TSX Closes Higher As Technology, Healthcare Stocks Move Up

(RTTNews) - After moving in a tight band in somewhat lackluster trade, the Canadian stock market ended modestly higher on Monday thanks to strong gains in technology and healthcare sections.

With the U.S. market closed for Martin Luther King Jr Day, and no positive triggers to warrant any significant buying, activity was subdued in the session. Worries about the economic impact of rising coronavirus cases and the strict lockdown measures in several countries across the world forced investors to stay cautious.

The benchmark S&P/TSX Composite Index ended with a gain of 35.85 points or 0.2% at 17,944.88 after moving between 17,889.41 and 17,967.70.

BlackBerry (BB.TO), up 5.8%, was the top gainer in the Technology Index. Photon Control (PHO.TO) gained 3.2%, Lightspeed Pos (LSPD.TO) rallied 2.8% and Docebo Inc. (DCBO.TO) gained 2.1%. Kinaxis Inc. (KXS.TO), Shopify Inc. (SHOP.TO) and Descartes Systems (DSG.TO) gained 1.5 to 2%, while Absolute Software (ABST.TO) ended with a gain of 1.2%.

In the healthcare section, Aurinia Pharmaceuticals (AUP.TO) gained 6.15%, Trillium Therapeutics (TRIL.TO) gained 4.5%, Aphria Inc. (APHA.TO) rallied 3.8% and Cronos Group (CRON.TO) ended with a gain of 2.15%. Chartwell Retirement Residences (CSH.UN.TO) closed with a gain of 1.4%.

Cogeco Inc. (CGO.TO), Ballard Power Systems (BLDP.TO), Cogeco Communications (CCA.TO) and Colliers International Group (CIGI.TO) were among the prominent gainers from other sectors.

Equinox Gold Corp (EQX.TO) shares gained 1.6% after the company announced positive drill results from the Piaba Underground target and the Genipapo target at the Company's 100%-owned Aurizona Gold Mine in Brazil.

Energy stocks drifted lower on weak crude oil prices. MEG Energy (MEG.TO), Seven Generations Energy (VII.TO) and Vermilion Energy (VET.TO) lost 4.1 to 5%. Whitecap Resources (WCP.TO), Enerplus Corp (ERF.TO), Suncor Energy (SU.TO) and Arc Resources (ARX.TO) ended lower by 2 to 2.7%.

On the economic front, data released by Canada Mortgage and Housing Corporation this morning showed housing starts in Canada dropped to 228,300 units in December from 259,900 units in November.