Canadian Market Recovers After Weak Start; Technology Stocks Rise

The Canadian market is up in positive territory a little past noon on Monday, lifted by gains in technology and healthcare sectors.

Several stocks from real estate, utilities and consumer discretionary sections are also up with strong gains, while energy stocks are down on weak oil prices.

The mood remains cautious with investors looking ahead to data on U.S. consumer and producer price inflation for more clarity about the outlook for Federal Reserve’s interest rates.

The benchmark S&P/TSX Composite Index, which opened marginally down at 20,917,32 and then dropped to 20,875.22, advanced to 21,006.87 subsequently. The index is up 42.14 points or 0.21% at 20,979.69 nearly half an hour past noon.

The Information Technology Capped Index is up nearly 2%. Docebo Inc (DCOB.TO) is gaining 4%. Celestica Inc (CLS.TO), Shopify Inc (SHOP.TO), Lightspeed Commerce (LSPD.TO), Kinaxis Inc (KXS.TO) and Open Text Corp (OTEX.TO) are up 2 to 3%.

The Health Care Capped Index is up 2%. Tilray Inc (TLRY.TO) is gaining 4.3%. Bausch Health Companies (BHC.TO) rising 2.2%.

Altus Group (AIF.TO), up 4%, is the top gainer in the real estate sector. CDN Apartment (CAR.UN.TO), Allied Properties Real Estate (AP.UN.TO), Dream Industrial (DIR.UN.TO) and Storagevault Canada (SVI.TO) are gaining 1.5 to 2%.

In the Utilities sector, Innergex Renewable Energy (INE.TO), Algonquin Power and Utilties Corp (AQN.TO) are up 3.5% and 3.33%, respectively. Brookfield Renewable Partners (BEP.UN.TO) is rising 2.3%, while Boralex (BLX.TO) and Superior Plus Corp (SPB.TO), both are gaining about 1.8%.

Consumer discretionary stocks Canada Goose Holdings (GOOS.TO), Magna International (MG.TO) and Canadian Tire Corporation (CTC.A.TO) are up 3%, 2% and 1.7%, respectively.

The Energy Capped Index is down 2.3%. Baytex Energy (BTE.TO), Precision Drilling Corporation (PD.TO), Athabasca Oil Corp (ATH.TO), Pason Systems (PSI.TO), International Petroleum (IPCO.TO), Canadian Natural Resources (CNQ.TO), Crescent Point Energy (CPG.TO)…