Copyright brecorder
Canada’s main stock index climbed on Tuesday, propelled by a robust technology sector rally after Celestica shares soared to record heights, while investors awaited pivotal central bank decisions. At 10:15 a.m. ET, Toronto’s S&P/TSX composite index was 0.5% at 30,431.06 points. Celestica jumped 9% to record levels after the data center infrastructure provider raised its 2025 revenue forecast and reported third-quarter revenue and profit above analyst expectations. The gains in Celestica led information technology sector to rise 2.3%. Financials and utilities were also a bright spot, advancing 0.3% and 0.4%, respectively. Despite these gains, broader market sentiment remained subdued. Energy shares led the retreat with a 0.9% decline as oil prices tumbled nearly 2%. Investors continue weighing the implications of U.S. sanctions on Russia’s two largest oil companies against potential OPEC+ production increases. The materials sector also dropped 0.4% as gold prices fell more than 2%. Improving global trade sentiment diminished safe-haven demand for precious metals. “Tensions are easing a little bit in the trade talks globally, Japan and the U.S. have settled on a rare earth supply deal, and that is not the case for Canada,” said Michael Sprung, president at Sprung Investment Management. Global investors are optimistic that U.S. President Donald Trump will strike a long-awaited trade deal with China during his Asia tour. Trump has signed a deal with Japan to mine and process critical minerals and rare earths. For Canada, however, trade relations deteriorated last week when Trump announced an additional 10% tariff on Canadian imports, citing what he called a misleading tariff-related advertisement. Investors will also focus on central bank policy decisions scheduled on Wednesday, with both the Bank of Canada and the U.S. Federal Reserve widely expected to implement a quarter-point interest rate cut. In other notable movers, Cameco Corp shares jumped 20.2% after the announcement that the uranium supplier Westinghouse Electric and Brookfield Asset Management will build at least $80 billion of new nuclear reactors across the United States in a partnership with the U.S. government. Brookfield shares climbed 2.5%.
