TSX Rises To 1-month High; Shopify Soars Nearly 17% On Results

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(RTTNews) - The Canadian market is up in positive territory in late morning trade on Thursday with technology and energy stocks turning in a good performance.

Consumer discretionary and utilities stocks are also finding good support. Healthcare stocks are down on profit taking. Shares from consumer staples, financials, materials and industrials sectors are mixed.

The benchmark S&P/TSX Composite Index rose to a one-month high as it climbed to 19,516.36 earlier this morning. The index is up 130.50 or 0.7% 19,410.26, about less than half an hour before noon.

The Information Technology Capped Index is up 4.2%. Shopify Inc (SHOP.TO) is soaring nearly 17% after the company reported a smaller-than-expected loss in the latest quarter. Shopify reported adjusted net loss of $30 million in the third quarter of this financial year, compared with adjusted net income of $102.8 million in the year-ago quarter. The company was expected to post adjusted net loss of $0.08 per share.

Tecsys Inc (TCS.TO) is surging 4%, while Magnet Forensics (MAGT.TO), Quarterhill (QTRH.TO), Nuvei Corp (NVEI.TO), Hut 8 Mining (HUT.TO), BlackBerry (BB.TO) and Constellation Software (CSU.TO) are up 1 to 3%.

Tamarack Valley Energy (TVE.TO), up nearly 5%, is the top gainer in the Energy Index. Crescent Point Energy (CPG.TO) is up nearly 4% and Vermilion Energy (VET.TO) is gaining 3.5%. Nuvista Energy (NVA.TO), Baytex Energy (BTE.TO), Secure Energy (SES.TO), Imperial Oil (IMO.TO), Cenovus Energy (CVE.TO) and Athabasca Oil Corp (ATH.TO) are also up sharply.

TELUS Corp. (T.TO) and TELUS International (TIXT.TO) announced an agreement to acquire WillowTree, a full-service digital product provider focused on end user experiences. TELUS International will acquire WillowTree for a total enterprise value of $1.225 billion, inclusive of $210 million of assumed debt. The majority stakeholder Insignia Capital Group will sell its stake in WillowTree.

Telus Corp shares are up marginally, while Telus International is declining more than 4%.

Cameco Corporation (CCO.TO) reported adjusted net earnings of $10 million for the quarter ended September 2022, as against adjusted net loss of $54 million in the year-ago quarter. The stock is down marginally.

Atco Limited (ACO.X.TO) announced third quarter 2022 adjusted earnings of $87 million ($0.76 per share), compared to $69 million ( 0.60 per share) in the third quarter of 2021. Atco shares are gaining about 2.3%.

In economic news, a report from the Canadian Federation of Independent Business, Canada's CFIB's Business Barometer long-term optimism index, which is based on a 12-month outlook, fell to 51.4 in October of 2022 from a downwardly revised 52.4 in September, the lowest since April 2020.

Data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada rose for the 15th consecutive month, surging by 3.2% year-on-year to C$ 1,170.14 in August of 2022.

TSX Tumbles More Than 1% As Stocks Fall On Tariff Concerns

After posting a record close the previous day, the Canadian market opened marginally up and edged higher Friday morning, but kept losing ground as the day progressed with stocks from across several sectors reeling under selling pressure as Trump administration confirmed that it would begin imposing 25% tariffs on imports from Canada from February 1.

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German Inflation Unexpectedly Eases In January

Consumer price pressures in Germany slowed unexpected at the start of the year amid a sharp slowdown in food inflation, offering some relief for the European Central Bank that lowered interest rates a day earlier and plan to continue easing to boost the single currency economy that came to a standstill in the final three months of 2024.

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Swiss Markets Ends Slightly Weak

The Swiss market edged down marginally on Friday with stocks paring gains in late afternoon trade as investors chose to take some profits following a long winning streak. Data showing a stronger than expected jump in the nation's retail sales aided sentiment.

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Major European Markets Close Slightly Higher

European stocks saw some profit taking in late afternoon trades on Friday, but the major markets in the region still managed to close slightly up. Investors assessed recent economic data, earnings news, and monetary policy announcements of the Federal Reserve and the European Central Bank.

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Canadian Market Down Marginally In Cautious Trade; Tech Stocks Move Higher

The Canadian market is up in positive territory a little past noon on Friday with the benchmark S&P/TSX Composite Index hovering near record high, thanks largely to strong buying in the technology sector after encouraging earnings updates from big name U.S. companies such as Apple Inc. and Meta Platforms.

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U.S. Dollar Advances Amid Trump's Tariff Threats

The U.S. dollar firmed against its most major counterparts in the New York session on Friday amid concerns about President Donald Trump's renewed pledge to slap 25 percent tariffs on imports from Canada and Mexico on February 1.

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ECB Surveys Show Rising Eurozone Inflation Expectations

Euro area consumers' inflation expectations for the next 12 months increased for a third straight month in December, while professional forecasters revised up the projections for this year and next, separate surveys by the European Central Bank showed on Friday.

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Chicago Business Barometer Increases But Still Indicates Contraction

MNI Indicators released a report on Friday showing its reading on Chicago-area business activity increased in the month of January but continued to indicate contraction. The report said the Chicago business barometer rose to 39.5 in January from 36.9 in December, although a reading below 50 still indicates contraction. Economists had expected the index to climb to 40.0.

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