Canadian Market Up In Positive Territory; Technology, Healthcare Stocks Shine

(RTTNews) - The Canadian market is up firmly in positive territory a little past noon on Thursday, with technology stocks posting strong gains, tracking cues from Wall Street after NVIDIA reported strong quarterly results and upbeat revenue guidance.

Healthcare, consumer staples, financials and energy sectors are among the other prominent gainers.

The benchmark S&P/TSX Composite Index is up 143.25 points or 0.66% at 21,315.63 nearly half an hour past noon.

Technology stock Celestica Inc (CLS.TO) is soaring nearly 11%. Computer Modelling (CMG.TO) and Bitfarms (BITF.TO) are gaining 4.3% and 3.5%, respectively. Quarterhill (QTRH.TO), Open Text Corp (OTEX.TO) and CGI Group Inc (GIB.A.TO) are up 2 to 3%.

In the healthcare sector, Bausch Health Companies (BHC.TO) is up 8.25%. The company reported earnings per share of $1.15 for the fourth quarter of 2024, compared to EPS of $1.02 in the year-ago quarter.

Sienna Senier Living (SIA.TO) is gaining nearly 2%, riding on strong fourth quarter results.

Among consumer staples shares, Alimentation Couche-Tard (ATD.TO) is up 2.3%. Jamieson Wellness (JWEL.TO) and George Weston (WN.TO) are gaining 1.3% and 1.2%, respectively.

Loblaw Companies (L.TO) is advancing nearly 2%. Loblaw reported adjusted net earnings were $630 million for the fourth-quarter of 2023, an increase of $55 million, or 9.6%.

Financials shares Nuvei Corp (NVEI.TO), Brookfield Corporation (BN.TO), EQB Inc (EQB.TO) and Brookfield Asset Management (BAM.TO) are up 2 to 3%. Fairfax Financial Holdings (FFH.TO), Goeasy (GSY.TO), Sun Life Financial (SLF.TO) and Manulife Financial (MFC.TO) are advancing 1 to 1.5%.

Enerplus Corp (ERF.TO), up 10.5%, is the top gainer in the Energy sector. Whitecap Resources (WCP.TO) is gaining 3.5% and Paramount Resources (POU.TO) is advancing 2.1%. Precision Drilling Corporation (PD.TO), MEG Energy Corp (MEG.TO), Baytex Energy (BTE.TO), International Petroleum Corp (IPCO.TO) and Canadian Natural Resources (CNQ.TO) are higher by 1 to 1.5%.

Maple Leaf Foods Inc. (MFI.TO) is down more than 6%. The company posted a fourth quarter net loss of C$9.32 million or C$0.08 per share compared to a loss of C$41.5 million or C$0.34 per share, prior year.

Primo Water Corp. (PRMW) reported fourth-quarter net income of $177.6 million, up from last year's $57.5 million. Earnings per share were $1.11, up from $0.36 a year ago. The stock is up marginally.

Loblaw Companies Limited (L.TO) reported adjusted net earnings were $630 million for the fourth-quarter of 2023, an increase of $55 million, or 9.6%.

Quebecor Inc (QBR.TO) is down 4%. The company reported a net income of $141.2 million for the fourth quarter of 2023, compared to net income of $142.5 million in the year-ago quarter.

On the economic front, retail sales in Canada increased 0.9% in December, data from Statistics Canada showed. Year-on-year, retail sales surged 2.9% in December. According to preliminary estimates, retail sales in Canada likely fell 0.4% month-over-month in January 2024.