Markets

Record-High Dollarama Stocks, Resources Lift TSX at Midday

The TSX rose 61 points at midday despite disappointing data out of major economies China and Japan, as investors take courage from robust results from dollar-store operator (DOL.TO) and from rising commodity prices.

Dollarama said earnings for Q2 2015 grew as a result of a 14.1% increase in sales, gross margin improvement, and lower selling, general, and administrative costs as a percentage of sales. The firm also benefited from the growth in the number of stores over the past 12 months. The stock reached a record high of $86.22.

Meanwhile, prices for gold, copper, and oil were stronger on Thursday due to the weakness in the dollar versus a basket of currencies.

At midday, energy stocks led the widespread rally with a 1.55% climb, followed by industrials, which added 1.32%. Miners advanced 1.27%. Financials were ahead by a modest 0.19%.

Total volume traded so far stood at 129.2 million shares. First Quantum Minerals (FM.TO) was the most actively traded stock.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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