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Canadian Shares Firmly Up In Positive Territory After Buoyant Start

The Canadian stock market, back after a day's holiday, is firmly entrenched in positive territory a little past noon on Thursday, as buying continues after a bright start thanks to better than expected economic data from across the globe.

Information technology stocks are up sharply. Several stocks from real estate, energy, telecom, consumer discretionary, consumer staples and utilities sections are also moving higher.

The benchmark S&P/TSX Composite Index is up 188.77 points or 1.23% at 15.709.99. The index spurted to a high of 15,828.64 earlier in the session. The market remained shut on Wednesday for Canada Day.

Shopify Inc. (SHOP.TO) is soaring nearly 9% on strong volumes. Brookfield Property Partners (BPY.UN) and Lightspeed Pos (LSPD) are up 12.5% and 12.3%, respectively.

Canadian Natural Resources (CNQ.TO), Kirkland Lake Gold (KL.TO), Air Canada (AC.TO) and Alimentation Couche-Tard (ATD.TO) are up more than 2% on impressive volumes. Enbridge (ENB.TO) is up by about 1.5%.

Kinaxis Inc. (KXS.TO) is rising more than 5%. The company announced today that it has closed the previously announced acquisition of Rubikloud, a disruptive, emerging provider of AI solutions that automate supply chain prescriptive analytics and decision-making in the retail and consumer packaged goods (CPG) industries.

Ballard Power Systems (BLDP.TO) is up more than 13%. Cogeco Inc. (CGO.TO) and Cogeco Communications (CCA.TO) are gaining 8% and 7.7%, respectively. Enghouse Systems (ENGH.TO) is up 4.5% and Canadian Tire Corporation (CTC.TO) is up 2.5%.

On the economic front, Canada's trade deficit narrowed sharply to C$ 0.68 billion in May 2020 from an upwardly revised C$ 4.27 billion in April.

Exports were up 6.7% in May at C$ 34.61 billion, mainly reflecting the resumption of production in the auto industry as well as higher crude oil prices. Meanwhile, imports decreased a further 3.9% to C$ 35.29 billion.

Meanwhile, employment in the U.S. spiked by 4.8 million jobs in June and unemployment rate dropped to 11.1%. Initial jobless claims dropped to 1.427 million in the week ended June 27th.

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