Canada Stocks: TSX rebounds as energy and tech stocks lead gains

BlackBerry

22/10/2025 15:50

Updates with morning prices

By Ragini Mathur

Oct 22 (Reuters) - Canada's main stock index rebounded on Wednesday, recovering from the steepest single-day drop since April in the previous session, as energy and technology shares led the upward charge.

At 10:16 a.m. ET (1416 GMT), Toronto's S&P/TSX composite index .GSPTSE was up 0.15% at 29932.49 points.

The energy sector .SPTTEN emerged as the standout performer, climbing 1%, as oil prices continued to rise for a second consecutive day, up about 2% O/R

Meanwhile, material stocks .GSPTTMT held steady despite ongoing volatility in precious metals markets. Gold continued its decline after having plummeted more than 5% in the previous session. GOL/

"The fact that gold is selling off while inflation data is inching upward is somewhat counterintuitive. I actually attribute a lot of gold price movement to profit taking because it's had an incredible run-up," said Shiraz Ahmed, founder and CEO of Sartorial Wealth Inc.

He added that historically, a rapid increase in prices is seen as a bubble, so the recent decline in precious metals is viewed positively.

Despite the volatility, gold XAU= remains on track for its best annual performance since the 1979 oil crisis. Canada's benchmark index, heavily weighted toward commodity-related stocks, has ridden this golden wave to a 20.9% gain so far this year.

The technology sector .SPTTTK also contributed to Wednesday's recovery, advancing 0.8%, with the cybersecurity firm BlackBerry BB.TO surging 7%.

Additional support came from industrials .GSPTTIN and real estate .GSPTTRE, which rose 0.7% and 0.5%, respectively.

Consumer discretionary .GSPTTCD and consumer staples .GSPTTCS bucked the trend, declining 0.3% and 0.1%, respectively.

Market participants now await Friday's release of the U.S. consumer price index - a critical inflation indicator that could provide insights into the monetary policy trajectory of the Federal Reserve.

Additionally, Canadian retail sales figures, due on Thursday, will offer a glimpse into domestic consumer spending patterns.

 (Reporting by Ragini Mathur in Bengaluru; Editing by Vijay Kishore)

 ((Ragini.Mathur@thomsonreuters.com;))