Canada’s main stock index climbed on Wednesday, driven by gains in information technology stocks as markets anticipated Nvidia’s (NASDAQ:NVDA) after hours quarterly results. While tech led gains by a wide margin, the telecom and energy markets led a drop on the TSX.
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Investors are closely examining AI spending, especially following January’s market jitters caused by DeepSeek’s low-cost competition.
On the same day, National Bank of Canada (TSX:NA) reported a higher Q1 2025 profit, bolstered by strong performance in its wealth management division. Bank of Montreal (TSX:BMO) and Bank of Nova Scotia (TSX:BNS) exceeded profit estimates on Tuesday, also benefiting from robust income in their wealth management sectors.
US stocks came out of a four-day losing skid with tepid performance, a far cry from when Wall Street was sitting at an all-time high. A draft US-Ukraine deal on critical minerals lifted European markets to hit a record high.
The Canadian dollar traded for 69.75 cents US compared to 69.99 cents US on Tuesday.
US crude futures traded $0.07 lower at US$68.86 a barrel, and the Brent contract lost $0.26 to US$72.76 a barrel.
The price of gold was up US$8.91 to US$2,915.89.
In world markets, the Nikkei was down 95.42 points to ¥38,142.37, the Hang Seng was up 753.91 points to HK$23,787.93, the FTSE was up 60.59 points to ₤8,729.26, and the DAX was up 383.84 points to €22,794.11.
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(Top image generated with AI.)