Canadian Market Advances; Cameco, Celestica Up Sharply

(RTTNews) - The Canadian market is up in positive territory around late morning on Tuesday thanks to gains in technology stocks. Energy stocks are weak, weighed down by a sharp drop in crude oil prices.

Slightly easing worries about U.S.-China trade tensions, and expectations of interest rate cuts from the Bank of Canada and the Federal Reserve appear to be aiding sentiment.

The benchmark S&P/TSX Composite Index, which climbed to 30,483.08 earlier in the session, was up 134.01 points or 0.44% at 30,409.77 nearly half an hour before noon.

Cameco is soaring more than 20% after announcing that it entered into a strategic partnership with the U.S. government, with its partial ownership of Westinghouse poised to play a major role in the acceleration and "deployment of nuclear power," following President Donald Trump's nuclear energy executive orders earlier this year.

Cameco said the agreement with the U.S. government involves construction of at least $80 billion worth of new Westinghouse nuclear reactors across the country.

Celestica is up more than 5% after the company reported stronger than expected third-quarter results, and raised its full-year revenue guidance. Celestica reported third-quarter revenue of $3.19 billion, up 28% compared to $2.50 billion in the corresponding quarter last year.

NexGen Energy is rising 10.5%, while Aecon, Brookfield Renewable, First Quantum Minerals, Brookfield Assets and Lundin Mining are up 3 to 5.7%.

Teck Resources, Richie Bros Auctioneers, Stantec, Maple Leaf Foods, Snc Lavalin and Spin Master Corp. are gaining 1.5 to 2%.

Tilray, Methanex Corp., Torex Gold Resources, Precision Drilling, Wesdome Gold Mines, Kelt Exploration, Vermilion Energy, Baytex Energy, Whitecap Resources and Cenovus Energy are down 1 to 3.4%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.