Tech and healthcare stocks push the TSX higher

(RTTNews) – The Canadian stock market is firmly up in positive territory at midday on Monday, driven by strong gains in the healthcare, technology and consumer discretionary sectors.

The benchmark S&P/TSX Composite Index was up 212.13 or 1.02% at 20,953.88 a few minutes after midday.

The capped healthcare index is up 4%. Canopy Growth Corp (WEED.TO) and Well Health Technologies (WELL.TO) both gained almost 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) increased by 1.7%.

The capped information technology index rose 3.6% as the sector saw choppy buying as the Nasdaq rebounded further from the eight-month closing low set last Thursday.

Lightspeed Commerce Inc (LSPD.TO) soars nearly 11%. Shopify Inc (SHOP.TO) gained 6.75% and Hut 8 Mining Corp (HUT.TO) gained 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 3-5%.

BlackBerry (BB.TO) gained 3.5%. BlackBerry entered into a patent sale agreement with Catapult IP Innovations Inc., under which BlackBerry 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 BlackBerry patent assets.

The consumer discretionary index climbed 1.5%. Spin Master Corp (TOY.TO) rose 4.5%. Canada Goose Holding (GOOS.TO), Mty Food Group (MTY.TO) and Canadian Tire Corp (CTC.A.TO) are up 2.5-2.8%. 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) gain 1 .2 to 3%.

On the economic side, data released by Statistics Canada showed that commodity prices in Canada rose 29% year on year in December, compared to 37.6% in November 2021.

Industrial product prices in Canada rose 0.7% month-on-month in December 2021, following a downward-revised rise of 0.1% the previous month. Year over year, the IPPI rose 16.1%, slowing from the 17.1% increase 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.

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