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Canadian Market In Positive Territory; Technology Stocks Rally

The Canadian market remains fairly well placed in positive territory in late morning trade on Thursday after opening modestly higher.

Technology stocks are leading the market up. Energy stocks are also faring reasonably well, while materials, healthcare, consumer discretionary and industrials shares are turning in a mixed performance.

The benchmark S&P/TSX Composite Index is up 84.41 points or 0.4% at $21,632.84 about half an hour before noon.

Hut 8 Mining Corp (HUT.TO), up 5.7%, is the most prominent gainer in the Information Technology Index. Lightspeed Pos (LSPD.TO) is gaining nearly 4% and Dye & Durham (DND.TO) is up 3.1%, while Alithya Group (ALYA.TO) and Tecsys Inc (TCS.TO) are up 2.3% and 2.1%, respectively. CGI Group (GIB.A.TO), Shopify Inc (SHOP.TO), Enghouse Systems (ENGH.TO), Descartes Systems (DSG.TO) and Haivision Systems (HAI.TO) are also up with strong gains.

MEG Energy (MEG.TO), Suncor Energy (SU.TO), Tourmaline Oil Corp (TOU.TO), PrairieSky Royalty (PSK.TO) and Cenovus Energy (CVE.TO) are among the notable gainers in the energy section.

According to a report released by the Canadian Federation of Independent Business, the CFIB Business Barometer long-term index rose 1.7 points to 62.2 in November, the highest reading since August.

Data released by Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada rose 2.6% year-on-year to C$ 1,137 in September, and little changed from the previous month. It was the steepest pace of increase since March.

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