CANADA STOCKS-TSX rebounds on tech and mining boost
By Ragini Mathur
Oct 8 (Reuters) - Canada's main stock index rebounded from the previous day's decline on Wednesday, led by gains in technology shares, along with metal mining sector, which got a boost from gold prices surpassing $4,000 an ounce.
Toronto's S&P/TSX composite index .GSPTSE was up 0.3% at 30,429.96 points.
The information and technology sector .SPTTTK emerged as the standout performer, surging 1.6%, with cryptocurrency miner Bitfarms BITF.TO leading the charge, gaining 5%.
Meanwhile, gold miners captured significant attention pushing the materials sector .GSPTTMT by 1.4%. The precious metal's safe-haven appeal drove it to record highs amid growing global economic uncertainty and anticipated U.S. interest rate cuts. GOL/
"Gold is capturing headlines largely on the back of continued concerns over U.S. government shutdowns and fiscal stability," explained Ian Chong, portfolio manager at First Avenue Investment Counsel. "We could see potentially more upside as long as that shutdown continues."
With the U.S. government shutdown delaying critical economic reports, market participants are expected to scrutinize Federal Reserve officials' comments closely for directional cues.
On the downside, 0.8% declines in energy stocks .SPTTEN limited the gains for the main index.
Cenovus Energy CVE.TO fell over 1% after raising its bid for MEG Energy MEG.TO on Wednesday to C$8.6 billion ($6.17 billion), including debt. Shares of MEG Energy gained 4.7%.
Canada's benchmark index has been hovering near all-time highs, reaching several record peaks in recent sessions. The gains have been fueled by the gold rally and a surge in tech stocks amid growing optimism about artificial intelligence.
On the day, Lithium Americas LAC.TO saw its shares climb 5.5% following news that the U.S. Department of Energy had agreed to defer a $184 million debt service obligation.
Looking forward, this week's Canadian employment report will be monitored for important insights into the country's economic health and for cues on the Bank of Canada's interest rate trajectory.
($1 = 1.3942 Canadian dollars)
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