Technology shares lift TSX higher; miners limit gains

Reuters

Technology shares lift TSX higher; miners limit gains

2024 7월 19, 오후 3:05 GMT

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TSX up 0.1%

Canada's retail sales fall in May

Technology lead the sectoral gains

Wedbush initiates coverage on Canada Goose with outperform

Updated at 10:15 a.m. ET/ 14:15 GMT

By Nikhil Sharma

July 19 (Reuters) -Canada's resource-heavy stock index edged higher on Friday, led by technology and real estate shares, while losses in precious and base metal miners kept a check on gains.

At 10:15 a.m. ET (1402 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 0.1% at 22,741.24 points.

Meanwhile, Wall Street indexes slipped on Friday, as investors continued selloff of chip and megacaps technology stocks. .N

The information technology .SPTTTK led sectoral gains with a 0.7% rise, as blockchain-farm operator Bitfarms BITF.O gained on rising bitcoin prices, while real estate .GSPTTRE also was among the top performers, up 0.3%.

Leading sectoral losses was the materials sector .GSPTTMT that fell 0.3%, after gold prices slipped against a firm dollar, while copper prices eased on the back of concerns about a weak Chinese economy. GOL/ MET/L

A global tech outage on Friday disrupted operations across industries, from airlines and broadcasting to banking and healthcare.

Meanwhile, Canadian retail sales slipped more than expected to 0.8% in May, data showed on Friday, further boosting calls for an interest rate cut. On the other hand, producer prices remained unchanged in June from May.

Markets are pricing in a 91% likelihood of a 25-basis points rate cut in the next policy meeting on July 24. #BOCWATCH

"I don't think there will be any surprises. Overall inflation does seem to be heading down at this point and labor market has been softening a bit," Graham Priest, investment advisor at BlueShore Financial.

"Most forecasts would indicate a cut and that's what we will be receiving."

Among individual stocks, the luxury parka maker Canada Goose Holdings GOOS.TO shares rose 3% as Wedbush initiated coverage on the stock with an outperform rating.

Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas and Vijay Kishore

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