TSX climbs as tech stocks power broader recovery
By Purvi Agarwal and Divya Rajagopal
(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 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 led gains on the index with a 2%, helped with 5% jump in Shopify . The company was among the top five gainers at TSX on Tuesday's trading.
Cannabis and wellness company Tilray Brands helped pull up the healthcare index by closing up 7%.
The materials sector added 0.3%. Gold miners such as IAM Gold , NovaGold Resources pulled up the sector with 5.43% and 4.71% gains, respectively.
The biggest losers of Tuesday's trade were Ivanhoe Mines, Lundin Mining and Capstone Copper , 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, Meta and Alphabet later in the week, alongside key inflation reading in the U.S.
BCE 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)
