Canada Stocks: TSX gains 1.2% as tech and mining shares climb

Celestica

05/02/2025 21:49

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      TSX ends up 1.2% at 25,569.84
    

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      Tech sector gains 2.9%
    

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      Materials group adds 1.9%
    

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      Gold climbs to new record high
    

  
 (Updates at market close)
    By Fergal Smith
       Feb 5 (Reuters) - Canada's main stock index closed up on
Wednesday, led by gains for technology and metal mining shares,
as Canada's reprieve from U.S. trade tariffs continued to
bolster sentiment ahead of domestic and U.S. jobs data at the
end of the week.
    The S&P/TSX composite index  .GSPTSE  ended up 290.49
points, or 1.2%, at 25,569.84, its second straight day of gains.
    It follows news earlier this week of a 30-day pause on U.S.
trade tariffs which had been due to take effect on Tuesday.
    "The market believes that the tariffs aren't going to happen
... they'll come to some agreement before the end of the month,"
said Allan Small, senior investment advisor of the Allan Small
Financial Group with iA Private Wealth.
    "Now we're all waiting for the big jobs number on Friday."
    U.S. and Canadian jobs employment data for January is due on
Friday, which could help guide expectations for additional
interest rate cuts from the Federal Reserve and the Bank of
Canada.
    Economists forecast that Canada's economy added 25,000 jobs,
downshifting from roughly 91,000 in December.
    The technology sector rose 2.9%, with shares of electonics
firm Celestica Inc  CLS.TO  up 8.8%.
    The materials group, which includes fertilizer companies and
metal mining shares, climbed 1.9% as copper  HGc1  prices rose
and gold  XAU=  moved to a new record high.
    All ten major sectors ended higher, including a gain of 0.8%
for heavily weighted financials, clawing back some recent
declines.
    Real estate was up 1.7% as bond yields fell.
        
    Home sales
     in the Greater Toronto Area, which includes Canada's most
populous city, rebounded 10% in January as new listings climbed.

 (Reporting by Fergal Smith in Toronto and Ragini Mathur in
Bengaluru; Editing by Shreya Biswas and Alistair Bell)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446))