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Canadian Market Up Firmly In Positive Territory, Set For Another Strong Close

The Canadian market firmly entrenched in positive territory Friday afternoon, tracking positive global cues, and looks well on course to close higher for a sixth straight session.

The mood is fairly bullish amid easing concerns about rate hikes, and on fairly encouraging earnings updates from some top U.S. and Canadian companies.

Shares from information technology, real estate, energy, industrials, consumer and financials sections are up in positive territory. Healthcare stocks have declined sharply.

The benchmark S&P/TSX Composite Index is up 195.79 points or 0.95% at 20,727.97.

Shopify Inc (SHOP.TO), Brp Inc (DOO.TO), Imperial Oil (IMO.TO), goeasy (GSY.TO), Kinaxis Inc (KXS.TO), CGI Inc (GIB.A.TO) and Collier International (CIGI.TO) are up 2 to 5%.

WSP Global (WSP.TO), Canadian Tire Corporation (CTC.A.TO) and Constellation Software (CSU.TO) are also up with strong gains.

National Bank of Canada (NA.TO) is gaining 2.5%. The bank reported second-quarter net income of $893 million, compared to net income of $801 million in the second quarter of 2021.

Canopy Growth Corporation (WEED.TO) is plunging 12.5%. The company reported a net loss of C$574.62 million or C$1.46 per share for the fourth quarter, sharply narrower than a net loss of C$699.98 million or C$1.85 per share in the prior-year quarter.

Canadian Western Bank (CWB.TO) is down 8.8%. Atco (ACO.X.TO), Fortis (FTS.TO) and Brookfield Infrastructure (BIPC.TO) are also down sharply.

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