TSX Rises To 1-month High; Shopify Soars Nearly 17% On Results

(RTTNews) - The Canadian market is up in positive territory in late morning trade on Thursday with technology and energy stocks turning in a good performance.

Consumer discretionary and utilities stocks are also finding good support. Healthcare stocks are down on profit taking. Shares from consumer staples, financials, materials and industrials sectors are mixed.

The benchmark S&P/TSX Composite Index rose to a one-month high as it climbed to 19,516.36 earlier this morning. The index is up 130.50 or 0.7% 19,410.26, about less than half an hour before noon.

The Information Technology Capped Index is up 4.2%. Shopify Inc (SHOP.TO) is soaring nearly 17% after the company reported a smaller-than-expected loss in the latest quarter. Shopify reported adjusted net loss of $30 million in the third quarter of this financial year, compared with adjusted net income of $102.8 million in the year-ago quarter. The company was expected to post adjusted net loss of $0.08 per share.

Tecsys Inc (TCS.TO) is surging 4%, while Magnet Forensics (MAGT.TO), Quarterhill (QTRH.TO), Nuvei Corp (NVEI.TO), Hut 8 Mining (HUT.TO), BlackBerry (BB.TO) and Constellation Software (CSU.TO) are up 1 to 3%.

Tamarack Valley Energy (TVE.TO), up nearly 5%, is the top gainer in the Energy Index. Crescent Point Energy (CPG.TO) is up nearly 4% and Vermilion Energy (VET.TO) is gaining 3.5%. Nuvista Energy (NVA.TO), Baytex Energy (BTE.TO), Secure Energy (SES.TO), Imperial Oil (IMO.TO), Cenovus Energy (CVE.TO) and Athabasca Oil Corp (ATH.TO) are also up sharply.

TELUS Corp. (T.TO) and TELUS International (TIXT.TO) announced an agreement to acquire WillowTree, a full-service digital product provider focused on end user experiences. TELUS International will acquire WillowTree for a total enterprise value of $1.225 billion, inclusive of $210 million of assumed debt. The majority stakeholder Insignia Capital Group will sell its stake in WillowTree.

Telus Corp shares are up marginally, while Telus International is declining more than 4%.

Cameco Corporation (CCO.TO) reported adjusted net earnings of $10 million for the quarter ended September 2022, as against adjusted net loss of $54 million in the year-ago quarter. The stock is down marginally.

Atco Limited (ACO.X.TO) announced third quarter 2022 adjusted earnings of $87 million ($0.76 per share), compared to $69 million ( 0.60 per share) in the third quarter of 2021. Atco shares are gaining about 2.3%.

In economic news, a report from the Canadian Federation of Independent Business, Canada's CFIB's Business Barometer long-term optimism index, which is based on a 12-month outlook, fell to 51.4 in October of 2022 from a downwardly revised 52.4 in September, the lowest since April 2020.

Data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada rose for the 15th consecutive month, surging by 3.2% year-on-year to C$ 1,170.14 in August of 2022.