The Toronto Stock Exchange is up 152 points at midday, climbing back over the 34,000 mark, with tech stocks (+3.3%) the best performer, followed by financials (+0.7%).
Energy, pulled down by lower oil prices, is the biggest decliner, down 2.3%.
In domestic news, Prime Minister Mark Carney, who now has a Liberal majority after winning three byelections on Monday, announced this morning that Canada will suspend a federal fuel tax on diesel and gasoline until Labour Day.
In company news, Chemtrade Logistics (CHE-UN.TO) units have plunged 17.4% to $14.67 after it reported that a rezoning application for its facility in North Vancouver, B.C., was rejected. The facility is the largest producer of liquid chlorine to treat drinking water in Canada, producing over 40% of the country's supply.
The market just wrapped up a relatively solid quarter, marked by economic and geopolitical uncertainty, ending with Canadian stocks in the green, Morningstar wrote recently.
The Morningstar Canada Index is up over 5% in the year to date and nearly 50% over the past 12 months, led by the energy and basic materials sectors. Amid the market turbulence, it said four stocks in the telecom, consumer cyclical, and industrials sectors look the most undervalued.
These are Thomson Reuters (TRI.TO), Gildan Activewear (GIL.TO), Rogers Communications (RCI-B.TO) and Telus (T.TO). Morningstar analysts think these stocks have a "narrow economic moat", meaning they should maintain a competitive edge for the next 10 years.