The Canadian market displayed modest growth on Thursday afternoon, bouncing back after a swift early slump. Several sectors, notably materials, healthcare, industrials, and consumer discretionary stocks, led the rally.
On the other hand, technology shares took a hit, experiencing selling pressure due to disappointing earnings reports from numerous U.S. tech industry giants.
Despite a shaky start, the benchmark S&P/TSX Composite Index regained momentum, rising to 21,189.26. After a morning dip to 20,980.93, it bounced back and was recently reported at 21,066.07 points, a 44.19 point or 0.21% increase.
In the Materials Capped Index, First Quantum Minerals (FM.TO) topped the gainers list with a 6.3% rise. Other noteworthy performers included New Gold (NGD.TO), Iamgold Corp (IMG.TO), Wesdome Gold Mines (WDO.TO), K92 Mining Inc (KNT.TO), Lundin Gold Inc (LUG.TO), Eldorado Gold (ELD.TO), and Nutrien (NTR.TO), posting gains between 3.5% and 6.2%.
Healthcare stocks Tilray Inc (TLRY.TO) and Bausch Health Companies (BHC.TO) increased by 3.3% and 1.5% respectively.
As for consumer discretionary stocks, Canada Goose Holdings (GOOS.TO) and Aritzia Inc (ATZ.TO) gained by 5.1% and 4.3% respectively. Gildan Activewear (GIL.TO) and Spin Master Corp (TOY.TO) advanced approximately 2.5%, while Sleep Country, Restaurant Brands International (QSR.TO), and Dollarama Inc (DOL.TO) experienced nearly 1% increases.
Industrial sector shares for Snc-Lavalin Group (ATRL.TO), Boyd Group Services (BYD.TO), Ballard Power Systems (BLDP.TO), and Richelieu Hardware (RCH.TO) rose by 2-3%.
Rogers Communications Inc. (RCI.A.TO) saw a 1.3% increase. The corporation declared an adjusted net income of C$630 million for Q4 2023, which is a considerable leap from $554 million during the same period last year. The company's Board of Directors declared a quarterly dividend of 50 cents per share on its outstanding Class A and Class B shares.
Canada Goose Holdings Inc. (GOOS.TO) reported an adjusted net income of $138.6 million or $1.37 per share for Q3, a slight improvement from last year's $134.5 million or $1.27 per share, which led to a 5.5% growth in its shares.
In contrast, Real Matters Inc. (REAL.TO) faced a 6.7% decrease. The company reported a first-quarter net loss of $3.6 million, which, however, is better than the $4.6 million net loss reported in the same period the previous year.
On the economic scene, an analysis from S&P Global highlighted Canadian manufacturing activity's sizable progress. The S&P Global Canada Manufacturing PMI jumped to 48.3 in January from 45.4 in December, meaning the contraction was notably slower than in the previous month.
