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)

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