Canadian Market Modestly Higher; Technology, Energy Stocks Move Up

The Canadian market is modestly higher Monday afternoon, led by gains in technology, energy and consumer discretionary shares.

A positive trend in global markets amid easing of coronavirus restrictions in China and reports that the Biden administration is looking at the option of lifting some tariffs on China to fight inflation.

The benchmark S&P/TSX Composite Index is up 31.13 points or 0.15% at 20,821.86. The index climbed to a high of 20,931.94 earlier in the session.

The Information Technology Capped Index is up nearly 2%. Shopify Inc (SHOP.TO) is gaining nearly 4%. Docebo Inc (DCBO.TO), Quarterhill (QTRH.TO), Alithya Corp (ALYA.TO), Constellation Software (CSU.TO), Magnet Forensics (MAGT.TO), Telus International (TIXT.TO), Descartes Systems Group (DSG.TO) and BlackBerry (BB.TO) are up 2 to 3.5%.

In the energy section, Peyto Exploration and Development (PEY.TO), Tamarack Valley Energy (TVE.TO), Advantage Oil & Gas (AAV.TO), Birchfliff Energy (BIR.TO), Enerplus Corp (ERF.TO), Arc Resources (ARX.TO), Vermilion Energy (VET.TO), Nuvista Energy (NVA.TO) and Paramount Resources (POU.TO) are up 3.5% to 7.2%.

Among consumer discretionary stocks, Magna International (MG.TO) is up more than 4.5% and Canada Goose Holdings (GOOS.TO) is gaining 3%. Linamar Corp (LNR.TO), Martinrea International (MRE.TO) and Spin Master Corp (TOY.TO) are up 2.2 to 2.5%.

In the healthcare section, Tilray Inc (TLRY.TO) is down more than 5%, Canopy Growth Corp (WEED.TO) is declining 3.5% and Aurora Cannabis (ACB.TO) is down 3%.

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