The Canadian stock market appears poised to conclude Wednesday on a positive trajectory, with equities across numerous sectors experiencing gains, buoyed by sustained buying interest. This uptick comes as investors respond favorably to Donald Trump's victory in the U.S. presidential election.
Notably, technology, energy, financials, industrials, and consumer staples stocks are witnessing impressive appreciation. In contrast, sectors such as healthcare, materials, real estate, utilities, and communications show weakness.
The S&P/TSX Composite Index has risen by 220.81 points, or 0.91%, recently reaching 24,608.71.
iA Financial Corporation (IAG.TO) is surging nearly 16%, following the announcement of a remarkable 414% increase in net income to $288 million for the third quarter of the current fiscal year compared to the previous year.
TFI International (TFII.TO) has advanced 10.3%. Celestica Inc. (CLS.TO) has gained over 7%. Dayforce (DAY.TO) and Descartes Systems Group (DSG.TO) are also on the rise, with increases of 4.7% and 4.2%, respectively.
RB Global Inc. (RBA.TO), Canadian National Railway (CNR.TO), and Kinaxis Inc. (KXS.TO) have each climbed between 3% and 3.5%. Constellation Software (CSU.TO) has also seen a gain of about 1.2%.
Conversely, Stella-Jones Inc. (SJ.TO) has plummeted 13.7%. The company reported third-quarter net earnings of $80 million, or $1.42 per share, down from $110 million, or $1.91 per share, in the previous year.
Ero Copper (ERO.TO) has declined by 8.6% after revising its full-year copper production guidance downward due to delays in achieving commercial production at the Tucumã operation in Pará, Brazil, caused by power disruptions in the third quarter.
Premium Brands Holdings Corporation (PBH.TO) has fallen 7.1%, with earnings of $25.4 million for the 13 weeks ended September 28, 2024, compared to $39.4 million for the 13 weeks ended September 30, 2023.
Additionally, Sprott Inc (SII.TO), Boralex Inc (BLX.TO), Wheaton Precious Metals (WPM.TO), Intact Financial Corporation (IFC.TO), Boyd Group Services (BYD.TO), and Thomson Reuters (TRI.TO) have experienced significant declines.
On the economic front, the Ivey Purchasing Managers Index for Canada has eased to 52 in October 2024, down from 53.1 in the previous month, falling short of market expectations of 54.2, as reported by the Ivey Business School.