FX.co ★ Energy, Materials Stocks Lifting Canadian Market

The Canadian stock market experienced a slight rise in the late morning on Wednesday, primarily driven by advancements in healthcare, materials, and energy sectors.

Specifically, the S&P/TSX Composite Index, which previously reached 22,173.60, saw an increment of 60.27 points or 0.27% leading to a valuation of 22,135.37 just before midday.

Presently, Canada's economy has shown marginal contraction, as indicated by the S&P Global Canada Composite PMI's decrease to 47.0 in March from February's 47.1. This decrease signifies a continued deceleration in the private sector's activity in the country for the tenth consecutive month. Furthermore, the S&P Global Canada Services PMI also experienced a slight dip to 46.4 in March, down from 46.6 in February.

In the healthcare sector, significant players like Tilray Inc experienced a probable increase of about 4%. Other companies like Sienna Senior Living and Bausch Health Companies saw their stocks rise by 1% and 0.6% respectively.

Within the energy sector, Precision Drilling Corp's stocks rose notably by nearly 4.5%. Other energy companies like Birchcliff Energy, Tamarack Valley Energy, Crescent Point Energy, Headwater Exploration, Peyto Exploration, Pason Systems, and Cenovus Energy also showed advancements ranging from 1.3% to 2%.

In the materials sector, First Majestic Silver Corp and Fortuna Silver Mines saw a surge of 9% and 7.5% respectively in their stocks. In addition, stocks of companies such as MAG Silver Corp, Methanex Corp, Pan American Silver Corp, Ero Copper, and Osisko Mining gained from 4.3% to 5%.

In dramatic news, shares of the Indigo Books & Music Inc. surged by 22% following the announcement that Trilogy Investments L.P. and Trilogy Retail Holdings Inc. will be acquiring all issued and outstanding common shares of the company. Trilogy, along with its affiliates and joint actors, has agreed to pay C$2.50 per share in cash.

Lastly, Vecima Networks Inc., which saw an increase by 7.8% in its shares, announced signing an asset purchase agreement to acquire the cable business assets of Casa Systems, Inc. and some of Casa's subsidiaries for $20 million.