Canadian Market Moderately Higher; Dollarama Rises On Strong Results

The Canadian market is up firmly in positive territory a little past noon on Wednesday, aided by gains in consumer discretionary and technology stocks.

Concerns about global banking crisis have eased further after top U.S. regulators expressed confidence that banks were solvent, blaming the recent collapse of Silicon Valley Bank on mismanagement, rather than systemic risks.

The benchmark S&P/TSX Composite Index, which climbed to a high of 19,834.01, is up 132 points or 0.67% at 19,789.53 nearly half an hour past noon.

In the consumer discretionary sector, Aritzia Inc (ATZ.TO) is surging nearly 7.5%. Mty Food Group (MTY.TO), Brp Inc (DOO.TO), Canadian Tire Corporation (CTC.A.TO), Spin Master Corp (TOY.TO) and Magna International (MG.TO) are gaining 1 to 2%.

Dollarama Inc (DOL.TO) is up nearly 3% on strong results. Dollarama reported fourth-quarter diluted net earnings of $0.91 per share, up 23% from a year ago. Diluted net earnings rose 26.6% to $2.76 in fiscal 2023 from the previous year, the company said.

In the technology space, Coveo Solutions (CVO.TO) is soaring nearly 10%. Hut 8 Mining (HUT.TO) is rising 6.5% and Shopify Inc (SHOP.TO) is gaining 4.2%. BlackBerry (BB.TO) is advancing 3%, while Softchoice (SFTC.TO), Sylogist (SYZ.TO), Lightspeed Commerce (LSPD.TO), Payfare Inc (PAY.TO) and Absolute Software Corp (ABST.TO) are up 1.3 to 2%.

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