Canadian Market Modestly Higher As Technology Stocks Hold Firm
(RTTNews) - The Canadian market is modestly higher in late afternoon trades on Tuesday, led by gains in technology sector.
A few stocks from real estate, financials, materials and consumer staples sectors are also up with notable gains.
Data showing a drop in U.S. consumer prices in the month of February has raised hopes the Fed would gradually slow down the pace of monetary tightening from this month.
The benchmark S&P/TSX Composite Index, which rose to 19,850.63, gaining more than 260 points, has pared most of its gains and is currently up 75.11 points or 0.38% at 19,664.01.
The Information Technology Capped Index is up 1.85%. Hut 8 Mining Corp (HUT.TO) is up more than 10%. Quarterhill Inc (QTRH.TO) is surging 6.5% and Nuvei Corp (NVEI.TO) is climbing 5.2%.
Softchoice Corp (SFTC.TO), Lightspeed Commerce (LSPD.TO), Enghouse Systems (ENGH.TO), Payfare (PAY.TO), Coveo Solutions (CVO.TO), Shopify Inc (SHOP.TO) and BlackBerry (BB.TO) are gaining 3 to 4.5%.
Real estate stocks Colliers International (CIGI.TO) and Storagevault Canada (SVI.TO) are up 2.7% and 2.5%, respectively.
In the financials sector, Onex Corp (ONEX.TO) is surging 3.2%, Fairfax Financial Holdings (FFH.TO) is up 2.3%, National Bank of Canada (NA.TO) is gaining 1.3% and Manulife Financial (MFC.TO) is advancing 1.2%.
Among materials shares, Ivanhoe Mines (IVN.TO) is climbing nearly 4%. Oceanagold (OGC.TO) and Endeavour Silver Corp (EDR.TO) are up 3.5% and 3.1%, respectively. Stelco Holdings (STLC.TO), First Quantum Minerals (FM.TO) and Nutrien (NTR.TO) are gaining 2.5 to 2.7%.
Data from Statistics Canada showed manufacturing sales in Canada increased to 4.1% in January from -1.5% in December of 2022.
Indian Shares Seen Little Changed At Open
Lower Open Expected For Thai Stock Market
Indonesia Bourse May See Continued Consolidation On Tuesday
Japanese Market Modestly Lower
Hang Seng May Hand Back Monday's Gains
Losing Streak May Continue For China Stock Market
Australian Markets Notably Lower
