Canadian Shares Rising Sharply On Bargain Hunting
(RTTNews) - Canadian shares are up sharply around noon on Monday with investors indulging in some hectic bargain hunting across the board, finding values a bit attractive after recent sharp losses.
A drop in treasury yields and a positive trend in European and the U.S. markets is aiding sentiment.
Mirroring widespread buying, all the sectoral indices are up with strong gains Healthcare, technology, utilities, industrials, materials and communications stocks are among the top movers. Several stocks from financials, consumer discretionary and energy sectors are also up with impressive gains.
The benchmark S&P/TSX Composite Index is up 393.30 or 2.15% at 18,719.65 a few minutes past noon.
The Health Care Capped Index is rising nearly 4%. Bausch Health Companies (BHC.TO), Canopy Growth Corp (WEED.TO) and Tilray Inc (TLRY.TO) are up 6%, 5.6% and 3.2%, respectively.
The Information Technology Capped Index is up 3.75%. Magnet Forensics (MAGT.TO), is up 11%, is the top gainer. Nuvei Corp (NVEI.TO) is gaining 10%, while BlackBerry (BB.TO) and Lightspeed Commerce (LSPD.TO) both are up 8.6%. Hut 8 Mining (HUT.TO), Converge Technology Solutions (CTS.TO) and Shopify (SHOP.TO) are up 6 to 7%.
Cameco Corporation (CCO.TO), Barrick Gold Corporation (ABX.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), B2Gold Corp (BTO.TO) and Suncor Energy (SU.TO) are gaining 1.5 to 5.2% on strong volumes.
Docebo Inc (DCBO.TO), Rogers Communications (RCI.A.TO), Kinaxis (KXS.TO), Descartes Systems (DSG.TO), Colliers International (CIGI.TO), TFI International (TFII.TO) and Constellation Software (CSU.TO) are also among the prominent gainers.
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