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Canadian Market Set To End On Firm Note; Energy Stocks Moving Higher

Despite swinging between gains and losses till around mid morning after a sluggish start, the Canadian market is up firmly in positive territory in late afternoon trade on Monday, riding on strong gains in energy and communications sectors.

Several stocks from healthcare, materials, consumer staples and utilities sections are also up with impressive gains. Technology stocks are weak.

The benchmark S&P/TSX Composite Index is up 182.53 points or 0.9% at 20,282.34.

The Energy Capped Index is up 3.2% thanks to key stocks in the section moving up sharply, tracking higher crude oil prices. Topaz Energy (TPZ.TO), Vermilion Energy (VET.TO), Crescent Point Energy (CPG.TO), Tamarack Valley Energy (TVE.TO), Baytex Energy (BTE.TO) and Arc Resources (ARX.TO) are gaining 5 to 6.5%.

The Communications Services Capped Index is surging up 2%. Quebecor Inc (QBR.B.To) is gaining 4.2%, Corus Entertainment (CJR.B.TO) is up 3%, Telus Corp (T.TO) is moving up 2.5% and Rogers Communications (RCI.B.TO) is advancing 2%.

Tilray Inc (TLRY.TO), up 7.5%, is the top gainer in the healthcare index. Aurora Cannabis (ACB.TO) is climbing 4.2% and Cronos Group (CRON.TO) is up 2.5%.

In the materials section, Cascades Inc (CAS.TO) is up nearly 7%. First Quantum Minerals (FM.TO), Hudbay Minerals (HBM.TO), Lundin Mining (LUN.TO), Ero Copper (ERO.TO), Capstone Mining (CS.TO) and Kinross Gold Corp (K.TO) are up 3 to 5%.

K92 Mining Inc (KNT.TO) is gaining nearly 1%. The company reported net income of US$14.1 million, or US$0.06 per share in the first quarter of 2022.

Technology stocks Shopify Inc (SHOP.TO) and Hut 8 Mining Corp (HUT.TO) are down 9% and 8%, respectively. Lightspeed Commerce (LSPD.TO), Docebo Inc (DCBO.TO) and Nuvei Corp (NVEI.TO) are lower by 5 to 6%.

In economic news, data released by the Canada Mortgage and Housing Corporation showed housing starts in Canada jumped by 8% over a month earlier to 267,330 units in April of 2022, beating market expectations.

Final data from Statistics Canada showed manufacturing sales in Canada rose by 2.5% from a month earlier to C$ 70.2 billion in March of 2022, easing from an upwardly revised 5.1% jump in the previous month but surpassing the preliminary estimate of 1.7%.

Meanwhile, wholesale sales in Canada rebounded by 0.3% month-over-month to C$ 79.8 billion in March of 2022, compared with a preliminary estimate of a 0.3% drop and a revised 0.4% decline in February.

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