Canadian Market Extending Gains; Healthcare, Energy Stocks Rally

The Canadian market is firmly entrenched in positive territory Thursday afternoon, led by gains in healthcare and energy sectors.

Consumer discretionary, information technology, materials, telecom and industrial sections are also up with strong gains.

The mood is quite bullish amid optimism about earnings. Investors have shrugged off concerns about inflation and imminent policy tapering by the Federal Reserve.

The benchmark S&P/TSX Composite Index is up 221.58 points or 1.08% at 20,840.05 nearly a couple of hours past noon.

The Capped Healthcare Index is climbing 2.65%. Canopy Growth Corp (WEED.TO) is surging up 5%, Well Health Technologies (WELL.TO) is moving up 4%, Cronos Group Inc (CRON.TO) is gaining 3.8% and Aurora Cannabis (ACB.TO) is up 3.2%. Tilray Inc (TLRY.TO) is up by about 2.8%, while Bausch Health Companies (BHC.TO) and Organigram Holdings (OGI.TO) both are gaining nearly 1.5%.

The Capped Energy Index is up 2.5%. MEG Energy (MEG.TO), Enerplus Corp (ERF.TO), Whitecap Resources (WCP.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), Tourmaline Oil Corp (TOU.TO), Birchcliff Energy (BIR.TO) and Canadian Natural Resources (CNQ.TO) are gaining 3 to 5%.

Consumer discretionary stock Aritzia Inc. (ATZ.TO) is soaring nearly 16%. The company reported adjusted net income of $0.39 per diluted shares for the third quarter of this fiscal, compared to $0.01 per diluted share in the second quarter, and $0.18 share in the third quarter of the previous financial year.

Spin Master Corp (TOY.TO) is up 4.5%. Sleep Country Canada Holdings (ZZZ.TO), Brp Inc (DOO.TO), Gildan Activewear (GIL.TO) and Linamar Corp (LNR.TO) are gaining 2 to 3%.

Information technology stocks Lightspeed Pos (LSPD.TO), Tecsys Inc (TCS.TO), BlackBerry (BB.TO), Constellation Software (CSU.TO), Evertz Technologies (ET.TO) and Celestica Inc (CLS.TO) are up 1.5 to 4%.

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