This website uses cookies and similar technologies to collect information from you for analytics purposes and to present personalized content or ads to you (Optional Cookies). By clicking “Accept All” you consent to the use of these Optional Cookies. Click “Reject All” to decline these cookies. For more information on our use of cookies, see our CWB Online Privacy and Interest - Based Advertising | CWBank Group

  1. Home
  2. News & Stories
  3. In the News
  4. TSX eyes fourth straight weekly advance on tech, healthcare boost

TSX eyes fourth straight weekly advance on tech, healthcare boost

Veuillez noter que cet article se trouve sur une plateforme tierce et qu'il n'est disponible qu'en anglais.

This article, written by Purvi Agarwal, was originally published on Reuters on March 8, 2024, and features insights from Scott Blair, Chief Investment Officer at CWB Wealth Management Ltd.

Canada's main index is on track for its fourth straight weekly rise, with technology stocks among the top gainers as moderating wage growth data both at home and in the United States fueled rate cut expectations by the central banks this year.

At 10:29 a.m. ET (1529 GMT) on Friday, the Toronto Stock Exchange's S&P/TSX composite index was up 21.18 points, or 0.1%, at 21,815.74, hitting its highest intraday level since April 2022.

Wall Street also had an upbeat start to the day after a monthly U.S. jobs data showed a rise in the unemployment rate and moderation in wage gains, boosting expectations of an interest rate cut by the Federal Reserve in the middle of this year.

"It is a positive that the unemployment rate is actually moving up. We get a little bit of slack, that will help cool wage inflation and rate cuts will be on the cards," said Scott Blair, chief investment officer at CWB Wealth.

Back home, wage growth slowed for a second consecutive month in February and the jobless rate ticked up to 5.8%.

"Unemployment ticked up, but the average hourly wages ticked down in February and that's something the Bank of Canada really wants to see," Blair said.

Technology shares gained 0.8% on the TSX, with rising bitcoin miners Bitfarms and Hut 8 gaining 14.6% and 8.1%, respectively.

Healthcare stocks also gained 1.5%, driven by a 5.9% advance in pot firm Tilray Brands.

The materials sector is set to outpace its sectoral peers this week, while telecom was the worst-hit during the period.

Company-wise, shares of miner First Quantum Minerals climbed 3.6% after Morgan Stanley upgraded the stock to "overweight" from "equal-weight". 

The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a newsletter such as this, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this letter accepts any contractual, tortious, or any other form of liability or its contents or for any consequences arising from its use.