TSX Recovers After Early Setback; Technology Stocks Shining Again

(RTTNews) - The Canadian benchmark S&P/TSX Composite Index is up marginally a little past noon on Wednesday, with technology stocks once again outperforming the broad market.

Stocks from the rest of the sectors are turning in a mixed performance with investors reacting to some earnings updates, and digesting U.S. consumer price inflation data that came in line with estimates.

Data from the Labor Department said the consumer price index crept up by 0.2% in October. The report also said the annual rate of consumer price growth accelerated to 2.6% in October from 2.4% a month earlier. The rate of core consumer price growth was unchanged from the previous month at 3.3%, which was also in line with estimates.

The benchmark S&P/TSX Composite Index, which dropped to 24,860.56, has recovered to 24,962.61, up 39.60 points or 0.16% from the previous close.

The Information Technology Capped Index is up 1.53%, lifted by gains in Coveo Solutions (CVO.TO), Tecsys Inc (TCS.TO), BlackBerry (BB.TO) and Shopify Inc (SHOP.TO). These stocks are up 3 to 4.5%.

Lightspeed Commerce (LSPD.TO), Docebo Inc (DCBO.TO), Constellation Software (CSU.TO), Descartes Systems Group (DSG.TO), Kinaxis Inc (KXS.TO) and Open Text Corporation (OTEX.TO) are gaining 1.5 to 2.3%.

Hut 8 Corp (HUT.TO) is rising 11%. CAE Inc (CAE.TO) is gaining about 7.5%. Suncor Energy (SU.TO) is up 3.5%. Molson Coors Canada (TPX.A.TO), Premium Brands International (PBH.TO), TFI International (TFII.TO) and iA Financial Corporation (IAG.TO) are up 1.5 to 3%.

Finning International (FTT.TO) is down nearly 11%. Power Corporation of Canada (POW.TO) is declining 5.2% and Parkland Corporation (PKI.TO) is down 4.4%.

Bombardier Inc (BBD.B.TO), Teck Resources (TECK.B.TO), Cameco Corporation (CCO.TO), Boyd Group Services (BYD.TO) and George Weston (WN.TO) are down 1.6 to 2.8%.

Loblaw Companies (L.TO) is declining 2.5%. The company reported adjusted net earnings of $767 million for the third-quarter, an increase of $48 million, or 6.7%, compared to a year ago.

Hudbay Minerals (HBM.TO) is up nearly 1% after reporting net earnings of $49.8 million, or $0.13 per share in the third quarter of 2024, compared to net loss of $16.6 million, or $0.05 per share in the year-ago quarter.

Maple Leaf Foods Inc. (MFI.TO) is down 4.3%. The company reported earnings for the third quarter of 2024 were $18 million ($0.14 per basic share) compared to a loss of $4 million ($0.04 loss per basic share) last year.

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