FX.co ★ Canadian Modestly Modestly Higher As Tech Stocks Rally

On Wednesday morning, the Canadian market, initially sluggish, experienced an upswing fueled by robust activity in the technology sector. Investors are maintaining a cautious stance as they await the Federal Reserve's latest policy meeting minutes, set to be released later today, along with forthcoming U.S. inflation data.

Several financial, real estate, consumer, and industrial stocks also demonstrated positive movement.

As we approach noon, the S&P/TSX Composite Index has risen by 99.00 points (0.41%), reaching 24,171.51.

Technology titans Celestica Inc. and BlackBerry saw respective gains of 4.5% and 4.1%. Meanwhile, Coveo Solutions, Descartes Systems Group, Shopify Inc, Open Text Corporation, Computer Modelling Group, Kinaxis Inc., Constellation Software, and CGI Inc. have climbed between 1% and 2.5%.

In the consumer discretionary sector, BRP Inc., Magna International, Spin Master Corp., Linamar Corp., and MTY Food Group advanced by 1% to 3.2%.

Among consumer staples, Primo Water Corp., Loblaw, and George Weston recorded gains of 1% to 2.3%. However, Alimentation Couche-Tard Inc. experienced a decline of 0.8% following Japan's Seven & I Holdings receiving an updated takeover offer of approximately $47 billion, an increase from the previous $38.5 billion.

Additionally, Canopy Growth Corporation announced the completion of Canopy USA's acquisition of Wana. Canopy USA now fully owns Wana, including its affiliates Wana Wellness, The CIMA Group, and Mountain High Products, although the stock is down by 1.4%.