) - The Canadian market is modestly higher in late morning trades on Friday, thanks to some brisk buying in the energy sector.

A few stocks from healthcare, financials and technology sectors are up as well, while communications shares are weak.

The mood is positive amid rising optimism the Federal Reserve will start reducing interest rates in the next few months.

Meanwhile, the closely watched report from the Labor Department this morning said non-farm payroll employment in the U.S. jumped by 199,000 jobs in November after rising by 150,000 jobs in October. Economists had expected employment to climb by 180,000 jobs.

The Labor Department also said the unemployment rate dipped to 3.7% in November from 3.9% in October. The unemployment rate was expected to remain unchanged.

The benchmark S&P/TSX Composite Index, which climbed to 20,376.64 earlier this morning, was up 57.99 points or 0.29% at 20,336.50 a little while ago.

The Energy Capped Index is up 1.32%. Headwater Exploration (HWX.TO), Imperial Oil (IMO.TO), Paramount Resources (POU.TO), Bayex Energy (BTE.TO), Athabasca Oil Corporation (ATH.TO), Enerplus Inc (ERF.TO) and Crescent Point Energy (CPG.TO) are gaining 2.5 to 3.4%.

Healthcare stock Tilray Inc (TLRY.TO) is advancing 2%. Bausch Health Companies (BHC.TO) is rising by about 0.7%.

Canadian Western Bank (CWB.TO) is gaining 4.3%, after reporting net income of $77 million for the fourth quarter of 2023, up 14% compared to the net income it posted in the fourth quarter of the previous year.

Bitfarms Ltd. (BITF.TO), which is up with a hefty gain of about 15%, is the biggest mover in the technology space. Hut 8 Corp (HUT.TO) is climbing 8.5%, Dye & Durham (DND.TO) is gaining 2.7% and Coveo Solutions (CVO.TO) is rising 2.3%.

Telus Corp (T.TO), down 2.5%, is the biggest loser in the communications sector. Rogers Communications (RCI.B.TO) and Quebecor Inc (QBR.B.TO) are down 0.8% and 0.6%, respectively.

On the economic front, data from Statistics Canada showed the Canadian industries operated at 79.7% of their production capacity in the third quarter, higher than the slightly revised 79.6% in the previous quarter.