The S&P/TSX Composite Index experienced a gain of approximately 0.4%, closing at 31,161 on Wednesday. This uptick followed two consecutive days of declines, as investors evaluated earnings reports from leading banks alongside climbing commodity prices. Notably, the Royal Bank of Canada saw a 1.1% increase after surpassing quarterly profit forecasts and declaring a 7% hike in its board-approved dividend. In contrast, the National Bank of Canada fell by 1.6%, despite reporting higher quarterly profits driven by its wealth management operations. Financial institutions TD Bank, BMO, and CIBC, which recorded changes of -0.4%, +0.7%, and +0.2% respectively, are scheduled to release their earnings later in the week.
The materials sector outperformed others, with Ivanhoe Mines surging 8.6% following significant progress at its African smelter, and First Quantum climbing 5.2% amid a rally in copper. Teck also rose by 2.8%, supported by stronger base metals prices. Furthermore, a firming oil market bolstered energy stocks, rising gold prices provided a boost to major mining companies, and technology stocks rebounded; Shopify, in particular, increased by 1.7% after technical issues in its platform were resolved, which had previously weighed down the sector.
