June 24 (Reuters) - Canada's main stock index rose on
Friday, aided by gains in technology and healthcare shares,
while cybersecurity company Blackberry rose on the back of
upbeat corporate earnings.
At 9:53 a.m. ET (13:53 GMT), the Toronto Stock Exchange's
S&P/TSX composite index was up 224.83 points, or 1.2%,
at 18,941.95, a day after it slipped to its lowest level in 15
Toronto-listed technology stocks added 2.7% and
healthcare shares jumped 5.2%, with pot producers
Bausch Health Companies and Aurora Cannabis
gaining the most on the index.
Stronger crude prices fueled a 2% rise in the energy sector
as global supply remained tight.
"Canada had a terrible day yesterday and but today it does
look like things are trying to bounce back into the weekend. We
do have a 2% gain for the oil price, so that could help energy
stocks a little bit," said Colin Cieszynski, chief market
strategist at SIA Wealth Management.
The financials sector gained 1%, while the
industrials sector rose 1.6%.
The benchmark index was set to end the week flat as gains in
tech and healthcare stocks countered weakness in commodities,
where prices came under pressure from concerns that aggressive
rate hikes might trigger a global recession.
"There is a huge reversal going on right now, sectors such
as tech that were really knocked down are bouncing back a little
bit and the resource stocks which were the one area that had
been good in the market this year are just getting clobbered,"
Energy and mining stocks have declined 6% and 6.6% so far
The materials sector, which includes precious and
base metals miners and fertilizer companies, lost 0.2% as gold
futures fell 0.5% to $1,815.8 an ounce.
BlackBerry Ltd rose 3.7% after trumping estimates
for first-quarter revenue on Thursday, powered by growth in its
auto products and cybersecurity services segments.
(Reporting by Amal S in Bengaluru; Editing by Devika Syamnath)