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Canadian Market Stays Positive As Materials, Healthcare Shares Post Strong Gains

Canadian shares are turning in a mixed performance on Tuesday amid slight uncertainty about near term trend for the market.

Healthcare and materials shares are up with strong gains, while technology stocks are weak. Financial, energy and consumer staples stocks are finding modest support.

Data from Statistics Canada showed the Canadian economy expanded an annualized 9.6% on quarter in the last three months of 2020, following a record 40.6% growth in the previous period. Figures beat market forecasts of a 7.5% rise.

The economy expanded 2.3% on quarter in the last three months of 2020, following a record 8.9% growth in the previous period

The benchmark S&P/TSX Composite Index was up 74.47 points or 0.41% at 18,374.09 about half an hour past noon. The index touched a high of 18,397.64.

Materials shares Osisko Gold Royalties (OR.TO), Pretium Resources (PVG.TO), New Gold (NG.TO), Torex Gold Resources (TXG.TO). Silvercrest Metals (SIL.TO), Iamgold orp (IMG.TO), Eldorado Gold (ELD.TO), Yamana Gold (YRI.TO), Kinross Gold (K.TO), Alamos Gold (AGI.TO), Osisko Mining (OSK.TO) and Ssr Mining (SSRM.TO) are up 4 to 6.5%.

Among healthcare stocks, Canopy Growth Corporation (WEED.TO) is gaining 2.75%. Canopy has launched its Cannabidiol (CBD) beverage brand Quatreau in the high-potential U.S. market. Quatreau is a premium ready-to-drink CBD-infused sparkling water that delivers natural flavors with zero sugar and only 25 calories.

Aphria Inc (APHA.TO) is rising 5.2% and Aurora Cannabis (ACB.TO) is moving up 3.5%, while Bausch Health Companies (BHC.TO) and Cronos Group Inc (CRON.TO) are gaining 1.2% and 1%, respectively.

George Weston Ltd. (WN.TO) reported its fourth-quarter profit of $289 million or $1.88 per diluted share for the quarter ended Dec. 31, compared to a profit of $433 million or $2.81 per diluted share a year earlier. Despite the drop in earnings, George Weston shares are gaining about 2%.

Spin Master Corporation (TOY.TO) shares are soaring 23% on turnaround results. The company reported adjusted net income of US$14.6 million or US$0.14 per share for the fourth quarter, compared to an adjusted net loss of US$7.8 million or US$0.08 per share in the year-ago quarter.

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