Canadian Market Up Firmly, Looks Set End On Strong Note

(RTTNews) - The Canadian market looks well on course to end on a strong note on Wednesday with stocks from across several sectors moving higher on sustained buying interest as investors react positively to Donald Trump's victory in the U.S. presidential election.

Technology, energy, financials, industrials and consumer staples stocks are up with impressive gains. Healthcare, materials, real estate, utilities and communications shares are week.

The benchmark S&P/TSX Composite Index was up 220.81 points or 0.91% at 24,608.71 a little while ago.

iA Financial Corporation (IAG.TO) is soaring nearly 16%, after reporting a whopping 414% jump in net inome to $288 million in the third-quarter of current financial year, from a year ago.

TFI International (TFII.TO) is rising 10.3%. Celestica Inc (CLS.TO) is up more than 7%. Dayforce (DAY.TO) and Descartes Systems Group (DSG.TO) are gaining 4.7% and 4.2%, respectively.

RB Global Inc (RBA.TO), Canadian National Railway (CNR.TO) and Kinaxis Inc (KXS.TO) are up 3 to 3.5%. Constellation Software (CSU.TO) is climbing about 1.2%.

Stella-Jones Inc (SJ.TO) is plunging 13.7%. The company reported net earnings of $80 million, or $1.42 per share for the third quarter of the current financial year, compared with $110 million, or $1.91 per share a year ago.

Ero Copper (ERO.TO) is down 8.6% after the company reduced its full-year copper production guidance due to delays in achieving commercial production at the Tucumã operation in Pará, Brazil, stemming from power disruptions in the third quarter.

Premium Brands Holdings Corporation (PBH.TO) is down 7.1%. The company reported earnings of $25.4 million for the 13 weeks ended September 28, 2024, compared with $39.4 million in the 13 weeks ended September 30, 2023.

Sprott Inc (SII.TO), Boralex Inc (BLX.TO), Wheaton Precious Metals (WPM.TO), Intact Financial Corporation (IFC.TO), Boyd Group Services (BYD.TO) and Thomson Reuters (TRI.TO) are also down sharply.

On the economic front, the Ivey Purchasing Managers Index in Canada eased to 52 in October 2024, down from 53.1 in the prior month and missing market estimates of 54.2., according to a report from the Ivey Business School.