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May 30, 2022

Published: 5/30/2022 1:53 PM ET

Canadian Market Set For Another Bright Close

Canadian stocks are extending gains to a seventh straight session thanks to sustained buying at several counters from across various sectors on Monday.

Gains in Asian and European markets amid optimism about economic recovery in China following an announcement of additional stimulus and easing of coronavirus restrictions in Shanghai contribute to the bullish sentiment in the Canadian market.

The benchmark S&P/TSX Composite Index is up 169.11 points or 0.82% at 20,917.69.

Energy, consumer discretionary and technology stocks are up with strong gains. Financials, healthcare and consumer staples shares are among the other major gainers.

The Energy Capped Index is up nearly 2%. Advantage Oil & Gas (AAV.TO), Secure Energy Services (SES.TO), Parex Resources (PXT.TO), Baytex Energy (BTE.TO), Paramount Resources (POU.TO), Cenovus Energy (CVE.TO), Peyto Exploration (PEY.TO), MEG Energy (MEG.TO) and Arc Resources (ARX.TO) are up 2.5 to 6%.

The Consumer Discretionary Capped Index is up 1.81%. Canada Goose Holdings (GOOS.TO), Brp Inc (DOO.TO), Linamar Corp (LNR.TO), Restaurant Brands International (QSR.TO), Sleep Country Canada Holdings (ZZZ.TO) and Spin Master Corp (TOY.TO) are gaining 2 to 3.1%.

In the technology section, Hut 8 Mining Corp (HUT.TO) is soaring nearly 11%. Softchoice Corp (SFTC.TO) is rising 7.5%, while Converge Technology Solutions (CTS.TO), Lightspeed Commerce (LSPD.TO), Tecsys Inc (TCS.TO) and Dye & Durham (DND.TO) are up 5 to 6%.

Among financials shares, Goeasy (GSY.TO) is up 3.5% and CDN Western Bank (CWB.TO) is gaining 2.3%, while Canadian Imperial Bank of Commerce (CM.TO), Laurentian Bank (LB.TO), Royal Bank of Canada (RY.TO) and Sun Life Financial (SLF.TO) are up 1 to 1.2%.

Data released by Statistics Canada showed Canada recorded a current account of C$5.03 billion in the first quarter of 2022, from the downwardly revised gap of C$0.14 billion in the previous quarter.

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