Canadian Shares Swinging Between Gains And Losses, Look Headed For Mixed Close
(RTTNews) - Canadian shares are swinging between gains and losses in cautious trade on Friday, with investors assessing the likely impact of the interest rate hikes by central banks on economic growth.
Technology, healthcare, communications and consumer discretionary stocks are up with strong gains. Several stocks from real estate and industrials sectors are also up with strong gains. Energy stocks are down sharply.
The benchmark S&P/TSX Composite Index is up 30.86 points or 0.16% at 19,034.87. The index touched a high of 19,193.97 and a low of 18,787.68.
Technology stocks Lightspeed Commerce (LSPD.TO) is climbing 8.7%. Magnet Forensics (MAGT.TO), Shopify Inc (SHOP.TO), Tecsys Inc (TCS.TO), Softchoice Corp (SFTC.TO), Kinaxis Inc (KXS.TO) and Hut 8 Mining Corp (HUT.TO) are up 5 to 6.5%.
In the healthcare section, Aurora Cannabis (ACB.TO) is up 8.75%. Tilray Inc (TLRY.TO), Canopy Growth Corp (WEED.TO), Cronos Group (CRON.TO), Bausch Health Companies (BHC.TO) and Well Health Technologies (WELL.TO) are gaining 2.5 to 4.7%.
Consumer discretionary stocks Mty Food Group (MTY.TO), Canada Goose Holdings (GOOS.TO), Restaurant Brands International (QSR.TO) and Magna International (MG.TO) are up 3 to 4.5%.
In the communications sector, Telus Corp (T.TO) is up 4.5%, Rogers Communications (RCI.B.TO) is gaining 2.7% and Shaw Communications (SJR.B.TO) is rising 2%. BCE Inc (BCE.TO) and Cogeco Communications (CCA.TO) are up 1.3% and 1%, respectively.
Energy stocks Vermilion Energy (VET.TO), Nuvista Energy (NVA.TO), Whitecap Resources (WCP.TO), Crescent Point Energy (CPG.TO), MEG Energy (MEG.TO), Enerplus Corp (ERF.TO), Arc Resources (ARX.TO) and Parex Resources (PXT.TO) are down 6 to 7%.
On the economic front, data from Statistics Canada showed the Raw Materials Price Index in Canada surged 37.4% year-on-year in May of 2022, following a 38.3% rise in April. On monthly basis, the raw materials price index increased 2.5% in May, rebounding from a 2.1% fall in April.
Producer prices in Canada jumped 1.7% month-over-month in May of 2022, picking up from a 0.8% increase in April. Producer prices in Canada increased 15% in May of 2022 over the same month in the previous year, the data showed.