The Canadian market started the day on a high note and its success carried into early afternoon trading on Thursday, with a noticeable number of shares maintaining their gains.
Investor behavior was primarily driven by updates on quarterly earnings. Stocks from the materials, communications, and energy industries have seen significant increases. Earlier today, the key S&P/TSX Composite Index rose by 107.98 points, or 0.49%, attaining a level of 22,367.14.
Leading the surge, Linamar Corporation's stocks soared over 8%. Stocks of Pan American Silver Corp and Stelco Holdings also saw a substantial rise, gaining nearly 8% and 7.8% respectively. Canadian Tire Corporation's stocks increased by 6% following the company's announcement of first-quarter net income hitting C$96.0 million, a noteworthy improvement from C$42.8 million the previous year.
Despite reporting a decrease in quarterly earnings, the iA Financial Corporation's stocks rose by 4%. The company announced a net income of $234 million for the first quarter of 2024, falling from $273 million the preceding year.
Additionally, Primo Water Corporation and Kinaxis Inc saw their stocks gain by 5.5% and 4.2% respectively. Other companies such as Nutrien, Teck Resources, Methanex Corporation, Colliers International, Canadian National Railway, and Fairfax Financial Holding experienced significant gains too.
Quebecor Inc. profited more than 4.5% following the news of its adjusted income from operating activities reaching $163.1 million, an increase of 19.9%, for the first quarter of 2024.
In contrast, Telus International suffered a 16% drop on account of disappointing results. Reporting a first-quarter net income of $140 million, representing a decline of 37.5% from the previous year. Telus Corporation's stocks underwent marginal decrease despite the company's adjusted net earnings for the first quarter of 2024 amounting to $390 million, a slight increase from $386 million the previous year.
