Toronto index rises as Suncor earnings boosts energy stocks – Financial Post

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Reuters

Canada’s main stock index rose on Thursday, rebounding from its worst session in nearly a month, after upbeat earnings from Suncor Energy boosted oil and gas shares.

At 9:44 a.m. ET (13:44 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 48.27 points, or 0.23%, at 21,003.26, rebounding from its worst session since Sept. 28 after the Bank of Canada signaled it could raise interest rates sooner than previously thought.

Energy stocks were up 1.6% as shares in Suncor Energy jumped 9%, a day after the country’s No. 2 oil and gas major doubled its dividend. A rebound in crude prices from pandemic-driven lows helped it post a third-quarter profit compared with a year-ago loss.

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Meanwhile, Shopify Inc fell 1.0% after the e-commerce giant reported third-quarter results that fell short of analysts’ expectations, dragging the broader technology sector down 0.1%

“Shopify is among the biggest tech companies in Canada and its missing forecasts could have a broader impact to the tech base in Canada for a little bit,” said Gregory Taylor, a portfolio manager at Purpose Investments.

Limiting gains was the materials sector, down 0.5%, with Alamos Gold Inc being the biggest decliner on the index after the gold miner reported dismal quarterly earnings.

Shares in Bombardier Inc were up 1.4% as the company posted a smaller second-quarter loss, helped by a rebound in demand for private jets from corporations and wealthy buyers.

HIGHLIGHTS

The TSX posted four new 52-week highs and three new lows.

Across all Canadian issues there were 10 new 52-week highs and 21 new lows, with total volume of 42.04 million shares.

(Reporting by Amal S in Bengaluru; Editing by Ramakrishnan M.)

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