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Canadian Market Notably Higher, Set For Another Firm Close

The Canadian market is up firmly in positive territory Thursday afternoon with stocks from across several sectors exhibiting strength on sustained buying interest.

Healthcare, consumer discretionary, technology, industrials and financials shares are up sharply. Materials stocks are weak, while energy stocks are turning in a mixed performance.

The benchmark S&P/TSX Composite Index, which climbed to 20,624.73, is up 170.80 points or 0.84% at 20,554.55.

The Health Care Capped Index is up 3.6%. Canopy Growth Corp (WEED.TO) and Tilray Inc (TLRY.TO) are gaining 7.8% and 6.3%, respectively. Well Health Technologies (WELL.TO) is up 4.3%, while Cronos Group (CRON.TO) and Aurora Cannabis (ACB.TO) both are up by about 2.3%.

The Information Technology Capped Index is up 2.6%. Lightspeed Commerce (LSPD.TO) is soaring 11%, Nuvei Corp (NVEI.TO) is climbing 7.2% and Shopify Inc (SHOP.TO) is surging up 6.2%. Dye & Durham (DND.TO) and Sierra Wireless (SW.TO) are up 5.5% and 5.3%, respectively.

The Consumer Discretionary Capped Index is up 2.35%. Sleep Country Canada Holdings (ZZZ.TO) is up 6%, Spin Master Corp (TOY.TO) is gaining 5.5%, Brp Inc (DOO.TO) is advancing nearly 5% and Canada Goose Holdings (GOOS.TO) is up 4.5%, while Martinrea International (MRE.TO) is up nearly 4%.

Toronto-Dominion Bank (TD.TO) is up 2.5%. The bank reported adjusted net income of $3,714 million for the second-quarter of this fiscal, compared with $3,775 million in the corresponding quarter last year.

Bank of Montreal (BMO.TO) is gaining 2.3% and Fairfax Financial Holdings (FFH.TO) is climbing 2.2% and Manulife Financial (MFC.TO) is advancing 1.8%. Bank of Nova Scotia (BNS.TO) is up 1.3% and Laurentian Bank (LB.TO) is gaining 1.15%.

Royal Bank of Canada (RY.TO) is up marginally. The bank reported net income of $4.3 billion for the quarter ended April 30, 2022 , up $238 million or 6% from the prior year.

Canadian Imperial Bank of Commerce (CM.TO) is declining 1.7%. The bank reported adjuste net income of $1,652 million for the second quarter of the current financial year, compared with adjusted net income of $1,666 million in the year-ago quarter.

On the economic front, Canada's CFIB's business barometer long-term index dropped 3.3 points to 61.6 in May of 2022, according to a report from the Canadian Federation of Independent Business.

Statistcs Canada said retail sales in Canada likely increased by 0.8% month-over-month in April of 2022, according to preliminary estimates. Considering March, retail trade was unchanged from a month earlier, compared to preliminary estimates of a 1.4% rise and an upwardly revised 0.2% gain in the previous month.

Another data from Statistics Canada said average weekly earnings of non-farm payroll employees in Canada rose 4.3% year-on-year to C$ 1,169.7 in March of 2022.

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