Canadian Market Up Firmly; Technology, Materials Stocks Among Major Gainers

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(RTTNews) - The Canadian market is up firmly in positive territory Thursday afternoon on sustained buying in stocks from across various sectors thanks to encouraging economic data from the U.S. and on continued optimism about an interest rate cut by the Federal Reserve in September.

Technology, materials, financials, energy and healthcare stocks are among the prominent gainers.

The benchmark S&P/TSX Composite Index was up 166.10 points or 0.72% at 23,293.08 a little while ago.

Canadian Imperial Bank of Commerce (CM.TO) is gaining nearly 6.5% on upbeat quarterly earnings. The bank reported adjusted net income of $1,895 million for the third quarter, compared to $1,475 million in the corresponding quarter of the previous year.

Bank of Montreal (BMO.TO) is gaining about 1.8%. Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO) are up 0.8% and 0.7%, respectively. National Bank of Canada (NA.TO) is down by about 1.7%.

Technology stock Kinaxis Inc (KXS.TO) is up 7.5%, rebounding from recent weakness. BlackBerry (BB.TO) is up nearly 4% and Bitfarms (BITF.TO) is gaining 3.5%. Lightspeed Commerce (LSPD.TO), Celestica Inc (CLS.TO), Dye & Durham (DND.TO) and Shopify Inc (SHOP.TO) are up 2 to 2.5%. Docebo Inc (DCBO.TO), Coveo Solutions (CVO.TO) and Descartes Systems Group (DSG.TO) are also notably higher.

Materials stocks Algoma Steel Group (ASTL.TO), K92 Mining (KNT.TO), Methanex Corp (MX.TO), Novagold (NG.TO), Equinox Gold Corp (EQX.TO), Kinross Gold (K.TO), Sandstorm Gold (SSL.TO), Barrick Gold Corp (ABX.TO) and B2Gold Corp (BTO.TO) are up 1.8 to 4%.

In the energy sector, Ces Energy Solutions (CEU.TO), Topaz Energy (TPZ.TO), Baytex Energy Corp (BTE.TO), Headwater Exploration (HWX.TO), International Petroleum Corp (IPCO.TO) and Vermilion Energy (VET.TO) are up 2 to 3%.

Data from Statistics Canada said Canada's current account deficit widened significantly to C$ 8.5 billion in the second quarter of 2024, up from C$ 5.4 billion in the previous quarter. This marks the eighth consecutive quarterly deficit and the largest in seven quarters.

A separate data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada increased by 4% year-on-year to $1,252 in June 2024, slowing from a downwardly revised 4.1% growth in the previous month.

U.S. Job Openings Unexpectedly Increase In November

Job openings in the U.S. unexpectedly increased in the month of November, according to a report released by the Labor Department on Tuesday. The Labor Department said job openings rose to 8.098 million in November from an upwardly revised 7.839 million in October.

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AI chipmaker Nvidia Corp. announced major product advancements in the field of generative artificial intelligence, amid significant growth of AI worldwide. The tech major also revealed partnerships with major corporates, including Uber Technologies, Inc., Toyota Motor Corp. and Accenture, at the Consumer Electronics Show or CES 2025 in Las Vegas.

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U.S. Services Index Rises More Than Expected In December

The Institute for Supply Management released a report on Tuesday showing its reading on U.S. service sector activity increased by more than expected in the month of December. The ISM said its services PMI climbed to 54.1 in December from 52.1 in November, with a reading above 50 indicating growth. Economists had expected the index to rise to 53.3.

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U.S. Trade Deficit Widens In November As Imports Rebound More Than Exports

With imports rebounding by more than exports, the Commerce Department released a report on Tuesday showing the U.S. trade deficit widened roughly in line with economist estimates in the month of November. The Commerce Department the trade deficit increased to $78.2 billion in November from a revised $73.6 billion in October. Economists had expected the trade deficit to climb to $78.0 billion.

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U.S. Trade Deficit Widens Roughly In Line With Estimates In November

With imports surging by more than exports, the Commerce Department released a report on Tuesday showing the U.S. trade deficit widened roughly in line with economist estimates in the month of November.

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Acceleration In Eurozone Inflation Signals Slower ECB Rate Cuts

Euro area inflation accelerated for the third straight month to the fastest in five months in December, suggesting that the European Central Bank will be cutting interest rates more slowly than anticipated. The harmonized index of consumer prices climbed 2.4 percent from a year ago, following a 2.2 percent gain in November, preliminary data from Eurostat showed on Tuesday.

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Bay Street Likely To Open On Positive Note

Canadian shares are likely to open higher on Tuesday on steady crude oil and bullion prices. Political uncertainty following the resignation of Canadian Prime Minister Justin Trudeau, and tariff hike threats by U.S. President-elect Donald Trump may limit market's upside.

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Euro Rises As Eurozone Inflation Surges At 5-Month High

The euro strengthened against other major currencies in the European session on Tuesday, after Eurozone inflation rose to the highest level in five months in December largely reflecting higher services cost.

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EURUSD	1.03675	GBPUSD	1.24887	AUDUSD	0.62391
USDJPY	157.785	USDCAD	1.43451	USDCHF	0.90796