Canadian stocks showed modest gains on Thursday following the Bank of Canada's decision to keep interest rates unchanged at 5%. While some investors question the timing of potential rate cuts, most sectors experienced positive movement.
Sector Performance
During the session, tech stocks led the way with significant gains, followed distantly by transportation and tech services. However, some sectors, such as consumer durables, process industries, and health tech, saw declines.
Market Indices
As of mid-trading, Canada's S&P/TSX Composite Index was up by 0.24% to 21,076.49, while the blue-chip S&P/TSX 60 rose by 0.20% to 1,270.14.
Standout Performers
Contrary to the general trend in health tech, WELL Health Technologies' stock surged nearly 11% to 3.99 Canadian dollars per share ($2.95). The company cited an expected increase in revenue and profit in the fourth quarter, driven by a growing number of patients utilizing their services in Canada and the U.S.
Other Significant Developments
SNC-Lavalin Group witnessed a 0.4% increase in shares, trading at C$43.73. The company announced that it, along with its partners, secured an engineering support services contract from the U.S. Department of Energy's Princeton Plasma Physics Laboratory.
CGI also made headlines as it renewed its contract with National Bank of Canada to provide technology services. This development led to a 0.9% rise in shares, reaching 147.51.
As investors continue to assess market conditions, Canadian stocks remain poised for further potential growth.
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