The Canadian market is experiencing positive momentum on Wednesday afternoon, driven by robust buying activity across a multitude of sectors. This uptrend is supported by diminished concerns regarding U.S. tariffs, as the Trump administration has decided to postpone levies on imports from Canada and Mexico for an additional month.
Despite ongoing tensions between the U.S. and China, investors are undeterred, continuing to invest in stocks. Currently, the S&P/TSX Composite Index has risen 209.60 points, or 0.82%, reaching 25,488.95, with approximately one hour remaining before the market closes.
Technology stocks are benefiting from decreasing bond yields and promising earnings reports from major U.S. tech firms. Meanwhile, materials stocks are advancing due to solid metal prices. Aurora Cannabis (ACB.TO) is surging nearly 50% following impressive third-quarter earnings. Finning International (FTT.TO) has climbed 11.5% after announcing adjusted earnings per share of $1.02 for the fourth quarter, up from $0.96 in the same period last year, alongside a 7% increase in revenue, now at $2.58 billion from $2.40 billion.
SSR Mining Inc (SSRM.TO) is up by 11% after RBC Capital upgraded its rating to Sector Perform from Underperform, with the price target raised from $5.50 to $8.00.
ATS Corporation (ATS.TO) has increased by 7.8%, reporting a third-quarter profit of $6.51 million, or $0.07 per share, compared to $47.18 million, or $0.47 per share, in the previous year. Excluding certain items, ATS Corp. posted adjusted earnings of $30.9 million, or $0.32 per share for the period.
Additional gains have been recorded with Celestica Inc (CLS.TO), Lundin Gold (LUG.TO), Telesat Corporation (TSAT.TO), Boralex Inc (BLX.TO), Newmont Corporation (NGT.TO), and Paramount Resources (POU.TO), all rising between 4% and 7.2%.
Furthermore, Alamos Gold (AGI.TO), Badger Infrastructure (BDGI.TO), Brookfield Renewable Corporation (BEPC.TO), Open Text Corporation (OTEX.TO), Intact Financial (IFC.TO), AtkinsRealis Group Inc (ATRL.TO), and Linamar Corporation (LNR.TO) have shown gains ranging from 2.5% to 3.7%.
