June 22, 2024


Technological development

Canadian Market Marches On To Fresh Record High; Technology, Healthcare Stocks Rally


(RTTNews) – The Canadian market climbed to a fresh record higher Tuesday morning thanks to strong buying in technology and healthcare stocks.

Real estate, industrials, consumer discretionary and financial shares are also finding good support, while energy and materials stocks are weak.

The benchmark S&P/TSX Composite Index, which climbed to 22,103.66, is up 88.27 points or 0.4% at 22,097.40 about half an hour past noon.

The Healthcare Capped Index is climbing up 2.5%. Aurora Cannabis (ACB.TO) is surging up more than 5.5%. Well Health Technologies (WELL.TO), Tilray Inc (TLRY.TO) and Cronos Group (CRON.TO) are gaining 4 to 4.5%. Canopy Growth Corp (WEED.TO) is moving up 2.5%, while Bausch Health Companies (BHC.TO) and Chartwell Retirement Residences (CSH.UN.TO) are up 1.3% and 1%, respectively.

The Information Technology Capped Index is rising 2.6%. Quarterhill Inc (QTRH.TO) is soaring 14%. Lightspeed Commerce (LSPD.TO) is gaining 7%, Shopify Inc (SHOP.TO) is surging up 5.1%, Viq Solutions (VQS.TO) is moving up 4.6% and Hut 8 Mining Corp (HUT.TO) is gaining 4.2%. BlackBerry (BB.TO), Docebo Inc (DCBO.TO), Nuvei Corp (NVEI.TO), Dye & Durham (DND.TO), Alithya Corp (ALYA.TO), Sierra Wireless (SW.TO) and Constellation Software (CSU.TO) are gaining 2 to 4%.

Energy stocks MEG Energy (MEG.TO), Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO), Baytex Energy (BTE.TO) and Crescent Point Energy (CPG.TO) are down 2 to 3%.

In the materials section, K92 Mining Inc (KNT.TO), Oceanagold (OGC.TO), Osisko Mining (OSK.TO), Teck Resources (TECK.B.TO), Silvercrest Metals (SIL.TO), First Quantum Minerals (FM.TO), Novagold (NG.TO) and Torex Gold Resources (TXG.TO) are lower by 2 to 4.6%.

On the economic front, data from Statistics Canada showed raw materials prices in the country decreased to 29.8% year-on-year in February, from 30.5% in January.

The data also said the industrial product price index rose 3.1% month-on-month in February, after rising 3% in January. Year-on-year, producer prices increased 16.4% in February over the same month in the previous year.

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


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