Canadian Market Up Nearly 1%, Looks Set To End On Firm Note

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(RTTNews) - The Canadian market is up firmly in positive territory Wednesday afternoon, led by strong gains in materials, technology, consumer discretionary and industrials sectors.

The mood remains positive following U.S. Secretary of Commerce Howard Lutnick hinting at some potential adjustments for U.S. tariffs on Canada and Mexico, noting that carve-outs for some industries are a possibility. "There are going to be tariffs, let's be clear," Lutnick reportedly told Bloomberg Wednesday morning in a live interview. "It will be 25% but.....there will be some categories left out; it could well be autos, could be others as well," he said.

The benchmark S&P/TSX Composite Index, which opened slightly weak, remained a bit sluggish till noon, and then climbed higher. The index was up 235.22 points or 0.95% at 24,807.22 a little while ago.

Ivanhoe Mines is rising 12.5%. Bombardier Inc. is up 10%, while First Quantum Minerals, Canadian Tire Corporation, Telesat Corporation, Teck Resources, Docebo Inc., Magna International, GFL Environmental and Lundin Gold are up 4.3 to 8%.

Cogeco Inc., Linamar Corporation, Aritzia Inc., Onex Corporation, goeasy, BRP Inc., Premium Brands Holdings, Cogeco Communications, Constellation Software, West Fraser Timber, Loblaw Companies and TC Energy Corp are up 2 to 4%.

NuVista Energy is gaining more than 2.5%. The company reported net earnings of $99.15 million for the quarter ended December 31, 2024, compared to $89.51 million in the year-ago quarter.

VersaBank (VBNK.TO) is plunging 13%. The bank reported net income of C$8.14 million for the quarter ended 31 January 2025, compared with net income of C$5.5 million in the corresponding quarter last year.

On the economic front, the S&P Global Canada Composite PMI declined to 46.8 in February 2025, down from 49.5 in January, marking the steepest contraction in private sector output since January 2024.

The S&P Global Canada Services PMI plummeted to 46.6 in February of 2025 from 49 in the previous month, contracting for the third consecutive month.

Productivity in Canada increased to 102.37 points in the fourth quarter of 2024 from 101.78 points in the third quarter of 2024, data from Statistics Canada said.

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Tuesday, following the broadly positive cues from Wall Street overnight, as traders remain cautiously optimistic on the outlook for markets after the U.S.-China temporary trade truce. They now stay focused on the outcome of US trade negotiations with India and Japan. Some traders also locked in profits following the recent upside in the markets.

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Sensex, Nifty Set To Follow Global Peers Higher

Indian shares look set to open higher on Tuesday, tracking firm cues from global markets as China cut its benchmark lending rates for the first time in 7 months to boost its struggling economy amid rising trade tensions.

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Flat Lead Called For Thai Stock Market

The Thai stock market has alternated between positive and negative finishes through the last nine trading days since the end of the five-day winning streak in which it had advanced more than 50 points or 4.3 percent. The Stock Exchange of Thailand now sits just above the 1,185-point plateau and it figures to see little movement on Tuesday.

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Japanese Market Significantly Higher

The Japanese stock market is trading significantly higher on Tuesday, snapping a four-session losing streak, following the broadly positive cues from Wall Street overnight, with the Nikkei 225 moving up to near the 37,800 level, with gains across all sectors led by index heavyweights and technology stocks.

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Indonesia Bourse Due For Profit Taking

The Indonesia stock market has finished higher in five straight sessions, improving more than 310 points or 4.5 percent in that span. The Jakarta Composite Index now rests just above the 7,140-point plateau although investors may lock in gains on Tuesday.

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Hong Kong Shares Due For Support On Tuesday

The Hong Kong stock market has moved lower in three straight sessions, dropping more than 300 points or 1.3 percent along the way. The Hang Seng Index now sits just above the 23,330-point plateau although it may halt its slide on Tuesday.

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Australian Market Significantly Higher

The Australian stock market is trading significantly higher on Tuesday, reversing the losses in the previous session, following the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving well above the 8,300 level, with gains across most sectors led by technology, mining and financial stocks.

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Little Movement Seen For China Stock Market

The China stock market on Monday ended the two-day slide in which it had slipped more than 35 points or 1 percent. The Shanghai Composite Index now rests just above the 3,365-point plateau and it's likely to remain in that neighborhood again on Tuesday.

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EURUSD	1.1246	GBPUSD	1.33683	AUDUSD	0.64494
USDJPY	144.802	USDCAD	1.39584	USDCHF	0.8342

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Canadian Market Up Nearly 1%, Looks Set To End On Firm Note