TSX Ends Moderately Higher
(RTTNews) - The Canadian market ended on a firm note on Thursday, bouncing back after snapping a five-session winning streak a day earlier, as data showing a bigger than expected increase in U.S. jobless claims raised expectations the Federal Reserve will cut interest rates in September.
Materials shares rallied sharply. Stocks from communications, energy, utilities, real estate and financials sectors too found fairly good support. Technology stocks were a bit weak, while shares from the rest of the sectors ended mixed.
The benchmark S&P/TSX Composite Index, which opened marginally up at 22,287.01, climbed to one-month high 22,426.97, ended with a gain of 116.67 points or 0.52% at 22,375.83.
The Materials Capped Index climbed 2.15%. Wesdome Gold Mines (WDO.TO) and Pan American Silver Corp (PAAS.TO) soared 11.1% and 10.3%, respectively. Torex Gold Resources (TXG.TO) surged 8.4% and Fortuna Silver Mines (FVI.TO) surged 7.5%.
B2Gold Corp (BTO.TO), Kinross Gold Corp (K.TO), Stelco Holdings (STLC.TO) and New Gold Inc (NGD.TO) gained 5 to 6%.
Canadian Tire Corporation (CTC.A.TO) gained nearly 7% after the company reported first-quarter net income of C$96.0 million, compared to C$42.8 million a year ago.
Linamar Corporation (LNR.TO) rallied 6.8%. Nutrien (NTR.TO) gained 4.5%. Kinaxis Inc (KXS.TO), Teck Resources (TECK.A.TO), Methanex Corporation (MX.TO), Agnico Eagle Mines (AEM.TO) and Colliers International (CIGI.TO) gained 2 to 4%.
iA Financial Corporation (IAG.TO) gained nearly 4% despite reporting lower quarterly earnings. The company reported net income of $234 million for the first quarter of 2024, compared to $273 million a year ago.
Quebecor Inc (QBR.TO) climbed about 2.5%. The company reported adjusted income from operating activities of $163.1 million ($0.71 per basic share) for the first quarter of 2024, an increase of $27.1 million ($0.12 per basic share) or 19.9%.
Telus International (TIXT.TO) plunged nearly 19% on weak results. The company reported first-quarter revenue fell 4% year-over-year to $657 million, coming in below analyst estimates.
