Canada's main stock index opened higher on Thursday lifted by technology stocks and as Wall Street rebounded on upbeat earnings.
At 9:45 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 83.99 points, or 0.4%, at 21,289.15, after healthcare and technology stocks rose about 2%.
"Technology stocks have been down massively and everyone's looking for a bit of a bounce, and we're seeing Shopify and Lightspeed play along with the bounce in the Nasdaq," said Gregory Taylor, portfolio manager at Purpose Investments.
Shopify, which has the largest market capitalization in the Toronto market, rose 4% after falling over 20% so far this month, and Lightspeed Commerce Inc gained 3.8%, boosting technology stocks.
Commodity-linked gains lift Toronto index
WELL Health Technologies Corp rose 9%, leading gains in healthcare stocks, after the company provided preliminary results for the fourth quarter.
Limiting advances on the TSX, the energy sector dropped 0.6% as oil slipped on indications of rising US stocks and as investors took profits after a recent price rally.
The benchmark equity index and global equities were pressured by elevated bond yields in recent days as investors bet central banks will hike interest rates over the coming months to tamp down inflation.
On the economic front, Canada added 19,200 jobs in December, the fifth straight month of gains, led by hiring in the professional and business services and leisure and hospitality sectors, a report from payroll services provider ADP showed.
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