On Tuesday, the Canadian market made gains for the fifth consecutive day. This trend was a result of investors taking advantage of easing geopolitical anxieties and a positive lead from Wall Street.
The weak U.S. Purchasing Managers’ Index (PMI) data sparked anticipation that the central bank of the United States may be on the brink of reducing rates.
In particular, technology stocks showed strength, mirroring the Nasdaq's performance. Other sectors such as healthcare, communications, consumer discretionary and industrials were also in demand. Additionally, selected stocks from the fields of energy, consumer staples, finance and materials made significant strides.
The S&P/TSX Composite Index, Canada's prime market indicator, peaked at 22,051.15 during the day and ended with a gain of 139.76 points, or 0.64%, to close at 22,011.72.
In the tech sector, shares in Shopify Inc and Hut 8 Corp both marked substantial rises, of 4.6% and 4.3% respectively. Other companies such as BlackBerry, Tecsys Inc, Lightspeed Commerce, Bitfarms, and Descartes Systems Group also gained between 2% and 3.4%.
In the healthcare sector, Tilray Inc shares jumped by over 7%, while Bausch Health Companies concluded the day up by 0.7%.
SNC-Lavalin Group, now known as AtkinsRéalis, saw an increase of 3.7% after they announced bagging a contract from Groupe Heritage Ile-d'Orleans aimed at developing the new Ile d'Orleans Bridge over the St. Lawrence River in Quebec.
Other companies such as Cargojet, Precision Drilling Corporation, Premium Brands Holdings Corporation, Stantec Inc, and Onex Corporation ended the day with a gain between 2% and 4.6%.
On a contrasting note, Ivanhoe Mines shares fell by 4.7%. Similarly, Lundin Mining Corporation shares decreased by 3.4%. Other notable losses came from companies like Boyd Group Services, Morguard Corporation, Teck Resources, Stelco Holdings, and Sprott Inc.
