Canadian Market Up Firmly In Positive Territory; Technology Stocks Up Sharply
(RTTNews) - The Canadian market is up firmly in positive territory in early afternoon trades on Wednesday with stocks from technology, energy and consumer staples sectors moving higher on strong buying support.
Financial and industrials shares are among the other notable gainers.
Despite lingering worries about growth due to Trump's tariffs and warning of more leveies, investors are picking up technology stocks, tracking Nasdaq, ahead of the Federal Reserve's monetary policy announcement due later in the day.
The benchmark S&P/TSX Composite Index was up 293.69 points or 1.18% at 24,999.76 a little while ago.
The Information Technology Capped Index is up 2.6%. Shopify Inc is up 8% after it announced it will change its US listing to the Nasdaq from the NYSE.
Coveo Solutions is rising 6.3%. Computer Modelling, Bitfarms, Celestica and Docebo are gaining 2 to 4.5%.
Energy stocks Baytex Energy, Advantage Oil & Gas, Canadian Natural Resources, Ces Energy Solutions, Cenovus Energy, Birchcliff Energy, Precision Drilling Corp. Veren, Peyto Exploration and Whitecap Resources are up 2 to 3.4%.
Consumer staples stocks Jamieson Wellness and Alimentation Couche-Tard are up 5% and 3.75%, respectively, with the latter rising on strong quarterly earnings. Loblaw, Empire Company, George Weston and The North West Company are up 1.3 to 2%.
Boyd Group Services shares are down 4% after reporting a sharp drop in earnings. The company reported net earnings of US$ 2.4 million of US$ 0.11 per share for the three months ended December 31, 2024, compared with US $19.1 million or US $0.89 per share a year earlier.
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