The Canadian stock market is trading higher on Tuesday afternoon, reaching a new record peak largely thanks to robust performances in the technology sector. Meanwhile, the materials and energy sectors are experiencing pressure due to declining commodity prices.
The S&P/TSX Composite Index hit a fresh record at 25,024.93, and it recently saw an increase of 75.89 points, or 0.31%, positioning at 24,865.17.
The Information Technology Index surged by over 7%, spearheaded by Shopify Inc (SHOP.TO), which saw an impressive 25% gain following the release of its strong financial results and guidance. Shopify's third-quarter revenue rose to US$2.16 billion, compared to $1.71 billion in the previous year. The company anticipates a year-over-year revenue increase in the fourth quarter in the mid-to-high twenties percent range.
Other notable movers in the technology sector include Sylogist (SYZ.TO), Converge Technology Solutions (CTS.TO), and Lightspeed Commerce (LSPD.TO), each advancing between 2.7% to 3.5%. Sangoma Technologies (STC.TO) and Docebo Inc (DCBO.TO) registered gains of 1.5% and 1%, respectively.
On the downside, shares in the materials sector such as Hudbay Minerals (HBM.TO), Capstone Mining Corp (CS.TO), Ero Copper (ERO.TO), Ssr Mining Inc (SSRM.TO), Seabridge Gold (SEA.TO), Ivanhoe Mines (IVN.TO), Algoma Steel (ASTL.TO), Teck Resources (TECK.B.TO), Iamgold (IMG.TO), and Lundin Mining (LUN.TO) are experiencing declines ranging from 3.5% to 4.5%.
In the energy sector, Nuvista Energy (NVA.TO) fell by 2.5%. Likewise, shares of Vermilion Energy (VET.TO), MEG Energy Corp (MEG.TO), Suncor Energy (SU.TO), Cenovus Energy (CVE.TO), Peyto Exploration (PEY.TO), and Whitecap Resources (WCP.TO) decreased by 1.6% to 2%.
Cronos Group Inc. (CRON.TO) is experiencing a significant rise, nearly 15%. The company announced a third-quarter net income of US$7.324 million, compared to a loss of US$1.59 million during the same period last year.
On the economic front, data from Statistics Canada revealed that building permits in Canada saw an increase of 11.5% in September, a recovery from a 6.3% decline in August.
