Equities in Toronto spread their wings Thursday, moving toward all-time highs as health-care and techs complemented the progress of banks.
The TSX screamed higher 317.03 points, or 1%, to close trading at 31,477.57.
The Canadian dollar skidded 0.1 at 71.66 cents U.S.
On Thursday, CIBC reported a rise in fourth-quarter profit helped by strength in its capital markets division. Shares in “The Commerce” grabbed $5.03, or 4.2%, to $126.30.
Bank of Montreal and TD Bank also reported a rise in quarterly profits. Shares in “The First Canadian Bank” gave up 20 cents to $176.82, while TD shares jumped $2.39, or 2%, to $120.09.
Shares of the big six Canadian banks have outperformed the TSX so far this year as the lenders bet on fee-based, high-margin businesses to drive expansion at a time loan growth in personal and commercial banking segments has stalled due to economic uncertainty.
Logistics software firm Descartes beat analyst estimates of third-quarter revenue. Descartes shares roared ahead $16.67, or 14.4%, to $132.48. Celestica sprang $19.85, or 4.6%, to $450.09.
In health-care issues, Bausch Health Companies leaped 50 cents, or 5.1%, to $10.35, while Curaleaf picked up 32 cents, or 9.4%, to $3.71.
Among consumer staples, Metro gained $1.49, or 1.5%, to $99.09, while Loblaw Companies triumphed $1.33, or 2.2%, to $62.17.
Telecoms weighed on the market, though, as Rogers faded 37 cents to $52.40, while Cogeco Communications folded 18 cents to $67.49.
In utilities, Altagas handed back 73 cents, or 1.7%, to $42.71, while Superior Plus ditched 13 cents, or 1.8%, to $7.19.
Real-estate issues also slid, with Dream Industrial REIT sliding 21 cents, or 1.7%, to $12.09, while Allied Properties REIT units dipped 12 cents to $12.92.
In other news, U.S. President Donald Trump could decide next year to withdraw from the United States-Mexico-Canada trade agreement. Politico reported, citing U.S. Trade Representative Jamieson Greer.
On the economic slate, the IVEY School of Business published its PMI for November, index faltered to 48.4 from 52.4 in October. maintaining the 52.3 reading for November 2024.
ON BAYSTREET
The TSX Venture Exchanged gained 5.54 points to 948.54.
All but three of the 12 TSX subgroups kept their gains Thursday. Health-care grabbed 3.3%, while information technology triumphed 2.7% and consumer staples jumped 1.4%.
The three laggards proved to be telecoms, doffing 0.9%, utilities, down 0.2%, and real-estate, off 0.1%.
ON WALLSTREET
Stocks were relatively unchanged on Thursday as investors prepared for next week’s interest rate decision from the Federal Reserve.
The Dow Jones Industrials backed off 31.74 points to conclude Thursday at 47,851.16.
The S&P 500 Index recovered 7.23 points to 6,856.95.
The NASDAQ regained 51.04 points to 23,508.33.
Investors focused on a report from job placement firm Challenger, Gray & Christmas showing announced job cuts in November from U.S. employers moved further ahead of one million for the year as corporate restructuring, artificial intelligence and tariffs helped pare job rolls.
On Wednesday, numbers from ADP revealed a surprising slump in private payrolls.
Mounting signs that the labor market is softening has led Wall Street to be convinced the Fed will cut rates a quarter percentage point at its Dec. 10 meeting, the last of the year.
Markets are pricing in an 89% chance of a cut next Wednesday, far higher than just a couple weeks ago,
On Thursday, investors largely overlooked the latest weekly jobless claims numbers that showed new applications for unemployment insurance at their lowest level since Sept. 2022.
Jobless claims for the week ending Nov. 29 totaled a seasonally adjusted 191,000, down 27,000 from the prior period and below the Dow Jones consensus estimate for 220,000.
Salesforce was a key winner during Thursday’s session, rising more than 3% after the software company offered a stronger-than-expected revenue forecast. Five Below also rose after the discount retailer’s earnings flew past Wall Street’s estimates.
The 10-year Treasury weakened, raising yields to 4.10% from Wednesday’s 4.06%. Treasury prices and yields move in opposite directions.
Oil prices gained 74 cents to $59.90.
Gold prices grew $5.40 to $4,237.90.
