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Canadian Stocks Up Firmly In Positive Territory At Noon

The Canadian stock market is up sharply Tuesday morning, as investors indulge in hectic buying in stocks from various sectors, amid optimism about a potential coronavirus vaccine.

Traders in the Canadian market are catching up now, having missed out the rally on Monday as Bay Street remained shut due to Victoria Day holiday.

Moderna Inc, a biotechnology company based in Cambridge, Massachusetts, said an early-stage human trial for a vaccine produced antibodies in all 45 participants, triggering a buying spree in U.S. and European markets on Monday.

Healthcare, energy, consumer discretionary and industrial stocks are among the most impressive gainers. Several stocks from financial, utilities and real estate sections are also up with strong gains. A few stocks from consumer staples sector are up as well, while information technology shares are weak.

The benchmark S&P/TSX Composite Index, which rose to 14,944.47, is up 238.50 points, or 1.6%, at 14,877.40 around noon.

On Friday, the benchmark S&P/TSX Composite Index ended up 129.24 points, or 0.89%, at 14,638.90, nearly 200 points off an early low of 14,447.88.

Aurora Cannabis Inc. (ACB.TO) shares are up more than 45%. The company reported net revenue of $78.4 million for the third quarter, up 18% from a year ago. Consumer cannabis net revenue, excluding provisions, increased 24% from the prior quarter to $41.5 million, while medical cannabis net revenue, both Canadian and international, showed growth of 13.5%.

Air Canada (AC.TO) is rising 10.5%. Canadian Natural Resources (CNQ.TO), Bank of Montreal (BMO.TO), Suncor Energy (SU.TO) and Bank of Nova Scotia (BNS.TO) are up 3.5 to 6%.

Manulife Financial (MFC.TO), Toronto-Dominion Bank (TD.TO) and Royal Bank of Canada (RY.TO) are up 2.5%, 2.3% and 1.3%, respectively, on strong volumes.

Methanex Corporation (MX.TO) is soaring more than 20%. Lightspeed Pos (LSPD.TO), BRP Inc (DOO.TO) and West Fraser Timber (WFT.TO) are rising 10 to 12.5%.

Magna International (MG.TO), Canadian Pacific Railway (CP.TO) and Canadian National Railway (CNR.TO) are gaining 3 to 6%.

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