TSX hits fresh high as tech, financial stocks strengthen

Canada’s main stock index hit a record high on Wednesday as solid corporate earnings boosted financial shares, while tech stocks rose ahead of Nvidia and Salesforce’s results.

The S&P/TSX composite index was up 0.2% at 34037.93 points as of 10:01 a.m. ET.

Wall Street indexes S&P 500 and Nasdaq rose 0.6% and 0.8%, respectively.

“I think Salesforce earnings will be as important as Nvidia. We have seen software stocks beaten up, so these earnings will be scrutinized and market will pick apart or analyze every number,” said Allan Small, at Allan Small Financial Group with iA Private Wealth.

Nvidia and Salesforce are scheduled to release their earnings after the bell.

The TSX’s tech stocks rose 1.4% on Wednesday to lead the sectoral gains, with e-commerce firm Shopify climbing 4.6%.

READ MORE: TSX hits fresh peak; investors assess US data

The broader financial subindex, weighted heaviest on the TSX, climbed 0.5%.

Shares of BMO Financial gained 2.9% after the lender’s first-quarter profit beat estimates on the back of lower loan-loss provision. National Bank of Canada’s stock gained 5.7% following a rise in quarterly profit.

Shares of gold miners rose 0.6% as the precious metal prices climbed 0.8%, supported by a softer U.S. dollar and the threat of a potential U.S.-Iran conflict that boosted the demand for safe-haven assets.

The broader materials sector, which includes metal miners, added 0.4%, with silver and copper prices also rising.

Energy shares limited the sectoral gains with a 1.3% dip, even as oil prices neared seven-month highs ahead of a third round of U.S.-Iran nuclear talks on Thursday.

Loblaw’s shares fell 3.7% after the retailer’s quarterly revenue missed estimates, pulling the consumer staples index down 1.5%.