Canadian Market Up Sharply, Set To End On Strong Note

(RTTNews) - The Canadian market is up sharply Friday afternoon on all-round buying, with the mood remaining quite positive for the fifth consecutive session.

Technology, healthcare, consumer discretionary, communications and financials shares are up with strong gains. Several stocks from real estate, industrials and energy sectors are also notably higher. Utilities and consumer staples are finding good support as well.

The benchmark S&P/TSX Composite Index is up 253.91 at 1.28% at 20,167.08.

Hut 8 Mining Corp (HUT.TO) is up 4.5% on huge volumes. Bitfarms (BITF.TO), BlackBerry (BB.TO), Cenovus Energy (CVE.TO), Athabasca Oil Corp (ATH.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Canadian Natural Resources (CNQ.TO) and Barrick Gold Corporation (ABX.TO) are also up on strong volumes.

Tecsys Inc (TCS.TO) is soaring nearly 11%. Kinaxis Inc (KXS.TO), FirstService Corporation (FSV.TO), Franco-Nevada Corporation (FNV.TO) and BRP Inc (DOO.TO) are up sharply.

Cogeco Communications (CCA.TO), WSP Global (WSP.TO), Waste Connections (WCN.TO), CGI Inc (GIB.A.TO), Loblaw Companies (L.TO), Descartes Systems Group (DSG.TO) and Canadian Tire Corporation (CTC.A.TO) are also up in positive territory with strong gains.

In economic news, Canada's GDP was revised downwards to 0% from the initial 0.2%, Statistics Canada said. Canada's economy is expected to have grown by 0.4% in May 2023