Source: HNK, Shutterstock
Less than six hours to the first Canadian budget in two years, and market optimism is high. After hitting an all-time high on Friday, the S&P/Toronto Stock Exchange (TSX) Composite Index continued in positive territory and was trading 29.40 points or 0.152 per cent higher at 19,351.32 (noted at 9:31 AM ET) on Monday, April 19.
The benchmark index was supported by rising telecom and health care indices, up 0.651 per cent and 0.618 per cent, respectively. The base metals index was also trading in the green, with a rise of 0.566 per cent.
Meanwhile, the S&P/TSX Venture Composite Index jumped as much as 5.64 points or 0.601 per cent to 944.46 points on Monday.
The TSX Composite hit on Friday extended its gaining spree and set a new record high on the back of higher oil and gold prices.
Stock-Wise Performances At Opening Bell
The Royal Bank of Canada (TSX:RY) and Boralex Inc. (TSX: BLX) were the top two price volume actives at the opening bell. In top gainers, HempFusion Wellness Inc. (TSX: CBD.WT.V) and RTG Mining Inc. (TSX:RTG) were up 50 per cent and 25 per cent, respectively.
Stock Market’s Expectations From Federal Budget 2021
The Canadian Finance Minister Chystia Freeland is all set to table the federal budget for 2021 today. The Liberal government could increase its spending up to C$ 100 billion between 2021 and 2024 to revive the economy from the COVID-19 led slump.
Renewable energy and clean technology stocks could see a price rally, as Freeland intends to focus on green infrastructure and climate change. Hence, green innovation funds might be offered to multiple sectors.
Image Source: ©Kalkine Group 2021
Stocks In Focus
COVID-19 Stocks, such as Therma Bright Inc. (TSXV: THRM) and WELL Health Technologies Corp. (TSX:WELL), are expected to be on investors’ radar today. Both healthcare companies have been engaging in the research and development of COVID-19 rapid test kits.
Electric vehicle and clean energy stocks, including Extreme Vehicle Battery Technologies Corp. (CSE: ACDC) and Lithium Americas Corp. (TSX: LAC), were trading in green at the opening hour session.