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Canadian Stocks Surge Higher Again; TSX Scales New Record High
(RTTNews) - Canadian stocks are up firmly in positive territory on Wednesday, and the benchmark S&P/TSX Composite Index stays high up after hitting a fresh record. Rising optimism about a rate cut by the Federal Reserve in September, firm oil prices and some upbeat corporate earnings announcements are contributing to the positive mood in the market.
The S&P/TSX Composite Index, which climbed to 27,955.55 earlier in the session, was up 333.77 points or 1.21% at 27,903.85 about half an hour past noon.
The Information Technology Capped Index is up nearly 5%. Shopify Inc. shares are soaring nearly 20% on buoyant results.
Shopify Inc. reported second quarter net income of $906 million, up sharply compared to $171 million last year. For the third quarter, the company expects revenue to grow at a mid-to-high twenties percentage rate, and gross profit to grow at a low-twenties percentage rate, both on a year-over-year basis.
Open Text Corporation, Bitfarms and Sangoma Technologies are gaining 1.2 to 1.5%.
Suncor Energy reported net earnings of $1,134 million for the second quarter of 2025, compared with net earnings of $1,568 million in the year-ago quarter. Adjusted EPS came in at $0.71 for the latest quarter, compared to $1.27 in the year-ago quarter. The stock is up by about 0.7%.
Great West Lifeco is gaining more than 2.5% on higher earnings. The company reported EPS of $1.24 for the second quarter, up from $1.11 a year ago.
SSR Mining Inc shares are up as much as 17%, on upbeat results. The company reported net income of $80.4 million for the second quarter of 2025, up sharply compared with net income of $2.46 million in the year-ago quarter.
Data from S&P Global said that its Canada Composite PMI rose to 48.7 in July from 44.0 in June, although still marking the eighth consecutive monthly contraction in private sector activity.
The Manufacturing PMI came in at 46.1 for July, up from 45.6 in June, while the Services PMI score jumped to 49.3 from 44.3%.
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