Canada’s main stock index was on track to snap a three-day streak of declines on Thursday, after a string of upbeat earnings from industry heavyweights, including insurer Manulife and telecom operator Rogers, lifted shares across the board.
The TSX Composite popped 234.28 points, or 1.2%, to trade Thursday afternoon at 19,764.49.
The Canadian dollar gained 0.12 cents at 72.63 cents U.S.
Rogers Communications shares rose $2.83, or 5.1%, to $58.17, as the telecom operator beat third-quarter profit estimates, pushing the broader capped communication services index higher by 1.3%.
Stelco Holdings shares jumped $4.81, or 12.8%, to the top of the TSX at $42.38, after the steelmaker reported better-than-anticipated third-quarter results.
Shares of Suncor Energy climbed $1.64, or 5.2%, to $33.04, after the oil firm reported higher-than-anticipated profit in its third quarter, helped by strong refining margins and higher sales volumes from its oil sands operations.
NexGen Energy received Saskatchewan’s environmental assessment approval to proceed with the development of its 100%-owned Rook I Project. The stock added 53 cents, or 6.7%, to $8.47.
On the contrary, Wesdome Gold Mines was among the top decliners on the overall index, down 54 cents, or 6.8%, to $7.36 following third-quarter revenue miss.
The TSX Venture Exchange regained 4.08 points to 518.13.
All but two of the 12 TSX subgroups were lower early Thursday afternoon, with energy 2.6% more energetic, communications clicking 1.7% higher, and materials shooting up 1.5%.
The two downers were health-care, off 1.5%, and real-estate, lower by 0.2%.
The S&P 500 hovered near the flatline on Thursday as the broad-market index struggled to build on its longest winning streak since November 2021.
The Dow Jones Industrials came off its lows of the morning, but still trailed yesterday’s close by 23.17 points to 34,089.10.
The much-broader index sank 0.29 points to 4,382.49, threatening an eight-session win streak.
The NASDAQ regained 4.79 points to 13,655.21.
Disney rose 7% after reporting better-than-expected profit and expanding its cost-cutting plan, while Arm dipped 6% following its first quarterly report as a public company. MGM Resorts dipped 1% even after posting strong results and a new share buyback program.
In other news, initial filings for jobless benefits released Thursday showed a decline of 3,000. Traders are looking ahead to remarks from a slate of Federal Reserve officials — including chair Jerome Powell.
The culmination of third-quarter earnings season continues after the bell with reports from Wynn Resorts, Illumina and Unity Software.
Prices for the 10-year Treasury fell back, raising yields to 4.56% from Wednesday’s 4.52%. Treasury prices and yields move in opposite directions.
Oil prices recovered 76 cents to $76.09 U.S. a barrel.
Gold prices gained $8.60 to $1,966.40.