By Robb M. Stewart
Toronto stocks bounced back after three consecutive days of losses, thanks to strong earnings reports in various sectors.
Midday trading saw gains across the board, particularly in mining and financial stocks. The retail sector was one of the few areas that experienced a decline.
The S&P/TSX Composite Index rose 1.2% to reach 19,761.39, while the blue-chip S&P/TSX 60 climbed 1.3% to 1,191.23.
Other notable market movers include:
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Manulife Financial, which saw its shares rise by 3.3% to C$25.75 following an increase in net income for the latest quarter. The growth was driven by strong core earnings and a one-time tax-related benefit.
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Enerflex, an energy infrastructure company, witnessed a 12% jump in shares to C$6.32 after reporting quarterly earnings that surpassed expectations. The company’s revenue was boosted by a solid performance from its recurring businesses and the North American engineered systems product line.
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Stelco, a steelmaker, outperformed analysts’ expectations with stronger earnings for the third quarter, despite a decrease in revenue caused by lower prices. The company’s shares soared by 13% to C$42.51.
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AutoCanada, an automobile dealership operator, experienced a 17% drop in shares to C$22.13 as its third-quarter net income decreased by nearly 31% compared to the previous year. While revenue rose, it fell short of expectations with a modest increase of 2.1%.
