Toronto Stocks Advance; Canadian Imperial Bank of Commerce Up on 1Q Profit, Revenue Rise
By Adriano Marchese
Toronto-listed stocks were firmly higher in midday trading on Thursday. Canadian banks continued their fiscal first-quarter earnings, with Canadian Imperial Bank of Commerce benefiting from stronger domestic business and Toronto-Dominion Bank from its capital markets segment.
On the macroeconomic side, Canada's economy in the fourth quarter showed strong-than-anticipated growth of 1.0% thanks to a jump in exports that more than made up for a continued decline in business investment.
In the session, tech was the main gainer, followed more distantly by energy and materials. The outsized laggard was consumer durables, followed by tech services and commercial services stocks.
At midday, Canada's S&P/TSX Composite Index was up by 0.21% to 21288.66 and the blue-chip S&P/TSX 60 rose by 0.23% to 1285.37.
Leading the Canadian banks in the session was Canadian Imperial Bank of Commerce, with shares rising 1.5% to 63.80 Canadian dollars ($46.98) after reporting an increase in first-quarter earnings and higher revenue.
Other market movers:
Toronto-Dominion Bank reported higher profit and better-than-expected revenue in the fiscal first quarter thanks to a strong performance in its Canadian banking segment, while provisions for credit losses rose in step with the industry trend. Shares were up 0.2% to C$80.74.
Canadian Natural Resources stock was up 4.6% to C$94.02 after it said fourth-quarter profit rose and that it plans to return all free cash flow to shareholders after reaching its targeted debt levels sooner than anticipated.
Shares in Canadian cannabinoid-products company Cronos Group were down by 8.6% to C$2.78 after it reported revenue growth was lower than expected in the fourth quarter.
The Toronto-listed shares of Lion Electric were down 14% to C$1.96 after the electric vehicle manufacturer reported a wider loss in the fourth quarter and said that it would temporarily layoff staff to adjust to lower vehicle output and deliveries.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 29, 2024 12:27 ET (17:27 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth