Canadian consumer discretionary and healthcare stocks are presently in high demand. The market, which had a solid start, continued to be active and positive around midday on Thursday. Stocks in sectors such as real estate, communication, industrial, technology and utility are also receiving strong backing. Whereas, energy and materials stocks are showcasing a variable performance.
The essential S&P/TSX Composite Index had risen by 112.14 points or 0.51%, reaching 22,224.60 a little before midday. The highest gainer in the Consumer Discretionary Index, Dollarama Inc reported a 6.7% increase following robust results. In the fourth fiscal quarter of 2024, the company's net earnings stood at $323.8 million, or $1.15 per common share, a significant increase compared to the $261.3 million, or $0.91 per share, of the fourth fiscal quarter in 2023.
Companies like Magna International, Linamar, Pet Valu Holdings, Sleep Country Canada Holdings and Canadian Tire Corp have witnessed a rise between 0.6 to 1%. The healthcare sector also observed an upward curve in stocks with Bausch Health Companies showing an increase of 2.5%, Tilray Inc gaining 1.5%, Chartwell Retirement Residences progressing 1% and Sienna Senior Living up by 0.7%.
In the realm of real estate, the stocks of companies like Northwest Healthcare Properties, H&R Real Estate, Riocan Real Estate, and Allied Properties Real Estate have progressed from 1.7 to 2.3%. The technology sector is also performing favorably with Blackberry experiencing a near 8% rise. Other companies like Hut 8 Corp, Bitfarms, and Copperleaf Technologies have also seen a gain.
Among the Utility Index, Innergex Renewable Energy and Brookfield Renewable Partners emerged as the top achievers. In the industrial sectors, Bombardier Inc has gained more than 5%. Ballard Power Systems, Gfl Environmental, and Cargojet also advanced.
In the financial sector, AGF Management Limited reported an increase of almost 5%. The company's adjusted net income stood at $33.7 million ($0.51 adjusted diluted EPS) for the three months ending February 29, 2024, a considerable increase from the November 2023 ending and the comparative previous year.
On the economic spectrum, according to Statistics Canada, Canada observed a trade surplus of $1.4 billion in February 2024, significantly more than the revised $0.6 billion surplus in January. February witnessed a month-over-month jump of 5.8% in exports, settling at $66.6 billion and a 4.6% rise in imports, reaching $65.2 billion.
