The Canadian stock market is experiencing a notable upswing on Tuesday afternoon, largely fueled by U.S. President Trump's decision to postpone taxation on Canadian goods for an additional month. This development has sparked investor enthusiasm across a variety of sectors.
Significant gains are observed in energy, consumer staples, healthcare, and technology sectors. Notable upward movement is also present in industrial, real estate, communications, and materials sectors.
The S&P/TSX Composite Index currently shows an increase of 147.20 points, translating to a 0.58% rise, standing at 25,388.96.
In the energy sector, companies such as Cenovus Energy (CVE.TO), MEG Energy Corp (MEG.TO), and Baytex Energy (BTE.TO) show advancements ranging from 2.7% to as high as 4.8%. Other significant players including Veren Inc (VRN.TO), Athabasca Oil Corp (ATH.TO), and Parex Resources (PXT.TO) reflect similar gains.
On the consumer staples front, North West Company (NWC.TO), Maple Leaf Foods (MFI.TO), and Saputo Inc (SAP.TO) are experiencing increases between 2.3% and 3%. Additionally, George Weston (WN.TO) and Metro Inc (MRU.TO) are seeing noticeable growth.
The technology sector is led by Celestica Inc (CLS.TO), surging by 8%. Sangoma Technologies (STC.TO) and BlackBerry (BB.TO) follow with gains of 6% and 5.5%, respectively. Other tech entities like Shopify Inc (SHOP.TO), Bitfarms (BITF.TO), Coveo Solutions (CVO.TO), and Quarterhill (QTRH.TO) are posting increases from 2% to 3%.
In healthcare, Chartwell Retirement (CSH.UN.TO) and Sienna Senior Living (SIA.TO) have risen by 2.3% and 2.75%, respectively, while Tilray Inc (TLRY.TO) is up by approximately 1.5%.
