Salem Radio Network News Friday, June 9, 2023


Energy stocks push TSX higher, Dollarama climbs

By Johann M Cherian

(Reuters) – Canada’s main stock index extended gains on Wednesday, helped by energy stocks, while discount store chain Dollarama advanced after posting quarterly revenue above estimates.

Dollarama Inc rose 1.2% and hit a two-month high after the discount store chain also reported a surge in same-store sales.

The consumer discretionary sector index, housing the stock, added 0.9%.

At 10:25 a.m. ET (1425 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 155.29 points, or 0.79%, at 19,812.82.

“It’s a great business. They operate their store count quite well and they’re very efficient with respect to their costs,” said Mike Archibald, vice-president and portfolio manager at AGF Investments.

Further aiding gains, the energy sector advanced 1.4% tracking strength in crude oil prices, as a halt in some exports from Iraqi Kurdistan raised concerns of tightening supply. [O/R]

On Tuesday, Finance Minister Chrystia Freeland presented a budget in parliament that was aimed at attracting investment in the low-carbon economy, including tax incentives for electric-vehicle (EV) manufacturers and expanding the electricity grid.

The utilities sector added 0.5%.

Archibald added that renewable names like Northland Power and Ballard Power Systems would stand to benefit from the credits provided to encourage more investment in green technology.

Northland Power was down 0.2%, while Ballard Power Systems surged 2.6%.

The TSX is on course for a second straight month of losses in March as monetary tightening worries and concerns about a global banking sector meltdown spooked investors.

Still, the bourse is up for the quarter, underpinned by gains from January as equities bounced back from previous year’s losses.

Enbridge Inc climbed 2.4% after Credit Suisse upgraded its rating on the oil transportation firm to “neutral” from “underperform”.

(Reporting by Johann M Cherian in Bengaluru; Editing by Maju Samuel)


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