Toronto Stocks Climb, AutoCanada Surges on 2Q Earnings Beat
By Adriano Marchese
Stocks in Toronto were higher, led by strong gains in the consumer discretionary sector.
Consumer services and communications were also gainers on Thursday. Process industries, producer manufacturing and health tech were the main laggards.
Canada's S&P/TSX Composite Index rose by 0.61% to 20398.91 and the blue-chip S&P/TSX 60 was 0.73% higher at 1224.15.
AutoCanada shares advanced by 15% to 24.02 Canadian dollars ($17.90) after the company reported better-than-expected earnings and higher revenue in the second quarter thanks to strong post-pandemic demand for vehicles.
Other market movers:
Canadian Tire's stock fell 4.6% to 165.89 a share after the retailer reported a decline in second-quarter profit and lower-than-expected revenue as demand for consumer discretionary goods softened in the period.
WELL Health Technologies shares climbed 5% to C$4.62 after it reported a narrowed loss in the second quarter, benefiting from more patient visits driving revenue growth.
New Gold shares were over 11% lower at C$1.26 after it said it suspended underground mining activities at its mine in British Columbia following an inspection that found geotechnical variances at the site's facility.
Shares of the newly crowned fourth-largest Canadian telecom company Quebecor rose 3.3% to C$32.19 after reporting higher second-quarter profit and higher revenue thanks to the recently acquired Freedom Mobile.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
August 10, 2023 12:18 ET (16:18 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis