Stocks Rise in Toronto as Energy and Technology Sectors Show Gains

Toronto, Canada - In midday trading on Wednesday, stocks in Toronto experienced an upward trend, primarily driven by gains in the energy and technology services sectors.

The S&P/TSX Composite Index saw a 0.33% increase, reaching 20,356.59, while the blue-chip S&P/TSX 60 climbed 0.37% to 1,219.23.

However, the consumer durables sector suffered the most significant declines during this session, followed closely by retail and utilities.

In terms of Canadian bank earnings, the National Bank of Canada reported results for its third quarter that fell short of estimates for both adjusted earnings per share and revenue. This underperformance can be attributed to provisions made for credit losses, which tempered growth. As a result, shares of the National Bank of Canada, the smallest among Canada's 'Big 6' banks by market capitalization, experienced a 4.1% drop to 96.39 Canadian dollars ($71.12).

Among other market movers, Willow Biosciences saw a 14% increase in its stock price, trading at C$0.08. This surge came after the biotechnology company announced filing a patent application that aims to produce corticosteroids at a lower price.