TSX Looks Set To Close On Firm Note As Technology, Consumer Stocks Hold Gains

(RTTNews) - The Canadian market remains fairly steady in positive territory Tuesday afternoon thanks to sustained buying at several counters in technology, consumer and healthcare sectors.

Energy and materials shares are weak, tracking lower commodity prices. Stocks from real estate and industrials sectors are faring reasonably well. There are notable gains for a few financials stocks as well.

The benchmark S&P/TSX Composite Index is up 93.60 points or 0.43% at 21,972.01, after having climbed to a high of 22,010.92 earlier.

The Information Technology Capped Index is climbing 2.5%. Sierra Wireless is surging up 5.4%. Shopify Inc (SHOP.TO), Nuvei Corp (NVEI.TO), Lightspeed Commerce (LSPD.TO), Hut 8 Mining (HUT.TO), Descartes Systems Group (DSG.TO), Absolute Software Corp (ABST.TO) and Enghouse Systems (ENGH.TO) are gaining 2.5 to 4.8%.

The Consumer Discretionary Capped Index is up 2.3%. Canada Goose Holdings (GOOS.TO), Martinrea International (MRE.TO), Aritzia Inc (ATZ.TO), Magna International (MG.TO), Brp Inc (DOO.TO), Spin Mater Corp (TOY.TO), Sleep Country Canada Holdings (ZZZ.TO), Mty Food Group (MTY.TO) and Gildan Activewear (GIL.TO) are gaining 2 to 5%.

Consumer staples shares Loblaw Co (L.TO), Alimentation Couche-Tard (ATD.TO) and Premium Brands Holdings Corp (PBH.TO) are up 2.75 to 3%. Maple Leaf Foods (MFI.TO), Jamieson Wellness (JWEL.TO), Weston George (WN.TO) and Saputo Inc (SAP.TO) are gaining 1.5 to 2.3%.

In the Health Care Index, Bausch Health Companies (BHC.TO) shares are up 4.5%. Cronos Group (CRON.TO), Tilray Inc (TLRY.TO) and Aurora Cannabis (ACB.TO) are advancing 1.7 to 2.2%.

Energy stocks Arc Resources (ARX.TO), Nuvista Energy (NVA.TO), Tourmaline Oil Corp (TOU.TO), Crescent Point Energy (CPG.TO), Peyto Exploration (PEY.TO), Advantage Oil & Gas (AAV.TO) and Birchcliff Energy (BIR.TO) are down 2.5 to 4%.

First Majestic Silver Corp (FR.TO), down 5.5%, is the most prominent losers in the Materials Index. Silvercrest Metals (SIL.TO), Teck Resources (TECK.B.TO), Pan American Silver Corp (PAAS.TO), Novagold (NG.TO) and Agnico Eagle Mines (AEM.TO) are lower by 2 to 3%.

In economic news, housing starts in Canada fell by 2% over a month earlier to 246,243 units in March of 2022, falling short of market expectations of 250,000 units, according to the Canada Mortgage and Housing Corporation (CHMC).