Toronto Stocks Show Solid Growth

By Adriano Marchese

Toronto stocks continued their upward momentum on Thursday, following Wednesday’s climb to fresh highs. The market was buoyed by the U.S. Fed’s indication of rate cuts in 2024. However, Canadian factory sales saw a decline in October, mainly due to a drop in shipments of petroleum products.

Sector Performance

During the session, most sectors showed gains, with producer manufacturing, tech, and process industries leading the way. The only decliners were retail and communications.

Market Performance

The S&P/TSX Composite Index of Canada advanced by 0.69% to reach 20,771.75. Meanwhile, the blue-chip S&P/TSX 60 rose by 0.56% to 1,252.55.

Empire Reports Lower Profit

Empire’s shares were down 7% at CAD 36.20 ($26.78) after the retail grocer announced lower profits for its second quarter. The company also expects sales to fluctuate in the short-term due to inflation-driven consumer spending trends.

Other Market News

• Cenovus Energy’s shares rose by 3.1% to CAD 22.42 as it set its production targets for the next year and outlined a budget aimed at balancing growth with shareholder returns.
• Transat reported a swing-to-profit in its 4Q and plans to increase capacity in an uncertain cost-environment. The company also agreed to sell its stake in a resort in Puerto Vallarta, Mexico for $15.5 million to another co-shareholder.