Canadian Market Extending Gains As Healthcare, Technology Stocks Rally

(RTTNews) - The Canadian stock market is up firmly in positive territory in early afternoon trades on Friday, led by strong gains in healthcare and information technology stocks.

Optimism about economic recovery and buoyant earnings reports from major banks underpin sentiment. Several stocks from energy, materials, industrials and telecom sectors are also up with impressive gains.

The benchmark S&P/TSX Composite Index is up 110.89 points or 0.56% at 19,885.30, after hitting a fresh record high of 19,903.29.

The Capped Healthcare Index is climbing 4.3%. Organigram Holdings (OGI.TO), up 8%, is the biggest gainer in the index. Cronos Group (CRON.TO) and Canopy Growth Corp (WEED.TO) are gaining 6.7% and 6.5%, respectively. Aurora Cannabis (ACB.TO) is up 5.4% and Aurinia Pharmaceuticals (AUP.TO) is rising 3.5%.

Information technology stock BlackBerry (BB.TO) is up nearly 8.5%. Sierra Wireless (SW.TO) is up 3%, Shopify Inc (SHOP.TO) is gaining 2.7% and CGI Group (GIB.A.TO) is rising 2%.

In the energy section, MEG Energy (MEG.TO) is up 5.7%. Parex Resources (PXT.TO) and Enerplus (ERF.TO) are gaining 3.1% and 2.9%, respectively. Whitecap Resources (WCP.TO), Tourmaline Oil Corp (TOU.TO), Crescent Point Energy (CPG.TO) and PrairieSky Royalty (PSK.TO) are advancing 1.5 to 2.3%.

Materials stocks Barrick Gold Corp (ABX.TO), First Quantum Minerals (FM.TO), Sandstorm Gold (SSL.TO), Lithium Americas Corp (LAC.TO), Dundee Precious Metals (DPM.TO) and Osisko Mining (OSK.TO) are gaining 2 to 3%.

National Bank of Canada (NA.TO) shares are down 2.8% despite strong earnings. The bank reported that its second-quarter net income more than doubled to C$801 million or C$2.25 per share from C$379 million or C$1.01 per share in the prior-year quarter.