TORONTO: 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 (14:48 GMT), 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.
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.
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