Canadian Shares Recover After Weak Start; Technology, Healthcare Stocks Shine

(RTTNews) - After opening on a negative note, tracking weak commodity prices, the Canadian market rebounded Tuesday morning, and is gaining in strength thanks to strong buying in healthcare, technology and consumer discretionary stocks.

Falling bond yields amid slight hopes the Federal Reserve will slow down the pace of its monetary tightening appears to be aiding sentiment.

Investors are looking ahead to the Bank of Canada's interest rate decision on Wednesday.

The central bank is widely expected to announce another sharp interest rate hike tomorrow. The central bank raised the target for its overnight rate by 75bps to 3.25% in September 2022. The fifth consecutive rate hike by the bank pushed borrowing costs to the highest since 2008.

The benchmark S&P/TSX Composite Index is up 152.16 points or 0.8% at 19,070.56 a little past noon.

The Health Care Capped Index is up as much as 7.1%. Canopy Growth Corp (WEED.TO) is soaring nearly 26%. The company announced a plan to consolidate its U.S. cannabis assets into a new holding company called Canopy USA.

Tilray Inc (TLRY.TO) is zooming 13%, while Cronos Group (CRON.TO) and Bausch Health Companies (BHC.TO) are up 4.75% and 4%, respectively. Belus Health Inc (BLU.TO) is advancing 2.6%.

In the technology section, Celestica Inc (CLS.TO) is climbing 15.6%. Hut 8 Mining Corp (HUT.TO) is surging 14%. Nuvei Corp (NVEI.TO) is rising 5%, while Shopify Inc (SHOP.TO), Lightspeed Commerce (LSPD.TO) and BlackBerry (BB.TO) are gaining 3 to 3.5%.

Among the stocks in the Consumer Discretionary Index, Canada Goose Holdings (GOOS.TO) is up 4.6%, while Aritzia Inc (ATZ.TO), Spin Master Corp (TOY.TO), Sleep Country Canada Holdings (ZZZ.TO), Magna International (MG.TO), Gildan Activewear (GIL.TO) and Dollarama (DOL.TO) are gaining 2 to 3.5%.