At midday on Thursday, the Canadian stock market exhibits upward momentum, buoyed by robust performances in the technology and real estate sectors. Additionally, stocks in consumer discretionary, financials, and materials are receiving considerable investor interest.
The prevailing optimism in the market is partly fueled by the outcome of the U.S. Presidential election, which continues to bolster investor sentiment. Market participants also await the Federal Reserve's upcoming monetary policy announcement, while digesting an array of corporate earnings reports.
Currently, the benchmark S&P/TSX Composite Index has climbed by 131.63 points, equating to a 0.53% increase, positioning it at 24,769.08.
Boralex Inc. (BLX_A.TO) sees a 2.5% uptick following the signing of a 20-year renewable electricity purchase agreement in France with Saint-Gobain (CODGF.PK), a prominent French construction materials company.
TC Energy Corporation (TRP.TO) posted a substantial net income of $1.5 billion, or $1.40 per share, for the third quarter, a significant rebound from the net loss of $0.2 billion, or $0.19 per share, reported for the same period last year. Consequently, the stock is appreciating by 2.5%.
Conversely, BCE Inc. (BCE.TO) is experiencing a decline of over 4%, attributed to a reported decrease in quarterly earnings. The company's adjusted net earnings stood at $688 million for the third quarter, down from $741 million in the comparable period of the previous year.
Hydro One Limited (H.TO) reported a slight increase in basic earnings per share, which stands at $0.62 for the third quarter, edging up from $0.60 in 2023. The stock is witnessing a modest rise.
Despite Bombardier Inc. (BBD.B.TO) announcing a 12% year-over-year increase in revenues, reaching $2.1 billion for the third quarter of 2024, its stock has fallen by 5.6%.
Canadian Tire Corporation (CTC.TO) is advancing nearly 4% following the announcement of a net income of $220.7 million for the third quarter, a stark contrast to the net loss of $27.8 million recorded during the same period last year.
Primo Water Corporation (PRMW.TO) revealed third-quarter net income of $38 million, up from $34 million a year prior, though its stock is down 1.7%.
Lastly, Algonquin Power & Utilities Corp (AQN.TO) is gaining over 2.5%, despite reporting a slight 5% decline in adjusted net earnings, which totaled $64.9 million for the third quarter.
