TSX Ends On Upbeat Note On Strong Earnings Updates

(RTTNews) - The Canadian stock market ended on a buoyant note on Thursday, coming back strongly after two successive days of losses, as upbeat earnings updates from top companies, including Suncor Energy and Shopify Inc. lifted sentiment.

Energy and technology stocks hogged the limelight. Several stocks from industrials and consumer discretionary sections also posted impressive gains. Except the Materials index, which shed about 0.5%, all the other sectoral indices closed in green.

The benchmark S&P/TSX Composite Index ended with a gain of 242.54 points of 1.16% at 21,197.53.

The Capped Energy Index climbed 4.59%. Suncor Energy (SU.TO) shares soared 13.4% after the company said it earned a net profit of $877 million or 59 cents per share in its third quarter, compared with a net loss of $12 million or one cent per share in the third quarter of 2020. The company has doubled its dividend for the quarter.

Enerplus Corp (ERF.TO), Imperial Oil (IMO.TO), Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), Vermilion Energy (VET.TO) and Crescent Point Energy (CPG.TO) gained 2.3 to 4%.

The Capped Information Technology Index advanced 3.12%. Shopify Inc (SHOP.TO), up more than 7%, topped the list of gainers in the index. The company reported a 46% jump in quarterly revenue.

Lightspeed Pos (LSPD.TO) gained 6.7% and Sierra Wireless (SW.TO) gained 4.1%. Constellation Software (CSU.TO) ended stronger by 2.65%, while BlackBerry (BB.TO) and Alithya Group (ALYA.TO) gained 1.85% and 1.75%, respectively. Kinaxis Inc (KXS.TO) firmed 1.4%.

Ballard Power Systems (BLDP.TO) topped the list of gainers in the Industrials Index, surging up more than 9%.

Westport Fuel Systems (WPRT.TO) climbed 7.8%, while Tfi International (TFII.TO) gained nearly 4% and Ats Automation (ATA.TO) gained 3.3%. SNC Lavalin (SNC.TO), Finning International (FTT.TO) and Stantec Inc (STN.TO) also moved up sharply.

Consumer discretionary stocks Spin Master Corp (TOY.TO), Martinrea International (MRE.TO), Brp Inc (DOO.TO), Sleep Country Canada Holdings (ZZZ.TO) and Linamar Corp (LNR.TO) gained 2.7 to 5%.

On the economic front, data released by Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada increased 2.6% year-on-year to C$ 1,138 in August, and advanced 0.7% on a monthly basis.