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Canadian Shares Firmly In Positive Territory After Bright Start

Canadian stocks are up firmly in positive territory after a bright start Monday morning, reacting to reports showing a drop in new coronavirus infections and fatalities in most of the hot spots in Europe over the weekend.

A rally in European markets and a buoyant start on Wall Street too contribute to the buying momentum in the Canadian market.

Consumer discretionary shares, which were among the severely battered in recent sessions, have moved up sharply, lifting the Capped Consumer Discretionary Index up by about 8%.

Healthcare shares are also moving up sharply. The Capped Healthcare Index has climbed up more than 7%. Real estate, information technology, financial, materials, utilities and industrials shares are mostly up with impressive gains. Stocks from consumer staples and telecommunications sectors are also rising, while energy shares are somewhat mixed.

The benchmark S&P/TSX Composite Index, which soared to 13,488.19, is up 438.71 points, or 3.39%, at 13,377.01

Brp Inc. (DOO.TO), the biggest gainer in the Consumer Discretionary Index, is up as much as 12.3%. Restaurant Brands International (QSR.TO) is rising 11.5%, while Martinrea International (MRE.TO), Aritzia Inc. (ATZ.TO), Canada Goose Holdings (GOOS.TO), Magna International (MG.TO), Gildan Activewear (GIL.TO) and Linamar Corp (LNR.TO) are up 8 to 10%.

In the healthcare space, Hexo Corp (HEXO.TO) is up 12.8%. Bausch Health Companies (BHC.TO) and Aphria Inc (APHA.TO) are rising more than 8%. Extendicare (EXE.TO), Canopy Growth Corp (WEED.TO), Sienna Senior Living (SIA.TO) and Aurora Cannabis (ACB.TO) are gaining 4.5 to 6%.

Among financial shares, Onex Corp (ONEX.TO), Power Corporation of Canada (POW.TO), Fairfax Financial Holdings (FFH.TO), Canadian Imperial Bank of Commerce (CM.TO), Sun Life Financial (SLF.TO), CDN Western Bank (CWB.TO), National Bank of Canada (NA.TO), Manulife Financial (MFC.TO), Royal Bank of Canada (RY.TO), Laurentian Bank (LB.TO), Bank of Montreal (BMO.TO) and Toronto-Dominion Bank (TD.TO) are up 3 to 7%.

In the industrial section, Cae Inc. (CAE.TO), Finning International (FTT.TO), Air Canada (AC.TO), SNC-Lavalin (SNC.TO), Aecon Group (ARE.TO) and Ballard Power Sytems (BLDP.TO) are gaining 4 to 8%.

Among information technology stocks, Lightspeed Pos Inc (LSPD.TO) is soaring more than 20%. Shopify Inc. (SHOP.TO), Evertz Technologies (ET.TO), BlackBerry (BB.TO), Sierra Wireless (SW.TO), Enghouse Systems Group (ENGH.TO), Open Text Corp (OTEX.TO), Celestica Inc. (CLS.TO) and Descartes Systems (DSG.TO) are up 3.5 to 7%.

First Quantum Minerals (FM.To), Hudbay Minerals (HBM.TO), B2Gold Corp (BTO.TO), Teck Resources (TECK.B.TO), Kirkland Lake Gold (KL.TO), Ssr Mining (SSRM.TO), Eldorado Gold (ELD.TO) and Lundin Mining (LUN.TO) are up 5 to 10%.

Among energy stocks, MEG Energy (MEG.TO) is up more than 7%. Husky Energy (HSE.TO), Cenovus Energy (CVE.TO), PrairieSky Royalty (PSK.TO), Enerflex (EFX.TO) and Shawcor (SCL.TO) are also up with strong gains.

Reports showing death tolls in some of the world's coronavirus hot spots easing over the weekend pushed European stocks up today, and set up a firm start for North American markets.

The number of coronavirus-related deaths in New York State fell to 594 on Sunday from 630 on Saturday, reflecting the first daily decrease.

President Donald Trump warned the country could be headed into its "toughest" week but expressed hope the country was seeing a "leveling off" of the coronavirus crisis.

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