financetom
World
financetom
/
World
/
CANADA STOCKS-TSX gains 1.2% as tech and mining shares climb
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CANADA STOCKS-TSX gains 1.2% as tech and mining shares climb
Feb 5, 2025 2:15 PM

*

TSX ends up 1.2% at 25,569.84

*

Tech sector gains 2.9%

*

Materials group adds 1.9%

*

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 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 ) up 8.8%.

The materials group, which includes fertilizer companies and

metal mining shares, climbed 1.9% as copper prices rose

and gold 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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2025 - www.financetom.com All Rights Reserved