Canadian Market Up Sharply On All-round Buying
(RTTNews) - Canadian stocks are up sharply in early afternoon trades on Friday, extending morning gains, thanks to sustained buying in healthcare, technology, energy and materials shares.
Several stocks from financials, consumer, industrials and real estate sectors are also up with strong gains.
The benchmark S&P/TSX Composite Index is up 285.10 points or 1.47% at 19,698.10 nearly half an hour past noon.
On the economic front, data from Statistics Canada showed the Canadian economy shed 39,700 jobs in August of 2022. Full time employment in Canada decreased 77,200 in August, while part-time employment increased to 37,500 in the monthm from -17,500 in July.
The unemployment rate in Canada rose to 5.4% in August of 2022 from the record-low of 4.9% observed in the previous two months.
Shopify Inc (SHOP.TO) is rising nearly 6.5%. goeasy (GSY.TO), Cogeco Inc (CGO.TO), Cogeco Communications (CCA.TO), Precision Drilling (PD.TO), BRP Inc (DOO.TO), Nutrien (NTR.TO), Boyd Group Services (BYD.TO), Loblaw Companies (L.TO), Bank of Montreal (BMO.TO) and Constellation Software (CSU.TO) are up 2 to 5%.
Dollarama Inc. (DOL.TO) said its diluted net earnings per common share increased by 37.5% to $0.66 in the second quarter from $0.4 a year ago. The stock is gaining about 1.3%.
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