Canada's main stock index was little changed on Thursday as gains in commodity-linked stocks were offset by weakness in tech companies, while retailer Canadian Tire Corp jumped on upbeat corporate earnings.

At 9:48 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 9.34 points, or 0.04%, at 21,374.3.

Toronto-listed technology stocks fell 1.3%, tracking weakness in US tech-heavy Nasdaq index.

Canadian Tire Corp Ltd gained 6.2% after the retailer beat Wall Street estimates for quarterly profit and revenue, as consumers splurged on sporting goods, garden equipment and home decor during the holiday season.

"It's probably a good sign for the Canadian consumer, that people are still spending and again all of that indicates towards a clear expectation that Canada is going to be hiking rates in the next meeting," said Gregory Taylor, portfolio manager at Purpose Investments.

Toronto index rises as Russia-Ukraine tensions ease

The benchmark index could snap its three-week winning streak as concerns around soaring inflation and geopolitical tension have roiled market in recent days.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 1.2% as gold futures rose 1.1% to $1,891 an ounce.

"A lot of macro headlines with Russia and Ukraine coming around have so far been positive for gold price and so we expect to have another decent day for gold stocks," Taylor added.

Russia-backed separatists in eastern Ukraine have accused government forces of opening fire on their territory four times in the past 24 hours. The incidents come as Russia has massed more than 100,000 troops close to Ukraine's borders, raising fears of an invasion.

The energy sector climbed 1.1% even has US crude prices fell 2.0% a barrel, while Brent crude lost 2.1%.

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