The Canadian market reached new record highs on Thursday, driven by strong performances in the energy, consumer staples, and utilities sectors. Investors are analyzing earnings reports released by major banks and are also anticipating employment data from Canada and the United States, expected on Friday.
As of recent trading, the S&P/TSX Composite Index has risen by 82.21 points, or 0.32%, to stand at 25,723.39.
Bank of Montreal (BMO.TO) has seen an increase of nearly 4%, after reporting a net income of $2.304 billion for the fourth quarter of fiscal year 2024, up from $1.710 billion in the previous year. However, its adjusted net income decreased to $1.542 billion from $2.243 billion.
Canadian Imperial Bank of Commerce (CM.TO) has gained 4.5% following its report of an increased adjusted net income of $1.889 billion for the fourth quarter of fiscal year 2024, compared to $1.522 billion previously.
Conversely, Toronto-Dominion Bank (TD.TO) has fallen by over 5% due to lower earnings, with an adjusted net income of $3.205 billion, down from $3.485 billion year-over-year for the same period.
Tecsys Inc (TCS.TO) has declined 1.3%, having posted a net profit of $0.8 million, or $0.05 per share on a diluted basis, for the second quarter of fiscal 2025. This contrasts with a net loss of $0.3 million, or $0.02 per share, during the corresponding period in fiscal 2024.
In the energy sector, International Petroleum Corp (IPCO.TO) and Advantage Oil & Gas (AAV.TO) have both been buoyant, rising by 4.2% and 4%, respectively. Similarly, Peyto Exploration (PEY.TO) and Tamarack Valley Energy (TVE.TO) have advanced 3.3% and 3.1%, each. In addition, strong gains have been recorded by Imperial Oil (IMO.TO), Suncor Energy (SU.TO), and Parex Resources (PXT.TO).
In consumer staples, Loblaw Company (L.TO) and George Weston (WN.TO) have increased by 3.6% and 2.7%, respectively, with Metro Inc (MRU.TO) advancing by 1.3%.
Utilities have also shown robust growth, with Transalta Corp (TA.TO) rising by 7.5% and Capital Power Corp (CPX.TO) climbing by 6.5%. Hydro One (H.TO), Emera Incorporated (EMA.TO), and Brookfield Infra Partners (BIP.UN.TO) have each grown between 1% and 1.2%.
