FX.co ★ TSX Closes At New High; BMO, CIBC Post Strong Gains On Results

On Thursday, the Canadian stock market reached new intraday and closing heights, despite a prevailing sense of caution among investors who are awaiting important employment data from Canada and the U.S., scheduled for release on Friday.

Stocks in energy, utilities, and consumer staples sectors played a pivotal role in the market's positive performance. In contrast, consumer discretionary, real estate, and materials stocks showed a more subdued activity. Meanwhile, financial stocks experienced significant trading as investors reacted to quarterly earnings reports from leading banks.

The S&P/TSX Composite Index, which touched a new high of 25,760.15 in the mid-afternoon, relinquished some gains but ultimately closed at 25,680.04, a rise of 38.86 points or 0.15% from the previous day's close.

Bank of Montreal (BMO.TO) saw its shares rise by about 4.2% after reporting a net income of $2.304 billion for the fourth quarter of fiscal 2024, up from $1.710 billion in the same period last year. The adjusted net income stood at $1.542 billion for the recent quarter, compared to $2.243 billion a year earlier.

Canadian Imperial Bank of Commerce (CM.TO) climbed nearly 4.5%, reporting an adjusted net income of $1.889 billion for the fourth quarter of fiscal 2024, up from $1.522 billion in the previous year.

Conversely, Toronto-Dominion Bank (TD.TO) fell 7% due to lower earnings, with its adjusted net income dropping to $3.205 billion for the fourth quarter of fiscal 2024, from $3.485 billion in the same quarter of the previous year.

Among other notable performers, TransAlta Corporation (TA.TO), Quebecor Inc. (QBR.A.TO), and Molson Coors Canada (TPX.A.TO) each recorded an increase of 9 to 9.25%. Capital Power Corporation (CPX.TO) advanced 6%, First Quantum Minerals (FM.TO) rose by 5.2%, and Cineplex (CGX.TO) gained nearly 4.5%. Other companies such as Bombardier Inc. (BBD.B.TO), Loblaw Companies (L.TO), Celestica Inc. (CLS.TO), Cameco Corporation (CCO.TO), George Weston (WN.TO), iA Financial Corporation (IAG.TO), and Hut 8 Corp (HUT.TO) closed with increases ranging from 2 to 3.5%.

Finning International (FTT.TO), Royal Bank of Canada (RY.TO), Imperial Oil (IMO.TO), ATS Corporation (ATS.TO), Aritzia Inc. (ATZ.TO), and Suncor Energy (SU.TO), among others, also registered considerable gains.

Conversely, EQB Inc. (EQB.TO), Dayforce (DAY.TO), MDA Space (MDA.TO), Restaurant Brands International (QSR.TO), Colliers International (CIGI.TO), and Teck Resources (TECK.A.TO) experienced declines of 2 to 5%.