Canada Stocks: TSX gains on technology boost, set for third week of gains

First Majestic Silver

20/01/2023 15:56

(Adds comments, details; updates prices)

        * 
      Restaurant Brands gains on BMO upgrade
    

        * 
      Hudbay Minerals falls on vandalism at copper unit in Peru
    

        * 
      S&P/TSX composite index up 0.29%
    

  
    By Shristi  Achar A and Johann M  Cherian
       Jan 20 (Reuters) - Canada's main stock index edged
higher on Friday amid choppy trading as rate-sensitive
technology stocks gained, and as investors were relieved that
the domestic retail sales data declined less than expected.
    At 10:07 a.m. ET (1507 GMT), the Toronto Stock Exchange's
S&P/TSX composite index  .GSPTSE  was up 58.46 points, or 0.29%,
at 20,399.9.
    Canada's retail sales edged down by 0.1% in November from
October on lower sales at food and beverage stores, as well as
building material, garden equipment and supply dealers. Analysts
had expected the sales to fall by 0.5%. 
    "It does show that the Canadian economy is still holding up
reasonably well, as did things like the employment numbers
earlier this month," said Colin Cieszynski, chief market
strategist at SIA Wealth Management. 
    "And, inflation is coming down, so that's all encouraging,"
    Technology stocks  .SPTTTK  were up 1.1%, with Shopify Inc
 SHOP.TO  and Hut 8 Mining  HUT.TO  pulling the sector up. 
    Gold miners  .SPTTGD , however, dipped 0.6% as spot gold
prices  XAU=  fell.  GOL/ 
    The TSX is set for a third straight week of gains even as
concerns about recessions were reignited this week, amid a mixed
bag of economic data out of Canada as well as the United States.
    While commodity-linked stocks had buoyed the index so far
this year, recessionary concerns have now taken hold over
markets.
    All eyes are now on the interest rate decision next week by
Bank of Canada, with money markets seeing a near 70% likelihood
of a 25-basis-point hike.  0#BOCWATCH 
    Among single stocks, Hudbay Minerals's shares  HBM.TO  fell
3.2% after protesters in Peru entered the Canada-based miner's
copper unit in the southern region of Cusco and damaged key
machinery and vehicles.
    Tim Horton's owner Restaurant Brands International  QSR.TO 
gained 1.4% after BMO Capital Markets upgraded the stock to
"outperform".
    First Majestic Silver Corp  FR.TO  fell 2.3% after Cormark
Securities and BMO Capital Markets trimmed their PT on the
miners after it reported a 14% fall in fourth-quarter
production.
 (Reporting by Shristi Achar A and Johann M Cherian in
Bengaluru; Editing by Shailesh Kuber)
 ((Shristi.AcharA@thomsonreuters.com;))