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TSX Hits Fresh Record High As Technology Stocks Rally

The Canadian stock market hit a fresh record high Wednesday morning, led by gains in information technology shares.

The mood remains positive amid slightly easing concerns about the economic impact of the coronavirus after reports showed the number of new infections due to the virus is slowing down in mainland China.

Recent strong earnings and economic data out of the U.S. and positive comments from the Federal Reserve Chair Jerome Powell about the U.S. economy during his testimony before the Congress on Tuesday are also supporting the market.

The benchmark S&P/TSX Composite Index, which scaled a new high at 17,873.13 earlier in the session, is currently up 53.47 points, or 0.3%, at 17,830.58.

The Capped Information Technology Index is up as much as 3.75%. Shopify Inc (SHOP.TO) leads the gainers, rising more than 12%, on strong earnings in the fourth quarter. The company reported net income of $4.1 million for the fourth quarter of 2019, as against loss of $12.0 million a year ago.

Shopify also said it expects revenues for the first quarter in a range of $440 million to $446 million and for fiscal 2020 in a range of $2.130 billion to $2.160 billion.

Lightspeed Pos (LSPD.TO) is gaining about 3.25%. Exfo Inc. (EXF.TO) and Celestica Inc. (CLS.TO) are up 1.75% and 1.5%, respectively.

Among other prominent gainers, Bombardier Inc. (BBD.B.TO) is rising 5%. West Fraser Timber (WFT.TO) is up 8.25%, Polaris Infrastructure (PIF.TO) is gaining 6% and Norbord Inc. (OSB.TO) is up 3.7%.

Barrick Gold Corp. (ABX.TO) reported basic adjusted net earnings of $0.17 per share for the fourth quarter. The company reported it produced 5,465,000 ounces of gold in 2019, at the top end of its guidance range while copper production was 432 million pounds in the year, which was above the guidance range. The stock is gaining about 0.75%.

Cenovus Energy Inc. (CVE.TO) shares are declining more than 5.5% after the company reported a fourth-quarter operating loss per share of C$0.13 compared to a loss of C$1.36, prior year. Operating loss from continuing operations narrowed year-on-year to C$164 million from C$1.67 billion.

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