Technology, Healthcare Stocks Driving Up TSX
(RTTNews) – The Canadian stock market is up firmly in positive territory at noon on Monday, led by strong gains in healthcare, technology and consumer discretionary sectors.
The benchmark S&P/TSX Composite Index is up 212.13 or 1.02% at 20,953.88 a few minutes past noon.
The Capped Healthcare Index is up 4%. Canopy Growth Corp (WEED.TO) and Well Health Technologies (WELL.TO) both are gaining nearly 8%. Tilray Inc (TLRY.TO), Cronos Group (CRON.TO) and Aurora Cannabis (ACB.TO) are up 6.8%, 5.8% and 5.4% respectively, while Bausch Health Companies (BHC.TO) is rising 1.7%.
The Capped Information Technology Index is rising 3.6%, with the sector seeing some hectic buying as the Nasdaq has bounced further off the eight-month closing low set last Thursday.
Lightspeed Commerce Inc (LSPD.TO) is soaring nearly 11%. Shopify Inc (SHOP.TO) is gaining 6.75% and Hut 8 Mining Corp (HUT.TO) is gaining 6%. Sierra Wireless (SW.TO), Nuvei Corp (NVEI.TO), Telus International (TIXT.TO), Docebo Inc (DCBO.TO), Constellation Software (CSU.TO), Absolute Software (ABST.TO), Enghouse Systems (ENGH.TO) and Viq Solutions (VQS.TO) are up 3 to 5%.
BlackBerry (BB.TO) is gaining 3.5%. BlackBerry has entered into a patent sale agreement with Catapult IP Innovations Inc., pursuant to which BlackBerry has agreed to sell substantially all of its non-core patent assets to Catapult for $600 million. At closing, BlackBerry will receive $450 million in cash and a promissory note in the principal amount of $150 million. Catapult is a special purpose vehicle formed to acquire the BlackBerry patent assets.
The Consumer Discretionary Index is climbing 1.5%. Spin Master Corp (TOY.TO) is rising 4.5%. Canada Goose Holding (GOOS.TO), Mty Food Group (MTY.TO) and Canadian Tire Corp (CTC.A.TO) are up 2.5 to 2.8%. Park Lawn Corp (PLC.TO), Brp Inc (DOO.TO), Dollarama Inc (DOL.TO), Martinrea International (MRE.TO), Magna International (MG.TO) and Gildan Activwear (GIL.TO) are gaining 1.2 to 3%.
On the economic front, data released by Statistics Canada showed raw Materials prices in Canada increased by 29% over a year in December from 37.6% in November of 2021.
The industrial product price in Canada went up 0.7% from a month earlier in December of 2021, following a downwardly revised 0.1% rise in the previous month. On a yearly basis, the IPPI advanced 16.1%, slowing from a 17.1% surge in the previous month.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.