Canadian Market Headed For Buoyant Close As Stocks Rally On Bargain Hunting

The Canadian market is up sharply in positive territory Friday afternoon, and with stocks from across various sectors scoring strong gains on sustained buying interest, looks well on course to end the session on a high note.

The market is up, tracking cues from the U.S. and European markets, where stocks rallied on fresh buying despite lingering worries about inflation and slowing economic growth. Remarks from Fed Chair Jerome Powell that the central bank isn't "actively looking" to hike rate by 75 basis points, lifted sentiment.

Technology, healthcare, energy, consumer discretionary and real estate stocks are among the most impressive gainers. Several stocks from financials, utilties, materials and consumer staples sections are also up with handsome gains.

The benchmark S&P/TSX Composite Index, which soared to 20,196.60 a little past noon, gaining nearly 500 points in the process, is currently up 344.40 points or 1.75% at 20,043.45.

The Information Technology Capped Index is up 4.6%. Lightspeed Commerce (LSPD.TO) is soaring 28%, Dye & Durham (DND.TO) is zooming 13%, BlackBerry (BB.TO) is surging up 11.2% and Hut 8 Mining Corp (HUT.TO) is gaining 10.2%. Shopify Inc (SHOP.TO), Docebo Inc (DCBO.TO), Nuvei Corp (NVEI.TO), Absolute Software Corp (ABST.TO) and Softchoice Corp (SFTC.TO) are up 6 to 9.5%.

The Health Care Capped Index is up 3.5%. Aurora Cannabis (ACB.TO), up nearly 12%, is the biggest gainer in the index. Canopy Growth Corp (WEED.TO) is climbing 7.2%, while Sienna Senior Living (SIA.TO) and Cronos Group (CRON.TO) are up 4.3% and 4%, respectively. Bauch Health Companies (BHC.TO) is up 2.5%.

The Energy Capped Index is surging up 3.4%. Headwater Exploration (HWX.TO), up 12.5%, is the top gainer. Nuvista Energy (NVA.TO) is climbing nearly 8%, Peyto Exploration (PEY.TO) is advancing 6.2% and Advantage Oil & Gas (AAV.TO) is gaiing 6%.

Linamar Corp (LNR.TO), Spin Master Corp (TOY.TO), Canada Goose Holdings (GOOS.TO), Magna International (MG.TO) and Mty Food Group (MTY.TO) are among the top gainers in the consumer discretionary section. These stocks are gaining between 4.5 to 7.4%.

Onex Corporation (ONEX.TO) reported first-quarter net earnings of $164 million, compared to $415 million in the year-ago quarter. The stock is gaining more than 4%.

Cineplex Inc. (CGX.TO) is up nearly 8.5% after the company said it posted a net loss of $42.2 million in the first quarter of this year, compared with net loss of $89.7 million in the first quarter of 2021.

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