Canadian Market Modestly Higher At Noon; Energy, Technology Stocks Post Strong Gains

After a weak start, the Canadian stock market turned positive Wednesday morning, riding on strong gains in healthcare, energy and information technology sections.

Worries about growth due to a surge in coronavirus cases and imposition of fresh lockdown restrictions in several European countries weighed on sentiment at the start.

U.S. President Joe Biden's announcement that he is nominating Federal Reserve Chair Jerome Powell for another term has further raised concerns that the central bank could accelerate plans to tighten monetary policy.

The benchmark S&P/TSX Composite Index is up 55.72 points or 0.26% at 21,509.49, recovering from an early low of 21,345.67.

Healthcare stocks Organigram Holdings (OGI.TO), Tilray Inc (TLRY.TO), Aurora Cannabis (ACB.TO), Cronos Group (CRON.TO) and Canopy Growth Corp (WEED.TO) are up 2 to 5%.

Among energy stocks, MEG Energy (MEG.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), Parex Resources (PXT.TO) and Imperial Oil (IMO.TO) are gaining 1 to 2.5%.

In the information technology index, Lightspeed Pos (LSPD.TO) is climbing 7%. Shopify Inc (SHOP.TO), Docebo Inc (DCBO.TO), Tecsys Inc. (TCS.TO), Haivision Systems (HAI.TO) and Quarterhill Inc. (QTRH.TO) are up 2 to 4%, while BlackBerry (BB.TO) and Constellation Software (CSU.TO) are gaining 1% and 1.5%, respectively.

Consumer staples stock Alimentation Couche-Tard (ATD.B.TO) is down 5.6%. Maple Leaf Foods (MFI.TO) is declining 1.7%.

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