TSX Recovers After Weak Start, Ends On Firm Note

RTTNews | 7h 59min ago
TSX Recovers After Weak Start, Ends On Firm Note

(RTTNews) - The Canadian market closed higher on Tuesday, riding on strong gains in utilities, consumer staples and healthcare sectors.

In addition to digesting a slew of corporate earnings announcements, investors eyed the outcome of U.S. Presidential Election, and the Federal Reserve's monetary policy announcement, due later in the week.

The benchmark S&P/TSX Composite Index closed up 131.84 points or 0.54% at 24,387.90, near the day's high of 24,393.82.

Capital Power Corporation (CPX.TO) climbed 5.3%. Sprott Inc (SII.TO), Celestica Inc (CLS.TO), Teck Resources (TECK.B.TO), goeasy (GSY.TO) and Sun Life Financial (SLF.TO) gained 3.2 to 4.4%.

Brookfield Corporation (BN.TO), Docebo Inc (DCBO.TO), Brookfield Wealth Solutions (BNT.TO), Dayforce (DAY.TO), Kinaxis Inc (KXS.TO), George Weston (WN.TO) and Loblaw Companies (L.TO) gained 1.5 to 3%.

Thomson Reuters Corporation (TRI.TO) rallied 3.3% after reporting operating profit of $415 million for the third quarter ended September 30, 2024, compared with $441 million a year ago.

Fortis Inc (FTS.TO) gained 3%. The company announced that it posted net earnings of $420 million or $0.85 per common share in the third quarter of 2024, compared up $394 million, or $0.81 per shares in the corresponding quarter last year.

Wajax Corporation (WJX.TO) tanked more than 17%. Cargojet (CJT.TO) closed down 6.5%. Primo Water Corporation (PRMW.TO) closed lower by nearly 5%.

Colliers International Group (CIGI.TO) ended down 3.6% after the company downgraded its full-year outlook.

Restaurant Brands International (QSR.TO) closed down 3.1% after the company said it expects lower sales growth after its main brands logged softer growth and declining sales, missing targets.

Toromont Industries (TIH.TO), Canadian Tire Corporation (CTC.TO) and EQB Inc (EQB.TO) lost 2.8 to 3%.

On the economic front, the S&P Global Canada Composite PMI rose to 50.7 in October 2024 from 47.0 in September, indicating a return to marginal growth in the private sector after four months of contraction.

The S&P Global Canada Services PMI rose to 50.4 in October 2024, up from 46.4 in September, signaling a marginal expansion in the services sector for the first time in five months.

Data from Statistics Canada said Canada posted a trade deficit of C$ 1.26 billion in September, narrowing slightly from the C$ 1.5 billion gap in the previous month.

Exports declined marginally by 0.1% to C$ 63.88 billion in September, while imports fell by 0.4% over a month to C$ 65.2 billion in the month.

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