The Canadian market is experiencing a robust upswing this Thursday, just before midday, fueled by strong buying activity across various sectors. Notably, mining stocks have surged due to a significant rise in metal prices, while technology stocks are bolstered by impressive earnings reports from leading U.S. tech companies.
As of around 11:45 am, the S&P/TSX Composite Index has risen by 356.70 points, marking a 1.4% increase to 25,830.00, just shy of the new record high of 25,845.23 set earlier in the day.
The Capped Materials Index is seeing a 3.6% increase. Companies such as MAG Silver Corp, Fortuna Silver Mines, SilverCrest Metals, First Majestic Silver, Aya Gold & Silver, Pan American Silver Corp, Seabridge Gold, SSR Mining Inc, Methanex Corp, First Quantum Minerals, Barrick Gold Corp, Franco-Nevada Corp, New Gold, and Equinox Gold are all experiencing gains between 5% and 9%.
Moreover, the Information Technology Capped Index has climbed by 3.1%. The standout performer in this sector is Celestica Inc, with a remarkable 13% gain. CGI Group has advanced by 5.1%, while Bitfarms is up 4.5%. Other noteworthy companies, such as Open Text Corp, Constellation Software, Lightspeed Commerce, Enghouse Systems, BlackBerry, and Shopify Inc, have posted gains ranging from 1.3% to 2.5%.
In the industrials sector, shares of Bombardier Inc, Canadian Pacific Kansas City, Waste Connections, and Finning International have increased between 2.3% and 4%. Additionally, companies like Thomson Reuters, Russel Metals, Air Canada, Badger Infrastructure, and NFI Group Inc are also seeing significant gains.
TransAlta Corp, with a 4.8% rise, is leading the utilities sector. Capital Power Corp and Superior Plus Corp have increased by 3.7% and 2%, respectively, while Brookfield Infrastructure Partners, Fortis Inc, Canadian Utilities, and ATCO are up between 1.5% and 2%.
Despite reporting turnaround results, Real Matters Inc's shares have dropped by 2.5%. The company reported a net income of $2.3 million for the first quarter of fiscal 2025, recovering from a net loss of $3.6 million in the same quarter the previous year.
In the real estate sector, notable gains are seen with Allied Properties, Collier International Group, Granite Real Estate, and Boardwalk Real Estate Investment, each advancing by 1.4% to 2.5%.
Statistics Canada has reported that the average weekly earnings for non-farm payroll employees in Canada increased by 5% year-over-year, reaching $1,285.91 in November 2024. This marks the highest growth in five months, following an upward revision of 4.2% growth in October.
Meanwhile, a report from the Canadian Federation of Independent Business reveals that the CFIB Business Barometer's long-term index in Canada, which assesses the 12-month business outlook, fell to 54.6 in January 2025, from 56.4 in December 2024.
