TSX Closes At New High; BMO, CIBC Post Strong Gains On Results

(RTTNews) - The Canadian market hit new intraday and closing highs on Thursday even as the mood remained somewhat cautious with investors looking ahead to crucial Canadian and U.S. employment data due on Friday.

Energy, utilities and consumer staples stocks contributed to market's positive close. Consumer discretionary, real estate and materials stocks were a bit subdued. Financials stocks witnessed some brisk activity with investors reacting to quarterly earnings updates from major banks.

The benchmark S&P/TSX Composite Index, which posted a new high 25,760.15 around mid afternoon, gave up some gains, and settled at 25,680.04, up 38.86 points or 0.15% from Wednesday's close.

Bank of Montreal (BMO.TO) gained about 4.2%. The bank reported a net income of $2,304 million for the fourth-quarter of fiscal 2024, compared with $1,710 million in the year-ago quarter. Adjusted net income was $1,542 million in the latest quarter, compared with $2,243 million a year ago.

Canadian Imperial Bank of Commerce (CM.TO) climbed nearly 4.5%. The bank reported adjusted net income of $1,889 million for the fourth quarter of fiscal 2024, compare with $1,522 million.

Toronto-Dominion Bank (TD.TO) fell 7% on lower earnings. The bank reported adjusted net income of $3,205 million in the fourth quarter of fiscal 2024, compared with $3,485 million in the fourth quarter of the previous year.

TransAlta Corporation (TA.TO), Quebecor Inc (QBR.A.TO) and Molson Coors Canada (TPX.A.TO) closed up 9 to 9.25%.

Capital Power Corporation (CPX.TO) climbed 6%. First Quantum Minerals (FM.TO) rallied 5.2%. Cineplex (CGX.TO) gained nearly 4.5%. Bombardier Inc (BBD.B.TO), Loblaw Companies (L.TO), Celestica Inc (CLS.TO), Cameco Corporation (CCO.TO), George Weston (WN.TO), iA Financial Corporation (IAG.TO) and Hut 8 Corp (HUT.TO) closed up 2 to 3.5%.

Finning International (FTT.TO), Royal Bank of Canada (RY.TO), Imperial Oil (IMO.TO), ATS Corporation (ATS.TO), Aritzia Inc (ATZ.TO) and Suncor Energy (SU.TO) also posted strong gains.

EQB Inc (EQB.TO), Dayforce (DAY.TO), MDA Space (MDA.TO), Restaurant Brands International (QSR.TO), Colliers International (CIGI.TO) and Teck Resources (TECK.A.TO) lost 2 to 5%.