The Canadian stock market is experiencing a strong performance this Tuesday afternoon, bolstered by significant gains in the utilities, consumer staples, healthcare, and technology sectors. Meanwhile, several stocks within the financial and industrial sectors are also showing considerable upward movement, although the consumer discretionary stocks are performing less favorably.
Investors are primarily responding to quarterly earnings reports while also keeping a close watch on the developments surrounding the U.S. Presidential election.
The S&P/TSX Composite Index has risen by 114.95 points, marking a 0.47% increase to settle at 24,371.01.
Thomson Reuters Corporation (TRI.TO) is experiencing a 4% rise following its announcement of an operating profit totaling $415 million for the third quarter ending on September 30, 2024, compared to $441 million in the same period the previous year.
Fortis Inc (FTS.TO) has seen an increase of nearly 3% after declaring net earnings of $420 million, or $0.85 per common share, for the third quarter of 2024, reflecting an increase from $394 million, or $0.81 per share, during the same quarter last year.
Conversely, Colliers International Group Inc (CIGI.TO) has decreased by 4.8%. The company reported operating earnings of $109.7 million for the quarter ending September 30, 2024, which compares to $70.9 million in the corresponding period of the previous year.
From an economic perspective, the S&P Global Canada Composite PMI increased to 50.7 in October 2024 from 47.0 in September, signaling a return to slight growth in the private sector after a period of contraction over four months.
Additionally, the S&P Global Canada Services PMI recorded an increase to 50.4 in October 2024, up from 46.4 in September, indicating marginal expansion within the services sector for the first time in five months.
Statistics Canada data revealed that Canada recorded a trade deficit of C$1.26 billion in September, a slight reduction from the C$1.5 billion deficit in the previous month.
Exports saw a marginal decline of 0.1% to C$63.88 billion in September, whereas imports reduced by 0.4%, totaling C$65.2 billion for the month.