Canadian Market Stays Firm After Hitting New Record High

(RTTNews) - The Canadian market is holding in positive territory Tuesday afternoon posting a new record high, with technology stocks contributing substantially to the upmove. Materials and energy stocks are having a tough session due to weak commodity prices.

The benchmark S&P/TSX Composite Index, which climbed to a new high of 25,024.93, was up 75.89 points or 0.31% at 24,865.17 a little while ago.

The Information Technology Index is up more than 7%, lifted by Shopify Inc (SHOP.TO), which is up with a hefty gain of 25% thanks to strong results and earning guidance. Shopify reported third-quarter revenue of US$2.16 billion, up from $1.71 billion a year earlier. The company said it expects fourth-quarter revenue to grow "at a mid-to-high-twenties percentage rate on a year-over-year basis."

Sylogist (SYZ.TO), Converge Technology Solutions (CTS.TO) and Lightspeed Commerce (LSPD.TO) are gaining 2.7 to 3.5%. Sangoma Technologies (STC.TO) and Docebo Inc (DCBO.TO) are up 1.5% and 1%, respectively.

Materials shares 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 down 3.5 to 4.5%.

In the energy sector, Nuvista Energy (NVA.TO) is down 2.5%. 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) are down 1.6 to 2%.

Cronos Group Inc. (CRON.TO) is rising nearly 15%. The company reported third-quarter net income of US$7,324 million, as against a loss of US$1,590 million in the year-ago quarter.

On the economic front, data from Statistics Canada showed building permits in Canada increased 11.5% in September from -6.3% in August.