TSX Ends Higher As Tech Stocks Rally

(RTTNews) - The Canadian market closed higher on Tuesday, recovering well after snapping a nine-day winning streak on Monday, thanks to strong buying in the technology sector.

Investors now await monetary policy announcement from the Bank of Canada. The central bank is widely expected to cut interest rate on Wednesday.

The Federal Reserve is also scheduled to announce its monetary policy tomorrow. The Fed is likely to hold rates, but the focus is on the accompanying statement.

The benchmark S&P/TSX Composite Index closed up 130.30 points or 0.52% at 25,419.45, after scaling a low of 25,277.05 and a high of 25,425.86 intraday.

The Information Technology Capped Index climbed 4.41%. Shopify Inc (SHOP.TO) zoomed 9.6% and Celestica climbed about 8.25%.

Blackberry (BB.TO) gained 6.5% and Sylogist (SYZ.TO) ended 3.8% up. Open Text Corp (OTEX.TO), Constellation Software (CSU.TO), Dye & Durham (DND.TO), Lightspeed Commerce (LSPD.TO), Kinaxis Inc (KXS.TO), Enghouse Systems (ENGH.TO) and CGI Group Inc (GIB.A.TO) closed higher by 1.3 to 3%.

Molson Coors Canada (TPX.A.TO) soared 11.1%. Canada Goose Holdings (GOOS.TO) rallied 9.7%. Propel Holdings (PRL.TO) gained 6.7% and Telesat Corporation (TSAT.TO) closed up 5.9%.

Velan Inc (VLN.TO), TerraVest Industries (TVK.TO), MDA Space (MDA.TO), Dayforce (DAY.TO), Cameco Corporation (CCO.TO), Wheaton Precious Metals (WPM.TO), K-Bro Linen (KBL.TO) and AtkinsRealis (ATRL.TO) gained 2 to 5%.

Metro Inc (MRU.TO) closed more than 3% down. The company reported net earnings of $259.5 million for the first quarter of fiscal 2025, up 13.6% compared to a year ago. Adjusted net earnings for the latest quarter came in at $245.4 million, which was up 4.4% compared to the year-ago quarter.

Bombardier Inc (BBD.B.TO), BRP Inc (DOO.TO), Ivanhoe Mines (IVN.TO), Teck Resources (TECK.A.TO), Aecon Group (ARE.TO), Boralex (BLX.TO), Methanex Corporation (MX.TO) and Precision Drilling Corporation (PD.TO) lost 2.5 to 4%.