(Updates prices, adds analyst comment)
Amal S.
June 24 (Reuters) – Canada’s main stock index rose on Friday, helped by gains in technology and healthcare stocks, while cybersecurity company BlackBerry rose on the back of strong corporate results.
As of 9:53 a.m. ET (1:53 p.m. GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index was up 224.83 points, or 1.2 percent, at 18,941.95, a day after it fell to its lowest level in 15 months.
Toronto-listed technology stocks rose 2.7 percent and health care stocks added 5.2 percent, with shares of cannabis producers Bausch Health Companies Inc. and Aurora Cannabis Inc. the biggest gainers on the index.
The energy sector rose 2% on higher oil prices as global supplies remain tight.
“Canada had a terrible day yesterday but looks to be recovering today heading into the weekend. Oil prices are up 2 percent which might provide a bit of a boost to energy stocks,” said Collin Ciesinski, chief market strategist at SIA Wealth Management.
The financial sector rose 1 percent and the industrial sector rose 1.6 percent.
Benchmark indexes are expected to end the week flat as gains in technology and healthcare stocks offset weakness in commodity markets, where prices fell on concerns that aggressive interest rate hikes would trigger a global economic recession.
“We’re seeing a big reversal right now where sectors that were hard hit, like tech, are recovering a bit, while resources, which have been the only strong performers in the market this year, are getting hit,” Cieszynski said.
Energy and mining stocks are down 6% and 6.6%, respectively, so far this week.
The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.2% as gold futures fell 0.5% to $1,815.8 an ounce.
BlackBerry Inc on Thursday reported better-than-expected first-quarter revenue on growth in its auto products and cybersecurity services divisions, sending its shares up 3.7 percent. (Reporting by Amal S. in Bengaluru; Editing by Devika Shamnath)
