Technology, Financials Shares Lifting Canadian Market

(RTTNews) - The Canadian market is notably higher in late morning trade on Monday with investors continuing to react positively to Donald Trump's win in the U.S. Presidential Election.

Stocks from technology, financials and utilities sectors are contributing significantly to the climb up north. to benefit from the upward momentum generated in reaction to former President Donald Trump's decisive victory in the U.S. presidential election.

Several stocks from industrials and consumer sectors are also notably higher. Materials stocks are down sharply due to weak metal prices.

The benchmark S&P/TSX Composite Index is up 95.50 points or 0.4% at 24,854.90 nearly half an hour before noon.

The Information Technology Capped Index is rising more than 2%. Bitfarms (BITF.TO), the top gainer in the index is up nearly 15%. BlackBerry (BB.TO) is up 6.5%.

Shopify Inc (SHOP.TO) is gaining about 4.2%. Lightspeed Commerce (LSPD.TO), Converge Technology Solutions (CTS.TO), Coveo Solutions (CVO.TO), Constellation Software (CSU.TO), Open Text Corporation (OTEX.TO), Dye & Durham (DND.TO) are up 1.3 to 3.3%.

In the financials sector, Onex Corp (ONEX.TO) is up 3.5% and Brookfield Corporation (BN.TO) is gaining about 3.1%. Manulife Financial (MFC.TO) and Brookfield Asset Management (BAM.TO) are rising 2.5% and 2.3%, respectively.

Algonquin Power & Utilities (AQN.TO), up 4%, is the top gainer in the Utilities Index. Brookfield Infra Partners (BIP.UN.TO) and Emera Incorporated (EMA.TO) are up 2.8% and 2%, respectively.

The Materials Capped Index is down 4.4%. Iamgold Corp (IMG.TO) is down more than 10% and Seabridge Gold (SEA.TO) is down nearly 10%. Kinross Gold (K.TO), Osisko Gold Royalties (OR.TO), Equinox Gold Corp (EQX.TO), Eldorado Gold (ELD.TO), MAG Silver Corp (MAG.TO) and Silvercrest Metals (SIL.TO) are declining 6 to 9%.

Wheaton Precious Metals (WPM.TO), K92 Mining Inc (KNT.TO), Pan American Silver Corp (PAAS.TO), Agnico Eagle Mines (AEM.TO), Lundin Gold (LUG.TO), Hudbay Minerals (HBM.TO), Wesdom Gold Mines (WES.TO), B2Gold Corp (BTO.TO) and Barrick Gold Corp (ABX.TO) are also down sharply.