Energy, Cannabis Stocks Lift TSX

(RTTNews) – After struggling for direction till about an hour past noon, the Canadian market moved higher and settled on a positive note on Friday thanks to gains in healthcare and energy sections.

The benchmark S&P/TSX Composite Index, which dropped to 21,900.01 by late morning, recording a modest loss of about 38 points, recovered gradually to eventually settle with a gain of 68.05 points or 0.31% at 22,005.94.

The Health Care Capped Index surged up 6.86%, with pot stocks posting sharp gains. Tilray Inc (TLRY.TO) soared nearly 22%, Aurora Cannabis (ACB.TO) climbed 10.3% and Canopy Growth Corp (WEED.TO) rallied 9.1%. Cronos Group (CRON.TO) ended with a gain of 5.8%.

The Energy Capped Index climbed up 2.78%. Birchcliff Energy (BIR.TO) and Peyto Exploration and Development Corp (PEY.TO) gained up 8.2% and 7.8%, respectively. Vermilion Energy (VET.TO) and Tourmaline Oil Corp (TOU.TO) gained 5.7% and 5.3%, respectively. Cenvous Energy (CVE.TO), Whitecap Resources (WCP.TO), Crescent Point Energy (CPG.TO), Imperial Oil (IMO.TO) and Baytex Energy (BTE.TO) were among the other major gainers.

Technology stocks Converge Technology Solutions (CTS.TO), Tecsys Inc (TCS.TO), Dye & Durham (DND.TO), Shopify Inc (SHOP.TO), Lightspeed Commerce (LSPD.TO), Hut 8 Mining (HUT.TO), BlackBerry (BB.TO) and Descartes Systems (DSG.TO) shed 3 to 6%.

Consumer discretionary stock BRP Inc. (DOO.TO) shares gained nearly 9.5% after the company reported normalized diluted earnings per share of $3.00 for the fourth quarter of financial year 2021-22, an increase of $1.18 per share. Diluted earnings per share dropped to $2.50, a decrease of $0.45 per share compared to the same period last year.

In economic news, according to preliminary estimates, manufacturing Sales in Canada increased 3.7% in February, after rising 0.6% in January, data from Statistics Canada showed.

Data from the Department of Finance showed Canada’s government budget deficit narrowed to C$ 5.2 billion in January 2022 from C$ 20 billion in the corresponding month of the previous year. Revenues increased 27.7% year-on-year to C$ 35.9 billion.

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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