CANADA STOCKS-TSX rises as tech stocks rebound, miners gain

RB Global, Inc. +0.39%
TFI International Inc. -1.80%
MDA Space Ltd +3.34%
IAMGOLD Corporation -5.63%

RB Global, Inc.

RBA

103.74

+0.39%

TFI International Inc.

TFII

122.80

-1.80%

MDA Space Ltd

MDA

34.66

+3.34%

IAMGOLD Corporation

IAG

19.46

-5.63%

TSX up 1.07%

Tech shares rebound, lead gains

iA Financial falls 9.3%, TFI International slips 6.3%

Updates throughout, adds details, and analyst comments

- Canada's main stock index rose on Wednesday, led by technology and mining shares, while investors awaited the minutes of the U.S. Federal Reserve's meeting in January.

The S&P/TSX Composite Index .GSPTSE was up 1.07% at 33,249.83 points, as of 10:16 a.m. ET.

Tech stocks on Wall Street rebounded after recent worries over AI disruption, sending the tech sector on TSX .SPTTTK up 2.5%.

The gold index .SPTTGD rose 2.5%, as the yellow metal XAU= gained 2.6% amid lingering geopolitical concerns, with investors also looking to the Fed's January minutes due later in the day for clarity on the central bank's monetary policy path.

The broader materials index .GSPTTMT, which includes metal miners, advanced 2.3%.

Defense stocks gained after the peace talks between Ukraine and Russia ended after only two hours, with Ukrainian President Volodymyr Zelenskiy accusing Russia of deliberately seeking to delay progress toward a deal to end the four-year-old war.

Bombardier BBDb.TO jumped 5.1%, Magellan MAL.TO gained 3.4% and MDA Space MDA.TO rose nearly 2%.

Oil prices also gained more than 2.5% after the outcome of peace talks, sending energy shares .SPTTEN up 1.4%.

While geopolitical uncertainty and worries over AI disruption have dominated the market sentiment, investors are also keeping an eye on the economy in Canada.

"We're maybe losing the plot a little bit because it seems like the economy is stabilized and that's a good thing but at a fairly weak level," said Josh Sheluk, portfolio manager at Verecan Capital Management.

"It is prudent to keep an eye on economic progress in Canada because we do seem to be a little bit weaker than the south of the border now."

Financials .SPTTFS, the heaviest-weighing sector, gained 0.3%.

Limiting the gains, consumer staples .GSPTTCS and utilities shares GSPTTUT dropped 0.9% each.

Among individual movers, TFI International TFII.TO slipped 6.3% after the logistics firm forecast first-quarter adjusted profit below estimates.

Elsewhere, iA Financial IAG.TO shed 9.3% after the insurance firm reported fourth-quarter profit below estimates, while asset marketplace firm RB Global RBA.TO jumped 7.6% after reporting fourth-quarter revenue beating estimates.