Canadian Market Down Marginally In Cautious Trade; Tech Stocks Move Higher

(RTTNews) - The Canadian market is up in positive territory a little past noon on Friday with the benchmark S&P/TSX Composite Index hovering near record high, thanks largely to strong buying in the technology sector after encouraging earnings updates from big name U.S. companies such as Apple Inc. and Meta Platforms.

Investors are also digesting a batch of Canadian economic data. The upside is limited as the mood is cautious with markets looking for clarity on whether the Trump administration would follow through with its tariff threats on Canada.

The benchmark S&P/TSX Composite Index is down 23.30 points or 0.09% at 25,784.95 nearly half an hour past noon.

Data from Statistics Canada showed Canadian real gross domestic product decreased 0.2% in November. According to preliminary estimates, the economy rebounded in December and GDP likely grew 0.2%.

The Information Capped Technology is climbing nearly 2%. Celestica Inc (CLS.TO) is soaring 12.5% on rating upgrade.

Bitfarms (BITF.TO) is gaining 2.5%. BlackBerry (BB.TO), Shopify Inc (SHOP.TO) and CGI Group Inc (GIB.A.TO) are up 1.1 to 1.3%.

Hut 8 Corp (HUT.TO), Innergex Renewable Energy (INE.TO), Boralex Inc (BLX.TO), Northland Power (NPI.TO), Dayforce (DAY.TO), Quebecor (QBR.TO), Cameco Corporation (CCO.TO), CGI Inc (GIB.A.TO) and Great-West Lifeco (GWO.TO) are up 1 to 4%.

Imperial Oil Ltd. (IMO.TO) is down 4.5%. reported that fourth-quarter net income declined to C$1.23 billion or C$2.37 per share from C$1.37 billion or C$2.47 per share in the prior-year quarter. Total revenues and other income for the quarter decreased to C$12.61 billion from C$13.11 billion in the same quarter last year.

Finning International (FTT.TO), Propel Holdings (PRL.TO), Russel Metals (RUS.TO), Spin Master Corp (TOY.TO), Rogers Communications (RCI.B.T) and Linamar Corporation (LNR.TO) are up 2.5 to 5.2%.