Canada Stocks: TSX gains 1% to all but wipe out this year's losses

Cargojet

24/04/2025 21:46

TSX ends up 1% at 24,727.53

Tech rises 2.8% with Shopify up 4.3%

Teck Resources adds 3.7% on upbeat results

Energy adds 1% as oil settles 0.8% higher

Updates at market close

By Fergal Smith

April 24 (Reuters) - Canada's main stock index came within a whisker of erasing its decline since the start of the year on Thursday, with technology and mining shares leading gains as investors weighed prospects of U.S. trade deals and Federal Reserve interest rate cuts.

The Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE ended up 254.85 points, or 1%, at 24,727.53, its highest closing level since April 2. At the end of 2024, it was at 24,727.94.

Better-than-expected U.S. corporate earnings, hopes that the U.S. is making progress on trade deals and the potential for a June interest rate cut from the Fed have driven improved investor sentiment, said Mike Archibald, a portfolio manager at AGF Investments.

A June rate cut would "help the liquidity of the market" and propel risk taking, Archibald said.

The Canadian 10-year yield eased 6 basis points to 3.189%, tracking moves in U.S. Treasury yields.

The Toronto market's technology sector rose 2.8%, with e-commerce company Shopify Inc SHOP.TO adding 4.3%.

The materials group, which includes fertilizer companies and metal mining shares, ended 1.4% higher as gold XAU= and copper HGc1 prices climbed.

Teck Resources Ltd TECKb.TO reported first-quarter results that beat expectations due to higher commodity prices and copper sales volumes. Shares of the mining company were up 3.7%.

The price of oil also rose, settling 0.8% higher at $62.79 a barrel in a boost for energy. The sector advanced 1% and heavily weighted financials were up 0.8%.

Cargojet Inc CJT.TO was a standout. Its shares advanced 15.3% after the company beat earnings estimates.

In contrast, shares of Aecon Group Inc ARE.TO fell 9.8% after the construction company reported first-quarter results.

 (Reporting by Fergal Smith in Toronto and Ragini Mathur in Bengaluru; Editing by Sahal Muhammed and Diane Craft)

 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))