TSX Pares Early Losses As Tech Stocks Rally

(RTTNews) - After a flat start and a subsequent notable drop, the Canadian market recovered gradually and was down just marginally about a couple of hours past noon on Thursday.

Healthcare, consumer staples, utilities and financials stocks were among the notable losers. Technology stocks moved higher, in line with the tech rally across the globe after Nvidia's upbeat earnings and guidance.

Lingering concerns about geopolitical tensions and possibility of a rate hike by the Federal Reserve this year rendered the mood cautious.

The benchmark S&P/TSX Composite Index, which dropped to a low of 26,624.56 earlier in the session, was down just 12.52 points at 36,801.13 a little while ago.

Data from Statistics Canada showed Canada's current account balance swung to a surplus of C$8.8 billion in the second quarter of 2026 from a deficit of C$8.3 billion in the prior quarter, missing forecasts of a C$2 billion shortfall.

A separate data from Statistics Canada showed wages in Canada increased 3.4% in June over the same month in the previous year.

Interfor and BlackBerry surged 7.5% and 7.3%, respectively. Descartes Systems Group, Aecon, Celestica, Western Forest Products, Kinaxis, Open Text Corporation, First Majestic Silver, Thomson Reuters, Canfor, Pan American Silver Corp., Computer Modelling, Fortuna Silver Mines, Finning International and Lightspeed Commerce gained 3%-4.5%.

BRP, West Fraser Timber, Ensign Energy Services, Constellation Software, Mattr Corp., Shopify, Eldorado Gold, Vermilion Energy, Baytex Energy, CGI Inc., Lundin Mining, OceanaGold, Torex Gold Resources, Pason Systems, Parex Resources and Dorel Industries also moved up sharply.

The Toronto Dominion Bank reported net income available to common shareholders of C$4.521 billion, or C$2.74 per share, for the third quarter, up from C$3.248 billion, or C$1.89 per share, a year earlier. The stock climbed about 1%.

Royal Bank of Canada shed 1.7%. The bank reported third-quarter net income of C$5.879 billion, up 11% from C$5.290 billion a year ago. Earnings per share increased 13% to C$4.23 from C$3.75 in the prior year period.

EQB, CIBC, Aritzia, Bausch Health Companies, Element Financial, Tilray, ATS Automation Tooling Systems, ATCO, Quebecor, ONEX, Real Matters and CAE declined sharply.