TSX Ends Modestly Higher

(RTTNews) - After three successive days of losses, the Canadian market rebounded on Thursday, and despite giving up substantial portion of intraday gains, ended the day's session on a positive note.

A rebound in commodity prices triggered strong buying in energy and materials shares. Consumer staples, communications, financials and utilities shares found some support. Healthcare and technology stocks ended weak.

Warning from a senior Bank of Canada official that interest rates are likely to remain elevated, and Federal Reserve Chair's remarks that the Fed will not hesitate to tighten policy again if it becomes appropriate, weighed on sentiment and pushed the market down from higher levels.

The benchmark S&P/TSX Composite Index, which surged to 19,791.12, gaining more than 260 points in the process, ended the day with a gain of 57.20 points or 0.29% at 19,587.41.

Investors continued to digest quarterly earnings updates.

Rogers Communications Inc. (RCI.A.TO) shares gained nearly 7% after the company reported adjusted net income of C$ 679 million for the quarter ended September 30, 2023, compared with C$ 436 million in the corresponding quarter last year.

Canadian Tire Corporation Ltd. (CTC.TO) ended flat. The company reported third-quarter net loss of $27.8 million as against net income of $225 million in the year-ago quarter.

Quebecor Inc (QBR.A.TO) climbed 3.1%. The company reported third-quarter net income of $209.1 million, compared to $178.4 million a year ago.

Endeavour Mining Plc (EDV.TO) reported net earnings of $60 million, or $0.24 per share, for the third quarter of the current financial year, compared to $86 million, or $0.34 per share in the third quarter of the previous year. The stock gained about 0.75%.

Cascades Inc (CAS.TO) shares gained more than 4% after the company reported a net income of $34 million for the third quarter of this financial year, as against a net loss of $2 million in the year-ago quarter.

AutoCanada Inc (ACQ.TO) shares plunged nearly 23% after the company reported third-quarter net income of $22.8 million, compared to $32.9 million in the prior year.

Bombardier Inc (BBD.B.TO), Linamar Corporation (LNR.TO), ATS Corporation (ATS.TO) and Shopify Inc (SHOP.TO) ended lower by 3.6 to 5.4%.

Stelco Holdings (STLC.TO) surged 12.5%. Russel Metals (RUS.TO) gained about 6.5%. Cameco Corporation (CCO.TO), Docebo Inc (DCBO.TO), Suncor Energy (SU.TO), Goeasy (GSY.TO), Nutrien (NTR.TO), Canadian Natural Resources (CNQ.TO) and Thomson Reuters (TRI.TO) also ended sharply higher.