TSX Climbs To New Record High; Bank, Technology Stocks Move Up Sharply

(RTTNews) - Canadian stock market's benchmark index S&P/TSX Composite Index rose to a new all-time high Thursday morning, lifted by strong gains in technology, financials and energy sectors.

Several stocks from healthcare, consumer discretionary and consumer staples sectors also moved up sharply.

Upbeat earnings from Canadian banks, and continued optimism about an interest rate cut by the Federal Reserve next week lifted sentiment.

The S&P/TSX Composite Index, which climbed to a new record high of 31,499.55, was up 315.29 points or 1.01% at 31,475.83 a few minutes past noon.

After Royal Bank of Canada, Bank of Nova Scotia and National Bank of Canada, three more major Canadian banks Toronto-Dominion Bank, Bank of Montreal and Canadian Imperial Bank of Commerce have reported strong quarterly earnings.

Toronto-Dominion Bank gained 1.5% after reporting adjusted net income of $3,905 million in the fourth quarter of its latest financial year, compared with $3,205 million a year ago. Adjusted diluted earnings per share came in at $2.18, compared to $1.72 in the year-ago quarter.

Bank of Montreal drifted down 1.4% despite reporting a notable increase in adjusted net income for the fourth quarter its latest financial year. Adjusted net income was $2,514 million in the fourth quarter, an increase of 63% from $1,542 million in the year-ago quarter.

Canadian Imperial Bank of Commerce climbed 4%. CIBC reported a net income of $2.18 billion for the quarter ended October 31, 2025, up 16% from $1.88 billion in the corresponding quarter a year ago.

EQB Inc. shares soared more than 11%. Royal Bank of Canada climbed 3% and Nationa Bank of Canada gained about 2.1%. Manulife Financial and Fairfax Financial Holdings moved up 1.2% and 1.1%, respectively.

Technology stock Descartes Systems Group zoomed 11.8% after reporting a sharp 11% jump in revenues in the third quarter compared to a year ago.

Dye & Durham, CGI Group, Celestica Inc. and Kinaxis gained 2.3 to 3.2%.

Among energy stocks, PrairieSky Royalty, Headwater Exploration, Vermilion Energy, Canadian Natural Resources and Peyto Exploration and Development moved up 2.3 to 3.2%.

Healthcare stocks Curaleaf Holdings and Bausch Health Companies surged 6.5% and 5.3%, respectively.

Consumer staples stocks Loblaw Co., Metro, Empire Company and Maple Leaf Foods climbed notably higher.

Consumer discretionary stock Brp Inc jumped 6.3% after reporting that its third-quarter profit more than doubled compared with a year ago. The company reported a profit of $76.5 million or $1.04 per diluted share for the quarter ended October 31, up from a profit of $30.6 million or $0.42 per diluted share in the year-ago quarter.

Pet Valu Holdings, Gildan Activewear, Aritzia and Dollarma gained 1 to 2%.

In economic news, a report from Ivey Business School said Canada's Ivey Purchasing Managers Index tumbled to 48.4 in November from 52.4 in October, and way below expectations of 53.6.