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Canadian Market Up Firmly As Stocks Rally On Global Cues

The Canadian market is up firmly in positive territory a little before noon on Monday, with stocks from across several sectors posting impressive gains on strong buying support.

Positive cues from the U.S. and European markets amid hopes the Federal Reserve will be less aggressive with its policy move at its upcoming meeting later this month, some upbeat earnings updates from U.S., and firm commodity prices contribute to the sharp upmove in the market.

The benchmark S&P/TSX Composite Index is up 330.10 points or 1.8% at 18,724.55 around noon.

With scores of energy stocks moving up sharply, the Energy Capped Index is rising 4.2%. Athabasca Oil Corp (ATH.TO) is soaring nearly 12%. Arc Resources (ARX.TO), Nuvista Energy (NVA.TO), Baytex Energy (BTE.TO), Precision Drilling (PD.TO), Paramount Resources (POU.TO), Vermilion Energy (VET.TO), Parex Resources (PXT.TO) and Crescent Point Energy (CPG.TO) are moving up 5 to 8.5%.

The Materials Capped Index is up 2.1%. Capstone Mining Corp (CS.TO), up nearly 11%, is the top gainer in the sector. First Quantum Minerals (FM.TO) and Lundin Mining (LUN.TO) are up 6.7% and 6.2%, respectively. Lithium Americas Corp (LAC.TO), Yamana Gold (YRI.TO), Filo Mining (FIL.TO), Ero Coppoer (ERO.TO), Eldorado Gold (ELD.TO) and MAG Silver Corp (MAG.TO) are up 3 to 5%.

The Healthcare Index is rising nearly 5%. Canopy Growth Corp (WEED.TO) is zooming nearly 18%. Aurora Cannabis (ACB.TO) and Tilray Inc (TLRY.TO) are gaining 9% and 8.5%, respectively. Cronos Group (CRON.TO) is up 4.5% and Bausch Health Companies (BHC.TO) is up by about 1.7%.

Several stocks from consumer discretionary, technology, financials and real estate sectors are also up with strong gains.

Consumer discretionary stocks Aritzia (ATZ.TO) and Canada Goose Holdings (GOOS.TO) are up 6.6% and 5.2%, respectively. Sleep Country Canada Holdings (ZZZ.TO), Linamar Corp (LNR.TO), Brp Inc (DOO.TO) and Magna International (MG.TO) are gaining 3 to 4%.

Hut 8 Mining Corp (HUT.TO), up 16.5%, is the biggest gainer in the technology sector. Shopify Inc (SHOP.TO) is climbing 5.7%, Tecsys Inc (TCS.TO) is gaining about 5%, Magnet Forensics (MAGT.TO) is advancing 4.5% and Nuvei Corp (NVET.TO) is surging 4.2%.

In the financials section, Royal Bank of Canada (RY.TO), Manulife Financial (MFC.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO) and National Bank of Canada (NA.TO) are up 2 to 2.5%.

Real estate stocks Colliers International Group (CIGI.TO), allied Properties (AP.UN.TO), Altus Group (AIF.TO), Dream Office (D.UN.TO), Dream Industrial (DIR.UN.TO) and Summit Industrial Income (SMU.UN.TO) are gaining 2 to 3%.

According to a report released by the Canada Mortgage and Housing Corporation (CHMC), housing starts in Canada fell 3% over a month earlier to 273,841 units in June of 2022.

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