Tech stocks struggled once again Tuesday while the S&P/TSX Composite Index (^TSX:CA) and the equal weight S&P 500 Index (^SPX) hit new record highs. Meanwhile, Cenovus Energy Inc. (CVE) reported better-than-expected quarterly results, observes Amber Kanwar, host of the In the Money with Amber Kanwar podcast.
The TSX rally is interesting because it occurred despite a three-day plunge in oil prices and was held up by...tech stocks. While US tech is under pressure, Canadian tech names have posed a mini rebound – with our tech sector up 13.5% in three recent sessions.
(Editor’s Note: Amber will be speaking at the 2026 MoneyShow Masters Symposium Toronto, scheduled for Sept. 24-25. Click HERE to register.)
As for Cenovus, the company hit its debt targets earlier than expected and increased cash return to shareholders. The oil producer's cash flow per share was higher than expected this quarter and its net debt came in at $5.3 billion, below its intermediate target of $6 billion.
It now plans to return 75% of its free cash flow to shareholders. Margins in the US refining business - a past problem child - came in higher than expected. It also increased its oil production targets and expects to hit 1 million barrels of oil equivalent per day by July.
