Canadian Market Ends On Firm Note

(RTTNews) - After recording losses in the previous two sessions, the Canadian market ended on a positive note on Thursday despite paring a substantial portion of its intraday gains.

The benchmark S&P/TSX Composite Index, which climbed about 210 points to 23,336.93, settled at 23,227.49, gaining 100.51 points or 0.43%.

Canadian Imperial Bank of Commerce (CM.TO) rallied 5.5% on strong results. The bank reported adjusted net income of $1,895 million for the third quarter, compared to $1,475 million in the corresponding quarter of the previous year.

Kinaxis Inc (KXS.TO) surged 7.2%. Newmont Corporation (NGT.TO) climbed 2.7%. Methanex Corporation (MX.TO), Dayforce Inc (DAY.TO), Bank of Montreal (BMO.TO), Stella-Jones (SJ.TO), Agnico Eagle Mines (AEM.TO), Shopify Inc (SHOP.TO) and Imperial Oil (IMO.TO) gained 1 to 2%.

Parex Resources (PXT.TO) plunged 23.6% after the company cut its production guidance for the year and said its chief financial officer was leaving to pursue another opportunity.

Ero Copper (ERO.TO) ended down 4.2%. National Bank of Canada (NA.TO), Canadian Western Bank (CWB.TO), Ag Growth International (AFN.TO), Dollarama Inc (DOL.TO), Alimentation Couche-Tard (ATD.TO) and Toromont Industries (TIH.TO) closed lower by 1 to 2.3%.

Data from Statistics Canada said Canada's current account deficit widened significantly to C$ 8.5 billion in the second quarter of 2024, up from C$ 5.4 billion in the previous quarter. This marks the eighth consecutive quarterly deficit and the largest in seven quarters.

A separate data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada increased by 4% year-on-year to $1,252 in June 2024, slowing from a downwardly revised 4.1% growth in the previous month.