The Canadian market is hovering around new record high on Thursday with stocks from energy, consumer staples and utilities sectors turning in a fine performance. Investors are digesting earnings updates from major banks and looking ahead to Canadian and U.S. jobs data, due on Friday.
The benchmark S&P/TSX Composite Index was up 82.21 points or 0.32% at 25,723.39 a little while ago.
Bank of Montreal (BMO.TO) is up nearly 4%. The bank reported a net income of $2,304 million for the fourth-quarter of fiscal 2024, compared with $1,710 million in the year-ago quarter. Adjusted net income was $1,542 million in the latest quarter, compared with $2,243 million a year ago.
Canadian Imperial Bank of Commerce (CM.TO) is up 4.5%. The bank reported adjusted net income of $1,889 million for the fourth quarter of fiscal 2024, compare with $1,522 million.
Toronto-Dominion Bank (TD.TO) is down more than 5% on lower earnings. The bank reported adjusted net income of $3,205 million in the fourth quarter of fiscal 2024, compared with $3,485 million in the fourth quarter of the previous year.
Tecsys Inc (TCS.TO) is down 1.3%. The company announced that it posted a net profit of $0.8 million or $0.05 per share on a fully diluted basis in the second quarter of fiscal 2025, compared to a net loss of $0.3 million or $0.02 per share for the same period in fiscal 2024.
Energy stocks International Petroleum Corp (IPCO.TO) and Advantage Oil & Gas (AAV.TO) are up 4.2% and 4%, respectively. Peyto Exploration (PEY.TO) and Tamarack Valley Energy (TVE.TO) are gaining 3.3% and 3.1%, respectively. Imperial Oil (IMO.TO), Suncor Energy (SU.TO) and Parex Resources (PXT.TO) are also up with strong gains.
Consumer staples stocks Loblaw Company (L.TO) and George Weston (WN.TO) are up 3.6% and 2.7%, respectively. Metro Inc (MRU.TO) is gaining 1.3%.
Utilities stock Transalta Corp (TA.TO) is up 7.5%. Capital Power Corp (CPX.TO) is rising 6.5%, while Hydro One (H.TO), Emera Incorporated (EMA.TO) and Brookfield Infra Partners (BIP.UN.TO) are up 1 to 1.2%.