Technology, Materials Stocks Rally, Lift TSX Up Sharply
(RTTNews) - The Canadian market is up sharply around noon on Wednesday, lifted by strong gains in technology, materials and energy sectors. Several stocks from real estate, consumer discretionary and industrials sectors are also up with impressive gains.
Recent soft inflation data and firm commodity prices contribute to market's sharp upmove.
The benchmark S&P/TSX Composite Index is up 496.51 points or 1.51% at 33,393.06 a little past noon.
The Information Technology Capped Index is up 4.2%. Shopify, up nearly 9%, tops the list of gainers. Strong quarterly earnings and announcement of a $2 billion buyback.
Constellation Software, Celestica, Lightspeed Commerce and Tecsys are up 3%-4%. Blackline Safety Corp., Open Text, Descartes Systems Group, Dye & Durham, Bitfarms and Computer Modelling are also up with sharp gains.
Among materials stocks, New Gold, First Majestic Silver, Silvercorp Metals, Agnico Eagle Mines, Aya Gold & Silver, Perpetua Resources, Skeena Resources, Aris Gold Corporation, Endeavour Silver Corp., Pan American Silver Corp, Kinross Gold and Barrick Mining are up 4%-5.6%.
Iamgold Corp is gaining about 4.5%. The company reported net earnings and adjusted net earnings attributable to equity holders of $406.6 million and $405.8 million for the fourth quarter, and $664.4 million and $709.2 million for the year, respectively.
Energy stocks Baytex Energy, Cenovus Energy, Vermilion Energy, Parex Resources, Enerflex, Athabasca Oil Corp., Birchcliff Energy and Headwater Exploration are gaining 2%-4.3%.
U.S. Dollar Ticks Higher Amid Inflation Data Release, Expectations Of Reopening Of Strait Of Hormuz
TSX Climbs On Tech Rally, Looks Set To End 6-day Losing Streak
Swiss Market Ends Modestly Higher
European Markets Rise As Oil Prices Fall On IEA Demand Cut
U.S. Consumer Sentiment Deteriorates Much More Than Expected In September
CPSC Recalls: 2.3 Mln Candy Bottles, Motorcycles, Dressers, Dual Fuel Ranges, Fire Spray Canisters
U.S. Consumer Price Growth Matches Estimates, Core Prices Rise Slightly More Than Expected
