Canadian Market Modestly Higher As Cannabis, Energy Stocks Rally

(RTTNews) - Despite paring some early gains, the Canadian market remains in positive territory in late morning trades on Friday thanks to strong gains in healthcare, energy, technology and real estate sectors.

The mood is a bit bullish amid hopes the Federal Reserve will slow the pace of its interest rate hikes after data on Thursday showed consumer prices in the U.S. saw a smaller than expected increase in the month of October.

The benchmark S&P/TSX Composite Index is up 77.51 points or about 0.4% at 20,067.87 about half an hour before noon. The index climbed to a high of 20,169.79 earlier in the session.

Aurora Cannabis (ACB.TO) is up 12.5% on huge volumes. Canopy Growth Corporation (WEED.TO) is gaining 7% and Tilray Brands Inc. (TLRY.TO) is rising nearly 5%.

Shopify Inc (SHOP.TO) is up nearly 7%. Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO), First Quantum Minerals (FM.TO), Baytex Energy (BTE.TO), Tamarack Valley Energy (TVE.TO), Vermilion Energy (VET.TO) and Whitecap Resources (WCP.TO) are up 2.5 to 5%.

Altus Group Limited (AIF.TO) shares are soaring more than 14%. Colliers International (CIGI.TO), Teck Resources (TECK.B.TO), Canadian Tire Corporation (CTC.A.TO), TFI International (TFII.TO), Kinaxis Inc (KXS.TO) and Magna International (MG.TO) are gaining 3 to 5%.

Hydro One Ltd. (H.TO) reported a net income of C$307 million for the quarter ended September 30, 2022, compared with net income of C$300 million a year ago. The stock is down 1.7%.

Algonquin Power & Utilities Corp. (AQN.TO) shares are plunging more than 17%. The company reported a net loss $195.2 million or $0.29 per share in the third quarter, sharply wider than $27.9 million or $0.05 per share in the prior-year quarter.

Onex Corporation (ONEX.TO) reported net loss of $180 million for the quarter ended September 30, 2022, as against a net profit of $602 million in the year-ago quarter. The stock is down by about 0.4%.