TSX Moves Past 21k Mark To New 52-week High; Resources, Technology Stocks Rise

(RTTNews) - The Canadian benchmark S&P/TSX Composite Index raced past the 21,000 mark to a fresh 52-week high Wednesday, riding on gains in several sectors.

The mood is quite bullish on continued optimism the Federal Reserve and several other global central banks will start reducing interest rates from the first quarter of 2024 amid signs of cooling inflation.

The S&P/TSX Composite Index is up 179.76 points or 0.85% at 21,056.51 a few minutes past noon.

Healthcare stocks are among the impressive movers. The Health Care Capped Index is up 2.75%. Tilray Inc (TLRY.TO) is climbing up more than 6% and Bausch Health Companies (BHC.TO) is up nearly 3%.

The Energy Capped Index is up 1.25%. MEG Energy (MEG.TO) is gaining 2.75%. Canadian Natural Resources (CNQ.TO), Arc Resources (ARX.TO), Precision Drilling Corp (PD.TO), Topaz Energy (TPZ.TO), Advantage Oil & Gas (AAV.TO), Enerplus Corp (ERF.TO), Imperial Oil (IMO.TO) and Cenovus Energy (CVE.TO) are up 1.3 to 2%.

Materials stocks Novagold (NG.TO), First Majestic Silver (FR.TO), Lithium Americas Corp (LAC.TO), K92 Mining Inc (KNT.TO) and Stelco Holdings (STLC.TO) are rising 2 to 3%.

In the technology sector, Hut 8 Corp (HUT.TO) and Bitfarms (BITF.TO) are soaring 17% and 15.3%, respectively. Alithya Corp (ALYA.TO) is gaining 5%, while Dye & Durham (DND.TO), Computer Modelling Group (CMG.TO), Lightspeed Commerce (LSPD.TO), Sylogist (SYZ.TO), Constellation Software (CSU.TO) and Shopify Inc (SHOP.TO) are up 1 to 3%.