Canadian market heads towards a booming close as stocks rise in search of bargains

(RTTNews) – The Canadian market rose sharply into positive territory on Friday afternoon, and with stocks across the board posting solid gains as buying interest continues, it looks set to finish the session higher.
The market is bullish, tracking signals from the US and European markets, as stocks rebounded with fresh buying despite persistent concerns about inflation and slowing economic growth. Statements from Fed Chair Jerome Powell that the central bank is not “actively considering” a 75 basis point rate hike, lifted sentiment.
Technology, healthcare, energy, consumer appreciation, and real estate stocks are among the most impressive gainers. Several stocks from the financial, utilities, materials, and consumer goods divisions are also posting significant gains.
The S&P/TSX Composite, which rose to 20196.60 a little noon, and gained nearly 500 points in the process, is currently 344.40 points, or 1.75%, at 20.043.45.

The IT Index rose 4.6%. Lightspeed Trading (LSPD.TO) is up 28%, Dye & Durham (DND.TO) is up 13%, BlackBerry (BB.TO) is up 11.2%, and Hut 8 Mining Corp (HUT.TO) is up 13%. 10.2%. Shares of Shopify Inc (SHOP.TO), Docebo Inc (DCBO.TO), Nuvei Corp (NVEI.TO), Absolute Software Corp (ABST.TO) and Softchoice Corp (SFTC.TO) rose 6 to 9.5%.
The healthcare index with an upper bound is up 3.5%. Aurora Cannabis (ACB.TO), up nearly 12%, is the index’s biggest gainer. Canopy Growth Corp. (WEED.TO) rose 7.2%, while Sienna Senior Living (SIA.TO) and Cronos Group (CRON.TO) rose 4.3% and 4%, respectively. The Bauch Health Companies Index (BHC.TO) rose 2.5%.
The Covered Energy Index is up 3.4%. The exploration upstream region (HWX.TO) was the top gainer with 12.5%. Nuvista Energy (NVA.TO) is up about 8%, Peyto Exploration (PEY.TO) is up 6.2% and Advantage Oil & Gas (AAV.TO) is up 6%.
Linamar Corp (LNR.TO), Spin Master Corp (TOY.TO), Canada Goose Holdings (GOOS.TO), Magna International (MG.TO), and Mty Food Group (MTY.TO) are among the biggest consumer gainers. Appreciative section. These stocks rise between 4.5 to 7.4%.
Onex Corporation (ONEX.TO) reported first-quarter net profit of $164 million, compared to $415 million in the first quarter of last year. The stock is earning more than 4%.
Cineplex Inc (CGX.TO) rose about 8.5% after the company reported a net loss of $42.2 million in the first quarter of this year, compared to a net loss of $89.7 million in the first quarter of 2021.

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

Leave a Reply

%d bloggers like this: