CANADA STOCKS-TSX rises on tech, mining strength
By Utkarsh Hathi
March 4 (Reuters) - Canada's main stock index edged higher on Wednesday, lifted by mining and tech shares, while investors weighed a report that Iranian operatives reached out to the U.S. to pursue talks to end the conflict.
The S&P/TSX composite index .GSPTSE was up 0.33% at 33,896.21 points, as of 10:11 a.m. ET. The index nearly fell 4% in the previous session before recovering, as fears of inflation rippled across global markets.
"The market is expecting things to de-escalate. We've seen multiple global conflicts impacting the availability of oil over the last several years. Throughout all that, we've come through with a reasonably strong global economy, measured oil prices and good stock performance," said Josh Sheluk, portfolio manager at Verecan Capital Management.
Tech stocks .SPTTTK led the sectoral gains with a 2.6% jump, as blockchain farm operator Bitfarms BITF.TO climbed 9% after bitcoin BTC= prices hit more than a three-week high.
The gold index .SPTTGD rose 0.5% as spot gold XAU= gained 1.4%. On the broader materials sector, base metal miners gained 0.6% as silver XAG= and copper HGc1 prices also climbed.
The heavily weighted financial index .SPTTFS rose 0.5%.
Energy shares .SPTTEN traded 0.6% lower as oil prices eased, retreating from gains made early in the day amid the Middle East conflict.
Iranian intelligence operatives indirectly contacted the CIA a day after the attacks, but U.S. officials remain skeptical that either the Trump administration or Iran is prepared for a near-term de-escalation, the New York Times reported.
President Donald Trump said on Tuesday the U.S. Navy could begin escorting tankers through the Strait of Hormuz if necessary.
Among individual movers, shares of pet-food retailer Pet Valu PET.TO fell 4.4% after multiple brokerages cut its price target. The broader consumer discretionary subindex .GSPTTCD fell 0.2%.
Shares of George Weston WN.TO fell 3.1% after the food and drug retailer missed fourth-quarter revenue estimates, sending the consumer staples sector .GSPTTCS down 0.7%.
