By Ragini Mathur
(Reuters) -Canada’s main stock index rose on Wednesday, lifted by information technology stocks ahead of U.S. chip giant Nvidia’s results.
The S&P/TSX composite index was up 0.8% at 25,409.45, on pace to claw back some of its recent declines.
Information technology shares led the gains, up 1.9%, as markets awaited quarterly results after hours from AI bellwether Nvidia. Investors are scrutinizing AI spending, particularly after January’s market jitters triggered by China’s DeepSeek announcing low-cost competition.
Meanwhile, National Bank of Canada on Wednesday reported a higher first-quarter profit helped by robust performance in its wealth management unit. The lender’s shares, however, dipped 3.4%.
Bigger peers Bank of Montreal and Bank of Nova Scotia beat profit estimates on Tuesday, also helped by strong income in their wealth management businesses.
“The bank earnings so far have been solid and that’s certainly lent a pretty big hand to the Canadian market,” said Douglas Porter, chief economist at BMO Capital Markets.
Heavily-weighted financials added 0.41% to the benchmark index.
Materials climbed 0.8% as shares of copper miners in North America rose after U.S. President Donald Trump moved closer to imposing tariffs on imports of the red metal.
Canadian miners Hudbay Minerals rose 4.2%, Teck Resources rose 1.3% and First Quantum rose 2.2%.
Limiting overall gains, communication shares fell 0.6% after BCE fell over 1%.
Energy lost 0.24% as oil prices stayed at two-month lows after a potential peace deal between Russia and Ukraine continued to weigh on prices. [O/R]
(Reporting by Ragini Mathur in Bengaluru; Editing by Sahal Muhammed)
