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Delayed Toronto Stock Exchange  -  04:00 2022-06-29 pm EDT
4.490 CAD   -3.23%
06/28Fitch Downgrades Canopy's IDR to 'CCC'
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Toronto stocks post 3rd-straight session of gains on relief rally

05/17/2022 | 04:45pm EDT

* TSX ends up 284.6 points, or 1.41%, at 20,491.01

* Tech, healthcare stocks lead gains

* Base metals up as China lifts restrictions, gold stocks fall

May 17 (Reuters) - Canada's main stock index posted its third straight session of gains on Tuesday, following global share markets higher, as some appetite for oversold sectors like technology returned despite concerns around soaring inflation.

The Toronto Stock Exchange's S&P/TSX composite index closed up 284.6 points, or 1.41%, at 20,491.01.

Toronto-listed technology stocks jumped 2.15%, tracking gains in the United States' tech-heavy Nasdaq index. The broader index's gains were led by cloud-based software firm Dye & Durham, which surged 22% to its highest close in over six weeks.

"It feels a bit like a relief rally more than anything else," said Greg Taylor, portfolio manager at Purpose Investments. "The bounce we're seeing is really led by some of the most oversold sectors."

Healthcare stocks led the overall index's gains, rising 3.1% with pot producers Canopy Growth, Aurora Cannabis and Cronos Group up between 3.3% and 4.6%.

Basic materials posted the second-biggest gains on the index, adding 2.1%. They followed copper prices, which rose 1.1% as metals consumer China eased pandemic restrictions, stoking hopes for improved demand.

In contrast, gold producers including IAMGOLD Corp and Centerra Gold were among the 10 biggest decliners on the Toronto index, tracking losses in spot gold, which fell on robust U.S. retail sales data and expectations of aggressive interest rate hikes.

The energy sector climbed 1.5% although crude oil, which hit a seven-week high earlier in the session, fell 1.9% , on news that the United States would ease some restrictions on Venezuela's government.

The financials sector gained 1.5%, while the industrials sector rose 2.0%.

The benchmark index last week recorded its seventh consecutive weekly losses, hurt by a recent sell-off in equity markets on concerns around an aggressive policy tightening by central banks to curb inflation.

On the economic front, foreign investors bought a net C$46.94 billion ($36.64 billion) in Canadian securities in March, led by corporate bonds and shares, following a revised C$7.49 billion total purchase in February, Statistics Canada said. (Reporting by Nichola Saminather in Toronto; editing by Jonathan Oatis)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AURORA CANNABIS INC. -8.81% 1.76 Delayed Quote.-71.82%
CANOPY GROWTH CORPORATION -3.23% 4.49 Delayed Quote.-57.97%
CENTERRA GOLD INC. -3.03% 8.96 Delayed Quote.-4.62%
CRONOS GROUP INC. -5.63% 3.69 Delayed Quote.-21.49%
DYE & DURHAM LIMITED 1.85% 22.01 Delayed Quote.-51.85%
IAMGOLD CORPORATION -4.72% 2.22 Delayed Quote.-40.86%
LONDON BRENT OIL -2.07% 115.61 Delayed Quote.51.70%
S&P GSCI CRUDE OIL INDEX -1.77% 601.666 Real-time Quote.45.69%
WTI -2.10% 109.56 Delayed Quote.46.36%
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Sales 2023 527 M 408 M 408 M
Net income 2023 -418 M -324 M -324 M
Net Debt 2023 451 M 350 M 350 M
P/E ratio 2023 -4,15x
Yield 2023 -
Capitalization 1 809 M 1 403 M 1 403 M
EV / Sales 2023 4,29x
EV / Sales 2024 3,55x
Nbr of Employees 3 151
Free-Float 64,6%
Duration : Period :
Canopy Growth Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends CANOPY GROWTH CORPORATION
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus UNDERPERFORM
Number of Analysts 21
Last Close Price 4,49 CAD
Average target price 7,25 CAD
Spread / Average Target 61,4%
EPS Revisions
Managers and Directors
David Eric Klein Chief Executive Officer & Non-Independent Director
Judy Hong Chief Financial Officer & VP-Investor Relations
Judy A. Schmeling Chairman
Mark A. Ware Chief Medical Officer
Jonathan Di Tosto Chief Operating Officer