Canadian Market Up Sharply, Set For Another Buoyant Close

(RTTNews) - The Canadian market is firmly entrenched high up in positive territory Tuesday afternoon and looks well on course to end on a strong note once again.

The mood in the market is quite upbeat thanks to a rally in global markets amid hopes the Federal Reserve will not go in for a sharper 100-bps hike in interest rate at its upcoming meeting later this month. Optimism about upcoming earnings is contributing as well to the firm sentiment.

The benchmark S&P/TSX Composite Index is up 330.20 points or 1.78% at 18,925.82.

Energy, financials, consumer discretionary, healthcare and technology stocks are among the most impressive gainers. Several stocks from real estate, industrials and materials sectors are also sharply higher.

Hut 8 Mining Corp (HUT.TO) is up more than 11% on strong volumes. Tilray Inc (TLRY.TO) is rising 5.2%, Baytex Energy (BTE.TO) is gaining 4.2% and Air Canada (AC.TO) is climbing nearly 4%.

Oceanagold (OGC.TO), Cenovus Energy (CVE.TO), Suncor Energy (SU.TO), Crescent Point Energy (CPG.TO), Whitecap Resources (WCP.TO), Royal Bank of Canada (RY.TO) and Canopy Growth Corporation (WEED.TO) are up 2 to 3.4% on huge volumes.

West Fraser Timber Co (WFG.TO) is soaring 12.5%. Nuvei Corporation (NVEI.TO), Magna International (MG.TO), Boyd Group Services (BYD.TO), Tucows Inc (TC.TO), Imperial Oil (IMO.TO), goeasy (GSY.TO), TFI International (TFII.TO), Brookfield Asset Management (BAM.A.TO), Nutrien (NTR.TO) and Precision Drilling Corporation (PD.TO) are gaining 3.5 to 7%.