Canadian Modestly Modestly Higher As Tech Stocks Rally
(RTTNews) - After opening weak and drifting down further subsequently, the Canadian market moved higher Wednesday morning, thanks to some brisk buying in the technology sector. The mood is cautious with investors awaiting the minutes of the Federal Reserve's most recent policy meeting later today, and U.S. inflation data due later in the week.
A few stocks from financial, real estate, consumer and industrials sectors are also moving higher.
The benchmark S&P/TSX Composite Index is up 99.00 points or 0.41% at 24,171.51 about a quarter before noon.
Technology stocks Celestica Inc (CLS.TO) and BlackBerry (BB.TO) are gaining 4.5% and 4.1%, respectively. Coveo Solutions (CVO.TO), Descartes Systems Group (DSG.TO), Shopify Inc (SHOP.TO), Open Text Corporation (OTEX.TO), Computer Modelling Group (CMG.TO), Kinaxis Inc (KXS.TO), Constellation Software (CSU.TO) and CGI Inc (GIB.A.TO) are up 1 to 2.5%.
Consumer discretionary stocks BRP Inc (DOO.TO), Magna International (MG.TO), Spin Master Corp (TOY.TO), Linamar Corp (LNR.TO) and MTY Food Group (MTY.TO) are up 1 to 3.2%.
Consumer staples stocks Primo Water Corp (PRMW.TO), Loblaw (L.TO) and George Weston (WN.TO) are gaining 1 to 2.3%. Alimentation Couche-Tard Inc (ATD.TO) is down 0.8%. Japan's Seven & I Holdings received a revised takeover bid of around $47 billion from the company, compared with $38.5 billion earlier.
Canopy Growth Corporation (WEED.TO) announced that Canopy USA has completed its acquisition of Wana. Canopy USA now owns 100% of Wana, including Wana Wellness, The CIMA Group, and Mountain High Products. The stock is down 1.4%.
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