On Thursday, the Canadian market successfully reversed a four-day losing streak, closing on an optimistic note as stocks across various sectors experienced sustained buying pressure. Factors such as positive earnings reports, encouraging U.S. jobless claims data, and bargain hunting fueled the market's rally.
The benchmark S&P/TSX Composite Index opened slightly higher and maintained its strength throughout the session, ultimately closing with a substantial gain of 344.66 points, or 1.58%, at 22,225.61. The index peaked at 22,288.79 during the day.
Significant gains were seen in healthcare, technology, energy, consumer discretionary, materials, and financials sectors. Broad-based buying led all sector indices to finish in the green with solid gains.
Canadian Tire Corporation (CTC.A.TO) surged 7.8% following robust results. The company reported a net income of CAD 198.8 million, or CAD 3.56 per share, for the second quarter, markedly up from CAD 99.4 million, or CAD 1.76 per share, in the same quarter the previous year, mainly due to exceptional items.
Docebo Inc. (DCBO.TO) soared 14.3%, while Shopify Inc. (SHOP.TO) climbed 7.2%. Boyd Group Services (BYD.TO) advanced 5.7% on strong performance. TerraVest Industries (TVK.TO), goeasy (GSY.TO), and Kinaxis Inc. (KXS.TO) each closed higher by 4 to 5%.
Quebecor Inc. (QBR.B.TO) rose more than 3.5% after reporting adjusted net income of CAD 205.1 million for the second quarter, an increase of CAD 22.8 million, or 12.5%, from the previous year.
ATS Corporation (ATS.TO) gained 2.5% after announcing a net income of CAD 35.3 million for the first quarter of its current financial year, compared to CAD 47.7 million a year prior.
Additionally, Cargojet (CJT.TO), Colliers International (CIGI.TO), Constellation Software (CSU.TO), and Fairfax Financial Holdings (FFH.TO) all posted impressive gains.
