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TSX Firmly Up In Positive Territory; BlackBerry Soars

The Canadian stock market is notably higher a little past noon on Tuesday, led by gains in technology, financial and materials sections.

Solid economic data, optimism about coronavirus vaccine and higher bullion prices are contributing to market's sharp rise.

The benchmark S&P/TSX Composite Index, which rose to 17,471.20, is up 145.10 points or 0.84% at 17,335.35 about a quarter past noon.

The index plunged more than 2% on Monday, as stocks fell on profit taking after seven successive days of gains.

The Capped Information Technology Index is rising 2.1%. BlackBerry (BB.TO) shares are up with a hefty gain of 60% after the wireless company signed a multiyear agreement with Amazon Web Services to develop and market its "Intelligent Vehicle Data Platform," called IVY.

Docebo Inc. (DCBO.TO) is gaining 7,2%, Lighspeed Pos (LSPD.TO) is surging up 4.6% and Sierra Wireless (SW.TO) is climbing 2.5%. Photon Control (PHO.TO) and CGI Group (GIB.A.TO) are up 1.7% and 1.2%, respectively.

In the financial section, Bank of Montreal (BMO.TO) is gaining more than 3%. The BMO Group reported net income of $1,584 million or $2.37 per share for the fourth quarter of 2020. Adjusted net income for the quarter was $2.41 per share in the latest quarter, compared with $2.43 in the prior year.

Bank of Nova Scotia (BNS.TO) is up 2.6%. The bank announced a dividend of C$0.90 per share on the outstanding common shares of the Bank, payable January 27, 2021, to shareholders of record at the close of business on January 5, 2021.

CDN Western Bank (CWB.TO) is rising 2.7%, Laurentian Bank (LB.TO) is up 2.3%, Toronto-Dominion Bank (TD.TO) is climbing 2.1%, National Bank of Canada (NA.TO) is advancing 1.85% and Royal Bank of Canada (RY.TO) is gaining nearly 1.5%.

Osisko Mining (OSK.TO), Eldorado Gold (ELD.TO), MAG Silver Corp (MAG.TO) and Torex Gold Resources (TXG.TO) are up 6 to 9%. Ssr Mining (SSRM.TO), First Quantum Minerals (FM.TO), Wheaton Precious Metals (FM.TO), Pan American Silver Corp (PAAS.TO), IamGold (IMG.TO) and Agnico Eagle Mines (AEM.TO) are among the major gainers in the materials space.

In the energy section, Imperial Oil (IMO.TO) and Cenovus Energy (CVE.TO) are gaining 2.1% and 1.2%, respectively.

Among healthcare stocks, Aurora Cannabis (ACB.TO) and Aphria Inc. (APHA.TO) are declining more than 8% and 7.7%, respectively. Cronos Group (CRON.TO) is down 4.2%, while Canopy Growth Corp (WEED.TO), Trillium Therapeutics (TRIL.TO), Knight Therapeutics (GUD.TO) and Aurinia Pharmaceuticals (AUP.TO) are down 2 to 3%.

Data released by Statistics Canada a little while ago shows Canada's GDP expanded 8.9% in the third quarter of this year. Annualized GDP growth in Canada increased to 40.5% in the third quarter of 2020 from -38.1% in the second quarter of 2020.

The Canadian economy grew 0.8% over a month earlier in September, following a downwardly revised 0.9% expansion in the previous month.

The IHS Markit Canada Manufacturing PMI edged up to 55.8 in November of 2020 from 55.5 in October, pointing to strong factory growth for the 5th month.

In vaccine news, Pharmaceutical giant Pfizer Inc. and German biotech firm BioNTech SE have submitted a formal Application for Conditional Marketing Authorization or CMA for their mRNA -based COVID-19 vaccine candidate, BNT162b2, to the European Medicines Agency or EMA.

The companies hope that a CMA could potentially enable the use of BNT162b2 in Europe before the end of 2020.

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