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TSX Rallies; Shopify Boosts Tech; Canadian New Home Prices Unchanged in Dec.

Published 2023-01-23, 01:07 p/m
© Reuters.
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By Ketki Saxena 

Investing.com – The TSX traded in the green at midday, tracking Wall Street higher as investors brace for a busy week of US earnings, including from Tesla (NASDAQ:TSLA), Microsoft (NASDAQ:MSFT), and Intel (NASDAQ:INTC). Tech stocks boosted North American indices today, with Shopify (TSX:SHOP) leading the charge following an upgrade from Deutsche Bank (ETR:DBKGn) from “hold” to “buy”.

The commodity heavy Canadian index was also supported by gains in crude, supported by a sharp plunge in Russian exports and continued optimism around China’s reopening. 

The Biggest Stories on Bay Street

Telecom company Globalive is bidding to acquire spectrum from Xplore Mobile as it seeks to build an independent wireless carrier. Globalive is also in discussions with Telus (TSX:T) to expand its existing conditional network sharing agreement. Globalive had  previously big US$3.75 billion for Shaw's Freedom Mobile division, but was rejected in favor of Quebecor (TSX:QBRa)'s US$2.85 billion offer. 

Ritchie Bros. Auctioneers Inc. is changing the terms of its proposal to buy online car auction company IAA Inc,  increasing the proportion of cash offered but reducing the overall value of the bid. Ritchie Bros. is now offering US$12.80 per share in cash and 0.5252 of a Ritchie Bros. share for each IAA share, compared to its previous offer of US$10 in cash and 0.5804 of a Ritchie Bros. share for each IAA share. 

Canadian Stocks Moving Markets Today 

Top Gainers: 

  • Ballard Power Systems Inc (TSX:BLDP)
  • Shopify Inc (TSX:SHOP)
  • Canopy Growth Corp (TSX:WEED)

Top Losers: 

  • Gildan Activewear Inc. (TSX:GIL)
  • HudBay Minerals Inc (TSX:HBM)
  • Endeavour Silver (TSX:EDR)

In Canadian Economics

Statistics Canada reported that prices for new homes in Canada were unchanged in December following three months of declines. New house prices were unchanged in 19 of the 27 census metropolitan areas (CMAs) surveyed, down in 6 and up in the remaining 2. On an annual basis, new home prices across the nation rose at a slower pace in 2022 (+7.7%) compared with 2021 (+10.3%).

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