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(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 (OTC:NPIFF) and Ballard Power Systems (NASDAQ:BLDP) 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 (NYSE:ENB) Inc climbed 2.4% after Credit Suisse upgraded its rating on the oil transportation firm to “neutral” from “underperform”.
