FX.co ★ Canadian Market Moderately Higher; Energy, Utilities Shares Rise

The Canadian market has been making positive strides by late morning this Friday, marked by strong performances from the energy and utilities sectors. Some stocks from communications, consumer staples and finance are also seeing significant gains, while others across various sectors have remained relatively steady.

There has been a noticeable sense of restraint among traders due to increasing concerns about the escalating tensions in the Middle East and the ongoing uncertainty surrounding the Federal Reserve's interest rate projections. Around half an hour before midday, the S&P/TSX Composite Index had risen by roughly 0.53%, equating to an increase of 114.34 points, standing at 21,822.78.

Examining the energy sector, Birchcliff Energy has seen a 4% increase. Other notable energy companies such as Baytex Energy, Crescent Point Energy, Vermilion Energy, Paramount Resources, Tamarack Valley Energy, Tourmaline Oil Corp, Nuvista Energy, Suncor Energy, and Imperial Oil have each risen between 1.7 and 2.2%.

In utilities, stocks such as Brookfield Infra Partners, AltaGas, Algonquin Power, Canadian Utilities, Transalta Corp, and Atco have all increased between 1 and 2.3%. Other stocks worth mentioning for their promising rates of increase include Wajax Corporation (4.5%), Canadian Tire Corporation (3.5%), and Methanex Corp (2.7%). Additionally, BRP Inc, Alimentation Couche-Tard, Premium Brands Holdings Corporation, and Bank of Montreal have each gained between 1 and 2%.

On the downside, Celestica Inc has seen nearly a 6% decrease, Morguard Corporation has declined by 3%, and both Dayforce and Stantec have each seen a drop, down 1.4% and 1% respectively.