TSX Ends On Strong Note

(RTTNews) - After opening on a weak note, the Canadian market recovered and kept moving higher and higher as the session progressed on Monday with investors shrugging off concerns about inflation and picking up stocks amid optimism about growth.

The benchmark S&P/TSX Composite Index ended with a strong gain of 356.54 points or 1.72% at 21,098.29, the highest close in nearly two weeks. The index, which dropped to 20,697.76 in early trades, touched a high of 21,109.44.

Technology stocks moved up sharply, after the tech-laden Nasdaq rebounded on hectic buying in tech stocks. The Capped Information Technology Index climbed 5.14%. Lightspeed Commerce Inc (LSPD.TO) shares gained nearly 12%. Shopify Inc (SHOP.TO) rallied 10.1%, while Dye & Durham (DND.TO), Hut 8 Mining Corp (HUT.TO) and Sierra Wireless (SW.TO) gained 6 to 7.2%.

BlackBerry (BB.TO) gained nearly 4%. BlackBerry has entered into a patent sale agreement with Catapult IP Innovations Inc., pursuant to which BlackBerry has agreed to sell substantially all of its non-core patent assets to Catapult for $600 million. At closing, BlackBerry will receive $450 million in cash and a promissory note in the principal amount of $150 million. Catapult is a special purpose vehicle formed to acquire the BlackBerry patent assets.

The Capped Healthcare Index surged up nearly 5%. Canopy Growth Corp (WEED.TO) soared more than 10%. Tilray Inc (TLRY.TO), Well Health Technologies (WELL.TO) and Cronos Group (CRON.TO) gained 7.5 to 8.4%. Aurora Cannabis (ACB.TO) ended stronger by 6.2%.

Consumer discretionary stocks were in demand. The Capped Consumer Discretionary Index moved up nearly 2.25%. Spin Master Corp (TOY.TO), Canada Goose Holdings (GOOS.TO), Magna International (MG.TO), Martinrea International (MRE.TO) and Canadian Tire Corporation (CTC.A.TO) gained 2.9 to 4%.

Materials shares moved up on higher bullion prices. Financial stocks gained significant ground in positive territory.

Utilites, consumer staples, real estate, industrials and energy stocks too had a good session.

On the economic front, data released by Statistics Canada showed raw Materials prices in Canada increased by 29% over a year in December from 37.6% in November of 2021.

The industrial product price in Canada went up 0.7% from a month earlier in December of 2021, following a downwardly revised 0.1% rise in the previous month. On a yearly basis, the IPPI advanced 16.1%, slowing from a 17.1% surge in the previous month.