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The S&P/TSX composite index of the Toronto Stock Exchange was up 55.48 points, or 0.28%, at 19,893.13 at 10:11 a.m. ET (14:11 GMT).
On Thursday, the benchmark index for Canada began higher for a fifth straight session, supported by advances in Filo Mining due to a brokerage’s optimistic opinion on the stock. Reducing concerns about the instability in the banking sector also contributed to the upbeat atmosphere.
Shares of Filo Mining Corp increased 4.8% after CIBC began following the miner with a “outperform” rating and a C$38 target price. The larger materials industry increased by 0.1%.
A decrease in U.S. crude stockpiles and the suspension of shipments from Iraq’s Kurdistan region offset a smaller-than-expected reduction in Russian supply, helping the energy sector advance 0.1% in choppy trade.
Financials saw an increase of 0.4%, and the real estate industry saw an increase of 0.8%.
Canadian equities are set to end the first quarter at 3% higher if gains hold.
According to Greg Taylor, chief investment officer at Purpose Investments, “things are feeling a lot better than they did a few weeks ago, so people are allocating back to stocks heading towards quarter end.”
“Commodities are performing a little better here, so we are seeing some strength in associated stocks.”
Tech, miners, and utilities are among the index’s top performers. Banks are anticipated to finish the quarter down more than 1% following a recent rise in market anxiety about a financial crisis.
According to two executives speaking to Reuters, Atco Ltd. saw a 1.0% increase in stock price after deciding to transfer ownership of an incomplete pipeline stalled in a dispute with the Mexico national power utility.
Pet Valu Holdings increased 3.0% after TD Securities began monitoring the pet-related retailer with a “buy” rating and a $45 price target.
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