TSX Up Sharply As Rate Hike Concerns Fade; Aritzia Soars On Earnings Update

(RTTNews) - The Canadian market is up firmly in positive territory Friday afternoon, supported by strong gains in technology, materials and consumer discretionary sectors. Energy and financials stocks are also notably higher.

Weak Canadian jobs data has raised expectations that the Bank of Canada will not hike interest rates anytime soon. Slightly easing concerns about Middle East tensions contribute as well to the positive mood in the market.

The benchmark S&P/TSX Composite Index was up 471.55 points or 1.34% at 35,616.93 a little while ago.

Data from Statistics Canada showed employment in Canada dropped by 68,300 in September, the steepest decline in seven months, after falling 41,700 in August. The unemployment rate ticked up to 6.5% in September from 6.4% a month earlier.

Artizia soared nearly 18% after beating expectations for second-quarter revenue and profit. The company reported a 44.1% revenue growth, 34.5% comparable sales rise. The company has raised 2027 revenue outlook to C$4.78 billion-C$4.88 billion. The firm previously expected annual net revenue in the range of C$4.55 billion to C$4.75 billion, a growth of around 23% to 28% year-over-year.

Aritzia expects its third quarter net revenue to range from C$1.275 billion to C$1.325 billion, implying year-over-year growth of approximately 23% to 27%. The company expects its adjusted gross profit margin to reach approximately 47% to 47.5%, compared to 46% last year.

Lundin Gold jumped nearly 10%. Dundee Precious Metals, Novagold Resources, SSR Mining, Lundin Mining, Ero Copper, Teck Resources, Ivanhoe Mines, First Quantum Minerals, Hudbay Minerals, Pan American Silver Corp., OceanaGold, Fortuna Silver Mines, NexGen Energy, Agnico Eagle Mines, Barrick Gold, Wheaton Precious Metals, Shopify and Iamgold are up 3%-8.5%.

Cogeco Cable and BCE are down 6.5% and 6.1%, respectively. Rogers Communications, Quebecor, Nutrien, Parex Resources, Air Canada, Chorus Aviation, Telus, BRP and Richelieu Hardware are down 2%-5%.