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TSX Midday Stock Market Movers, Friday May 27

Stock Markets May 27, 2022 12:45
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© Reuters.

By Ketki Saxena 

Investing.com – At 12:40 p.m in Toronto, the S&P/TSX Composite Index was at 20,691.73 points, up 0.78% in the day’s trading. 

Gains on the TSX today were broad-based, with all sectors barring health care (-5.16%),  materials (-0.45%), and utilities (-0.44%)  in the green at midday, as market sentiment remained optimistic following Wednesday’s meeting minutes from the Federal Reserve, and today's U.S. CPE data that offered some indications inflation might be peaking. 

Canada’s commodity heavy index was most supported by Energy (+1.29%), which tracked gains in crude in a day of volatile trading, as supply concerns exacerbated by the onset of U.S.. driving season and the impending E.U. ban on Russian oil overshadowed concerns of lower demand driven by the global economic slowdown and Chinese lockdowns. 

The TSX was also supported by heavyweight financials (+0.94%), which has steadily gained this week following earnings from Canada’s big six banks, closed out today by the National Bank of Canada (TSX:NA). The Montreal-based bank reported earnings per share of $2.55 compared to $2.25 per share in the same period last year, comfortably surpassing analyst estimates of $2.27 earnings per share. 

Tech (+2.08%), another highly weighted sector, also helped lift the TSX as investors bought the dip in heavily sold stocks, including Blackberry (TSX:BB) (+7.10%), Hut 8 Mining (TSX:HUT) (+6.08%), and Converge Tech (TSX:CTS) (+5;74%) - the biggest gainers on the TSX so far today. Ballard (TSX:BLDP) (+5.54%) and LifeWorks Inc (TSX:LWRK) (+5.45%) were also amongst today’s top gainers.

Cannabis stocks were the biggest losers on the TSX so far today, including Aurora Cannabis (TSX:ACB) (-38.76%), Canopy Growth (TSX:WEED) (-14.61%), and Tilray (TSX:TLRY) (-3.86%). Aurora shares tanked after yesterday's announcement of $125 million of bought-deal financing, while Canopy stock fell following meanwhile sunk following fourth-quarter losses reported at the company’s earnings call earlier today. 

Canadian Western Bank (TSX:CWB) (-8.58%) and OceanaGold Corporation (TSX:OGC) (-4.52%) were also amongst today’s biggest losers as of midday.

TSX Midday Stock Market Movers, Friday May 27
 

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