Canadian Market Up Firmly In Positive Territory

(RTTNews) - The Canadian market is up firmly in positive territory Tuesday afternoon, supported by gains in utilities, consumer staples, healthcare and technology sectors.

Several stocks from financials and industrials sectors are also notably higher, while consumer discretionary stocks are weak.

Investors are largely reacting to quarterly earnings reports, and keeping an eye on U.S. Presidential election.

The benchmark S&P/TSX Composite Index is up 114.95 points or 0.47% at 24,371.01.

Thomson Reuters Corporation (TRI.TO) is gaining 4% after reporting operating profit of $415 million for the third quarter ended September 30, 2024, compared with $441 million a year ago.

Fortis Inc (FTS.TO) is up nearly 3%. The company announced that it posted net earnings of $420 million or $0.85 per common share in the third quarter of 2024, compared up $394 million, or $0.81 per shares in the corresponding quarter last year.

Colliers International Group Inc (CIGI.TO) is down 4.8%. The company reported operating earnings of $109.7 million for the quarter ended September 30, 2024, compared with $70.9 million in the year-ago quarter.

On the economic front, the S&P Global Canada Composite PMI rose to 50.7 in October 2024 from 47.0 in September, indicating a return to marginal growth in the private sector after four months of contraction.

The S&P Global Canada Services PMI rose to 50.4 in October 2024, up from 46.4 in September, signaling a marginal expansion in the services sector for the first time in five months.

Data from Statistics Canada said Canada posted a trade deficit of C$ 1.26 billion in September, narrowing slightly from the C$ 1.5 billion gap in the previous month.

Exports declined marginally by 0.1% to C$ 63.88 billion in September, while imports fell by 0.4% over a month to C$ 65.2 billion in the month.