FX.co ★ TSX Recovers After Early Setback; Technology Stocks Shining Again

On Wednesday, the Canadian S&P/TSX Composite Index showed a slight increase by midday, largely driven by a notable performance in the technology sector, which once again outpaced the broader market.

The remaining sectors displayed a mixed trajectory as investors considered various earnings reports and processed U.S. consumer price inflation data, which aligned with expectations.

The U.S. Labor Department revealed that the consumer price index climbed by 0.2% in October. Moreover, the annual consumer price growth rate accelerated to 2.6% in October, up from 2.4% the previous month. The core consumer price growth rate remained steady at 3.3%, matching projections.

The S&P/TSX Composite Index, after dipping to 24,860.56, rebounded to 24,962.61, marking an increase of 39.60 points, or 0.16%, from the prior close.

The Information Technology Capped Index surged by 1.53%, buoyed by gains in companies like Coveo Solutions (CVO.TO), Tecsys Inc (TCS.TO), BlackBerry (BB.TO), and Shopify Inc (SHOP.TO), with stock prices rising between 3% and 4.5%.

Additional gains were observed in Lightspeed Commerce (LSPD.TO), Docebo Inc (DCBO.TO), Constellation Software (CSU.TO), Descartes Systems Group (DSG.TO), Kinaxis Inc (KXS.TO), and Open Text Corporation (OTEX.TO), advancing between 1.5% and 2.3%.

Hut 8 Corp (HUT.TO) saw an impressive 11% rise, while CAE Inc (CAE.TO) gained approximately 7.5%. Suncor Energy (SU.TO) increased by 3.5%, with Molson Coors Canada (TPX.A.TO), Premium Brands International (PBH.TO), TFI International (TFII.TO), and iA Financial Corporation (IAG.TO) also climbing between 1.5% and 3%.

Conversely, Finning International (FTT.TO) experienced a significant drop of nearly 11%. Power Corporation of Canada (POW.TO) decreased by 5.2%, and Parkland Corporation (PKI.TO) declined by 4.4%.

Shares of Bombardier Inc (BBD.B.TO), Teck Resources (TECK.B.TO), Cameco Corporation (CCO.TO), Boyd Group Services (BYD.TO), and George Weston (WN.TO) fell between 1.6% and 2.8%.

Loblaw Companies (L.TO) slipped by 2.5% following its report of adjusted net earnings totaling $767 million for Q3, marking a $48 million or 6.7% increase compared to the same period last year.

Hudbay Minerals (HBM.TO) experienced a near 1% gain after posting net earnings of $49.8 million, or $0.13 per share in Q3 2024, a turnaround from a net loss of $16.6 million, or $0.05 per share, during the corresponding quarter the previous year.

Maple Leaf Foods Inc. (MFI.TO) saw a decline of 4.3%. The company reported Q3 2024 earnings of $18 million ($0.14 per basic share), in contrast to a $4 million loss ($0.04 loss per basic share) in the preceding year.