Canada Stocks: Toronto index reverses losses to close higher, led by tech and cannabis

Docebo

24/11/2021 21:51

* TSX closes up 94.66 points, or 0.4%, at 21,548.43
    * Tech sector rises 1.8%, healthcare climbs 1.7%
    * Energy stocks buck lower oil prices to end 1.8% higher
    * Miners lower on marginal decline in gold 

 (Updates to market close)
    By Nichola Saminather
    Nov 24 (Reuters) - Canada's main stock index reversed early
losses to close higher on Wednesday following choppy trading, as
growth sectors including technology and cannabis rose,
offsetting declines in utilities and materials. 
    The Toronto Stock Exchange's S&P/TSX composite index closed
up 94.66 points, or 0.4%, at 21,548.43, led by technology and
healthcare, which rose 1.8% and 1.7%, respectively. 
     Cloud-based learning management provider Docebo Inc
 DCBO.TO  was the biggest gainer, rising 6%, with Lightspeed
Commerce  LSPD.TO  and Shopify Inc  SHOP.TO  also among the top
10 stocks on the index. 
    "How Shopify goes, so goes the TSX," said Barry Schwartz,
chief investment officer at Baskin Wealth Management. 
    Shopify, Canada's most valuable company, recovered after two
days of losses when it got caught up in a sell-off of
high-growth stocks after Jerome Powell's nomination for a second
term as Federal Reserve chair boosted expectations of early U.S.
monetary policy tightening.
    "It’s clear the growth names have been beaten up and sold
off indiscriminately all because of a few basis points' increase
in the 10-year" bond yield, Schwartz said. 
    Cannabis producer Organigram Holdings  OGI.TO  was the
second-best performer, rising 5.4% and adding to Tuesday's 8.9% 
gains on better-than-expected quarterly revenues.  urn:newsml:reuters.com:*:nASA02TQV 
    Energy stocks bucked a 0.3% decline in energy prices to rise
1.8% to the highest close since April 2019. 
    That helped offset declines in consumer stocks, utilities
and materials. 
    Alimentation Couche-Tard  ATDb.TO  was the biggest loser on
the index after the convenience store chain operator reported a
decline in quarterly profits from a year ago.  urn:newsml:reuters.com:*:nL8N2SF4ER
    Miners including New Gold  NGD.TO , Osisko Mining  OSK.TO 
and Kinross Gold  K.TO  were among the 10 worst performers, with
spot gold  XAU=  marginally lower. 

 (Reporting by Nichola Saminather in Toronto; Editing by Leslie
Adler)
 ((Nichola.Saminather@thomsonreuters.com; +1 647 480 7519;))