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Canadian Market Extending Gains As Stocks Rally Amid Easing Virus Concerns

(RTTNews) - The Canadian market is firmly entrenched in positive territory Tuesday noon, extending gains from the previous session, amid easing concerns about the impact of the Omicron variant of the coronavirus.

Indications the variant causes milder symptoms has helped offset worries the new strain could derail the global economic recovery.

Data showing a faster pace of economic expansion in Canada is also aiding sentiment.

A surge in oil prices amid rising optimism about the outlook for energy demand has triggered another round of hectic buying in energy stocks. Shares from information technology, healthcare, consumer discretionary and materials sectors are also up with impressive gains. Several stocks from industrials and real estate sectors are moving up as well.

The benchmark S&P/TSX Composite Index is up 340.57 points or 1.63% at 21,201.67 a few minutes past noon.
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