Canadian Market Gaining For Third Straight Day

(RTTNews) - The Canadian market is up firmly in positive territory Wednesday morning, led by gains in utilities, energy and real estate sectors.

Stocks from communications, consumer staples, industrials and healthcare sectors are also mostly up with solid gains. Several stocks from the financial sector are also up in positive territory.

In addition to digesting a slew of earnings updates and a report on Canadian manufacturing activity, investors are awaiting the Federal Reserve's monetary policy announcement, due later in the day.

The benchmark S&P/TSX Composite Index is up 169.87 points or 0.89% at 19,043.34.

Thomson Reuters Corporation (TRI.TO) is gaining nearly 4.5%. The company reported third-quarter operating profit of $441 million, compared to $398 million in the year-ago quarter.

Goeasy Ltd (GSY.TO), Imperial Oil (IMO.TO), Cargojet (CJT.TO), Colliers International (CIGI.TO) and West Fraser Timber (WFG.TO) are gaining 2 to 2.7%.

George Weston (WN.TO), Toromont Industries (TIH.TO), TFI International (TFII.TO) and Constellation Software (CSU.TO) are also notably higher.

Secure Energy Services Inc (SES.TO) reported third-quarter net income of $47 million, compared to $60 million a year ago. The stock is gaining nearly 4%.

Canada Goose Holdings Inc. (GOOS.TO) shares are plunging more than 9% after the company reported second-quarter adjusted net income of $16.2 million, compared with $20.3 million in the year-ago quarter.

SSR Mining Inc. (SSRM.TO) reported third-quarter adjusted net income of US$53.0 million, as against a loss of US$13.5 million in the year-ago quarter. The stock is down more than 8% despite turnaround results.

On the economic front, a report from Markit Economics said the S&P Global Canada Manufacturing PMI edged higher to 48.6 in October of 2023 from 47.5 in the previous month, pointing to the sixth consecutive slowdown in Canadian manufacturing activity.