The Canadian benchmark stock index concluded Friday with a moderate uptick, buoyed by robust performances in the technology and consumer discretionary sectors. The positive momentum on Bay Street was largely driven by strong earnings reports from U.S. giants Intel and Amazon.
In addition to corporate earnings, investors analyzed the latest economic data releases from both Canada and the U.S., while keeping an eye on the upcoming U.S. presidential election and the Federal Reserve's monetary policy announcement next week.
The benchmark S&P/TSX Composite Index rose to 24,365.11 by late morning but relinquished a considerable portion of its gains throughout the day, ultimately closing 98.29 points higher, a 0.41% increase, at 24,255.16. Despite Friday’s gain, the index posted a weekly loss of 0.85%.
Sector-wise, the Consumer Discretionary Capped Index advanced nearly 2%, while the Information Technology Capped Index and the Healthcare Capped Index increased by 1.25% and 1.66%, respectively.
In individual stock performances, Aecon Group Inc. (ARE.TO) surged almost 19%, and Air Canada (AC.TO) climbed about 14%. Air Canada announced a net income of CAD 2.035 billion or CAD 5.38 per share for the third quarter, down from CAD 1.250 billion or CAD 3.08 per share in the same period last year.
Fairfax Financial Holdings (FFH.TO) rose over 9%, Kinaxis Inc. (KXS.TO) added approximately 7.4%, and Dayforce (DAY.TO) jumped 7.3%. Docebo Inc. (DCBO.TO) and Magna International (MG.TO) both appreciated by about 6.5%. Notably, Magna International disclosed its board's approval to repurchase up to 28.5 million shares, or around 10% of the public float.
Other gainers included Stella-Jones (SJ.TO), Celestica Inc. (CLS.TO), Descartes Systems Group (DSG.TO), Morguard Corporation (MRU.TO), Terravest Industries (TVK.TO), and West Fraser Timber (WFG.TO), which saw increases between 2% and 3.4%.
Constellation Software (CSU.TO), FirstService Corporation (FSV.TO), Thomson Reuters (TRI.TO), and Intact Financial Corporation (IFC.TO) also recorded significant gains.
Ensign Energy Services (ESI.TO) saw an uptick of nearly 4% after posting a net income of CAD 5.3 million, or CAD 0.03 per share, for the third quarter, turning around last year's net loss of CAD 5.2 million or CAD 0.03 per share.
Conversely, Eldorado Gold Corporation (ELD.TO) declined by 5.8% despite reporting a profit turnaround, with net earnings of $101.1 million or $0.49 per share for the third quarter, compared to a loss of $6.6 million or $0.03 per share in the previous year.
Imperial Oil (IMO.TO) fell 5.1%, while Open Text Corporation (OTEX.TO), Emera Incorporated (EMA.TO), Capital Power Corporation (CPX.TO), goeasy (GSY.TO), Molson Coors Canada Inc. (TPX.B.TO), Cogeco Communications (CCA.TO), and Wheaton Precious Metals (WPM.TO) also ended the day on a lower note.
On the economic front, S&P Global reported that Canada's Manufacturing PMI increased to 51.1 in October, up from 50.4 in September, marking the second consecutive month of expansion in the nation's manufacturing activity following a 17-month period of contraction.