Canada Stocks-TSX gains powered by tech, financial stocks
EWC•TSX rises as tech and financial stocks lead
Canada's main stock index gained on Monday, led by technology and financial stocks, as investors digested the Bank of Canada's comments on inflation and growth.
The S&P/TSX Composite Index .GSPTSE was up 0.57% at 36,009.40.
Technology strength lifts Shopify and BlackBerry
Wall Street surged, lifted by gains in Advanced Micro Devices and other AI heavyweights. In Canada, the technology index .SPTTTK rose 2.96%.
"It (TSX) is getting imposed by the technology sector. Shopify, no doubt, is a big gainer on that front," Angelo Kourkafas, senior global strategist-investment strategy at Edward Jones, said. "More broadly, mega cap tech is reasserting leadership."
Shares of Shopify SHOP.TO, Canada's third largest company, rose 7.8% while those of BlackBerry BB.TO gained 7%.
Bank of Canada flags growth risks as energy stocks fall
Bank of Canada Governor Tiff Macklem said U.S. tariffs could slash Canada's fourth-quarter growth to below 1%, reflecting a new wave of uncertainty that threatens to hit investment and hiring. Macklem said the bank had to take into consideration the fact that while slower growth could drag inflation downwards, the Middle East conflict could push it up as oil prices soar.
The financials index .SPTTFS, housing the country's biggest banks and insurers, was up 1.4%.
