Canada Stocks: TSX climbs as tech stocks power broader recovery

Iamgold

23/04/2024 22:05

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      TSX closes up 0.64% 
    

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      Tech, healthcare shares lead gains 
    

  
 (Adds closing figures)
    By Purvi Agarwal and Divya Rajagopal
       April 23 (Reuters) - 
    Canada's main stock index climbed to its highest level in
over a week, as tech and healthcare stocks led a broader
recovery, while investors looked forward to an earnings packed
week in the U.S. 
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  closed up 139.76 points, or 0.64%, at 22,011.72.
    "(Markets) will see some continuation of the more positive
tone we saw yesterday. Many different equity markets ended the
last week with a correction, but so far this week sentiment has
been recovering", said Angelo Kourkafas, senior investment
strategist at Edward Jones Investments.
    "Corporate earnings so far appear to be based on improving
growth trends in the economy, but that is really going to
fluctuate based on what America's tech names report," he added. 
    Information technology shares  .SPTTTK  led gains on the
index with a 2%, helped with 5% jump in Shopify  SHOP.TO . The
company was among the top five gainers at TSX on Tuesday's
trading.
        Cannabis and wellness company Tilray Brands  TLRY.O 
helped pull up the healthcare index by closing up 7%.   
    The materials sector  .GSPTTMT  added 0.3%. Gold miners such
as IAM Gold  IMG.TO , NovaGold Resources  NG.TO   pulled up the
sector with 5.43% and 4.71% gains, respectively.
    The biggest losers of Tuesday's trade were Ivanhoe Mines
 IVN.TO , Lundin Mining  LUN.TO  and Capstone Copper  CS.TO ,
weighed down by lower copper prices.
    All the other sectors were logging gains as the index made a
broad recovery. 
    Investors are eagerly waiting for quarterly earnings from
mega-caps such as Microsoft  MSFT.O , Meta  META.O  and Alphabet
 GOOGL.O  later in the week, alongside key inflation reading in
the U.S.
    BCE  BCE.TO  advanced 1.6% after brokerage CIBC upgraded it
to "outperformer" from "neutral". 

 (Reporting by Purvi Agarwal in Bengaluru, Divya Rajagopal in
Toronto; Editing by Ravi Prakash Kumar and Marguerita Choy)
 ((Purvi.Agarwal@thomsonreuters.com))