November 26, 2020

Market and Financial News Aggregator

TSX Ends Higher Again; Technology Stocks Rally

2 min read

The Canadian stock market ended on a strong note on Wednesday, extending its winning streak to a third straight session, amid continued optimism about a coronavirus vaccine, and on gains in technology stocks.

Real estate, telecom and energy shares were among the other notable gainers. Materials, financial, healthcare, consumer discretionary and industrial shares turned in a mixed performance.

The benchmark S&P/TSX Composite Index ended with a gain of 158.77 points or 0.96% at 16,774.14, after scaling a low of 16,674.90 and a high of 16,801.02. The index gained about 1.2% on Monday and added 0.85% on Tuesday.

The Capped Information Technology Index surged up 3.69% as key stocks in the technology space rallied, tracking gains in U.S. technology stocks. Docebo Inc. (DCBO.TO), up nearly 11%, was the top gainer in the section. Shopify Inc. (SHOP.TO) climbed 7.2% and Photon Control (PHO.TO) gained nearly 7%.

Sierra Wireless (SW.TO), Absolute Software Corporation (ABST.TO), BlackBerry (BB.TO), Kinaxis Inc. (KXS.TO), Lightspeed Pos (LSPD.TO), Open Text Corporation (OTEX.TO) and Descartes Systems Group (DSG.TO) gained 2.5 to 5%.

CGI Group Inc. (GIB.A.TO) shares surged up 3.6%. The company reported net earnings of $251.9 million for the third quarter, down 22.3% compared with the same period last year, primarily due to a one time restructuring cost of $84.3 million in the quarter. Diluted earnings per share, as a result, were $0.96 compared to $1.19 last year.

CDN Apartments (CAR.UN.TO), Firstservice Corp (FSV.TO), Altus Group (AIF.TO) and Real Matters (REAL.TO) were among the major gainers in the real estate space.

Among telecom stocks, Rogers Communications (RCI.B.TO) gained 2.3% and Cogeco Communications (CCA.TO) moved up nearly 2%. Telus Corp (T.TO) and BCE Inc. (BCE.TO) ended higher by about 1.5% and 1.2%, respectively.

Among other major gainers, Great Gaming Corporation (GC.TO) soared nearly 35%. The company announced on Tuesday that Apollo Global Management would acquire it for a consideration of C$2.16 billion.

Boyd Group Services (BYD.TO) shares gained over 8%. Boyd Group reported adjusted net earnings of $21.8 million for the quarter ended September 2020, up 5.7% from net earnings of $20.7 million in the year-ago quarter.

Linamar Corporation (LNR.TO) surged up 16%. Crescent Point Energy (CPG.TO), Canadian Natural Resources (CNQ.TO), Toromont Industries (TIH.TO) and Fairfax Financial Holdings (FFH.TO) ended with strong gains.

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2020-11-11 17:34:47


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