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Highlights
TSX 60 and broader index advanced amid gains in technology and banking sectors
Canada's merchandise-trade deficit narrowed with rising shipments to global markets
Theratechnologies and Trican Well Service shares surged on corporate developments
The TSX 60 index posted a notable gain, contributing to a new record for Canada's main stock benchmark. The Toronto Stock Exchange’s composite index rose in midday trading, supported by a rally in technology and banking shares. Gains in these sectors offset slower performance in areas such as consumer services, energy, and mining.
Financial institutions saw steady movement, with major banks registering increases. Shares of Bank of Montreal and Royal Bank of Canada advanced, providing lift to the financial segment. Technology companies also posted solid growth, continuing a trend of strength in innovation-focused sectors.
Trade Deficit Narrows Amid Export Diversification
New data indicated that Canada's merchandise-trade deficit narrowed. The decline in overall shortfall came as shipments to countries outside the United States increased once again, reaching a new high. While exports to the U.S. declined for the fourth straight month, gains in to other destinations demonstrated ongoing diversification by Canadian companies.
This shift in export patterns contributed to improved trade dynamics and aligned with broader economic efforts to expand international market reach.
Positive Labor Data Supports Momentum
U.S. economic data contributed to the optimistic tone in markets. The latest employment report showed higher-than-expected job creation and a drop in unemployment. This information provided a boost to market sentiment across North America, helping to elevate indices such as the TSX 60 and the broader composite.
The improved labor outlook in the U.S. added to confidence in economic activity and reinforced upward momentum seen in Canadian markets.
Theratechnologies Jumps on Acquisition News
Theratechnologies shares soared following the announcement of a definitive agreement with Future Pak. The biopharmaceutical firm will be acquired by the privately held company in a deal valued in U.S. currency. The announcement marked a major corporate move, reflected by a sharp increase in share price during the session.
The agreement signals a shift for Theratechnologies as it aligns with a larger player in pharmaceutical and nutraceutical product development.
Trican Expands Through Strategic Acquisition
Trican Well Service also experienced a strong session after disclosing its acquisition of Iron Horse Energy Services. The deal includes a mix of cash and shares and is aimed at enhancing Trican’s offerings in fracturing and coiled tubing services.
The addition of Iron Horse’s operations is expected to support service expansion and operational scale, resulting in increased visibility for Trican within the oilfield services segment. Shares responded positively to the news, rising sharply by midday.
Equity Continue Amid Sector Shifts
While select areas such as energy and mining posted more muted performances, the gains in key sectors supported continued upward movement in the Toronto market. The TSX 60 index remained a focal point for the day's activity, with widespread advances across constituents contributing to broader market strength.
