Canada’s main stock index rose on Thursday as upbeat corporate earnings from the country buoyed investor sentiment, while a rise in base and precious metal prices boosted shares of miners.
At 10:15 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was up 69.38 points, or 0.34%, at 20,748.92.
Brookfield Corporation gained 3.2% after the company reported a rise in fourth-quarter operating funds from operations, lifting the financials sector 0.6% higher.
Wall Street main stock indexes opened higher on Thursday as a slew of strong quarterly earnings and data showing a rise in weekly jobless claims outweighed concerns about the Federal Reserve’s rate-hike path.
“We have learned over the last couple of weeks is that there is some resiliency in the economy, and the markets have been pricing out some of the recession phase even though downside the risks remain,” said Angelo Kourkafas, investment strategist at Edward Jones Investments.
“Couple that together with several encouraging earnings, we have got a bit of a lift.”
The materials sector, which includes precious and base metals miners and fertilizer companies, gained 0.6% as copper and gold prices rose on the back of a weaker dollar.
In other earnings, Thomson Reuters Corp fell 2.1% as the company reported higher quarterly sales and operating profit but cautioned of a weakening global economic environment.
Canopy Growth Corp dropped 9.4% as the cannabis producer posted a bigger third-quarter core loss and said it would reduce its workforce by about 60%.
Bombardier Inc fell 0.9% even as the business jet maker forecast higher business jet deliveries for 2023.
Colliers International Group Inc jumped 7.2% to the top of the TSX as the real estate services firm projected 2023 adjusted profit above analysts’ forecast.
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