Canadian Market Extending Recent Gains

(RTTNews) - The Canadian market is up in positive territory a little past noon on Thursday, with stocks from technology and real estate sectors turning in a fine performance. Consumer discretionary, financials and materials stocks are also finding good support.

The mood remains positive with the outcome of the U.S. Presidential election continuing to aid sentiment. Investors, looking ahead to the Federal Reserve's monetary policy announcement, are also reacting to a slew of corporate earnings updates.

The benchmark S&P/TSX Composite Index is up 131.63 points or 0.53% at 24,769.08 a few minutes past noon.

Boralex Inc. (BLX_A.TO) is gaining about 2.5%. The Canadian renewable energy company, and Saint-Gobain (CODGF.PK), a French construction materials maker, announced today that they have signed a 20-year renewable electricity purchase deal in France.

TC Energy Corporation (TRP.TO) reported a net income of $1.5 billion or $1.40 per common share for the third quarter of this year, compared to net loss of $0.2 billion or $0.19 per common share, in third quarter of the previous year. The stock is rising 2.5%.

BCE Inc. (BCE.TO) is down more than 4% after the company reported a drop in quarterly earnings. The company reported adjusted net earnings of $688 million for the third-quarter of the current financial year, compared with $741 million in the year-ago period.

Hydro One Limited (H.TO) reported third quarter basic earnings per share of $0.62 compares to $0.60 for the same period in 2023. The stock is up marginally.

Bombardier Inc. (BBD.B.TO) is down 5.6% despite reporting an increase in quarterly revenues. The company said it posted revenues of $2.1 billion in the third quarter of 2024, an increase of 12% year-over-year.

Canadian Tire Corporation (CTC.TO) is gaining nearly 4% after reporting a net income of $220.7 million for the third quarter of this year, compared with a net loss of $27.8 million in the year-ago quarter.

Primo Water Corporation (PRMW.TO) reported third-quarter net income of $38 million, compared with net income of $34 million a year ago. The stock is down 1.7%.

Algonquin Power & Utilities Corp (AQN.TO) is up more than 2.5%. The company reported adjusted net earnings of $64.9 million for the third quarter, down 5% from a year ago.