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Canadian Shares Edging Higher; TSX Hits Fresh Record High

Canadian shares are up in positive territory in early afternoon trades on Tuesday, after having opened on a firm note, tracking positive global cues after Chinese President Xi Jinping pledged to win the fight against the coronavirus outbreak.

Comments by the Federal Reserve Chairman Jerome Powell that the U.S. economy has recently appeared resilient to global headwinds, with economic activity increasing at a moderate pace over the second half of last year, helped lift sentiment.

The benchmark S&P/TSX Composite Index is up 69.50 points, or 0.4%, at 17,810.07, around 15 points off a new record high of 17,822.15 it touched earlier in the session.

Shares from healthcare section are among the most prominent gainers. A few stop stocks from utilities, energy, materials and consumer discretionary sections are also up with strong gains.

In the healthcare space, Aphria Inc. (APHA.TO), Hexo Corp (HEXO.TO), Aurora Cannabis (ACB.TO) and Canopy Growth Corporation (WEED.TO) are up 5 to 6%. Cronos Group (CRON.TO) is rising nearly 4%, while Sienna Senior Living (SIA.TO) and Extendicare Inc. (EXE.TO) are up 1.3% and 1.2%, respectively.

Among materials shares, Hudbay Minerals (HBM.TO) and Teck Resources (TECK.B.TO) are up 5.5% and 5.3%, respectively. Methanex Corp (MX.TO), First Quantum Minerals (FM.TO), Osisko Gold Royalties (OR.TO) and West Fraser Timber (WFT.TO) are gaining 3.7 to 4%.

Energy shares Enerflex (EFX.TO) and MEG Energy (MEG.TO) are up 2.5% and 2%, respectively. Vermilion Energy (VET.TO), Baytex Energy (BTE.TO), Husky Energy (HSE.TO), Canadian Natural Resources (CNQ.TO) and PrairieSky Royalty (PSK.TO) are up 1 to 1.6%.

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