By Adriano Marchese
Toronto stocks rose firmly Wednesday in midday trading coming off of earlier morning highs. Sentiment flooded the markets after President Trump soothed fears on the trade war and the Federal Reserve, two of the market's biggest concerns.
The indexes' positive trend was broad-based, with gains primarily in tech stocks, followed by tech services and consumer durables. These were slightly offset by declines in energy, health services and health tech stocks.
Canada's S&P/TSX Composite Index rose 0.8% to 24508.68 and the blue-chip S&P/TSX 60 rose by 0.8% to 1472.80.
Rogers Communications kicked off Canada's telecom sector's first-quarter earnings. The telecom giant reported higher profit in the period as its wireless and media performances boosted revenue growth. The company saw fewer subscribers onboarded to its network, a key metric investors are watching across the industry as slowing immigration numbers in Canada shrinks the pool of new potential customers. Shares traded 0.5% higher at 35.30 Canadian dollars ($25.55), bucking the trend among other big four carriers which are slightly lower.
Other market movers:
Canadian stocks got a boost from positive sentiment as President Trump soothed fears about levies as well as eased his tone with regards to the Federal Reserve. Notable stocks like ecommerce platform Shopify, clothing retailer Aritzia, Celestica, BlackBerry, and business-jet maker Bombardier--which have all seen heightened risk from tariffs to Canada, or indirectly through supply chains--bounced back as positive sentiment returned to investors.
Mullen Group shares fell 1% to C$12.24 after reporting a lower first-quarter profit due to higher costs, while acquisitions helped drive revenue growth.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
04-23-25 1227ET
