TSX Ends Moderately Higher

(RTTNews) - After a slightly positive start and a subsequent drop, the Canadian market recovered and edged higher to eventually settle on a firm note on Thursday, as comments from Bank of India Governor Tiff Macklem that the central bank is getting closer to start reducing interest rates aided sentiment.

Fed Chair Jerome Powell's comments that the next rate move from the central bank will most likely be an interest rate reduction also contributed to the positive mood in the market.

The benchmark S&P/TSX Composite Index, which climbed to 21,889.26, rising more than 200 points from an early low, ended the session with a gain of 94.67 points or 0.44% at 21,823.22.

Industrials, utilities and real estate stocks were among the major gainers in the session. Healthcare stocks were weak, while shares from the rest of the sectors turned in a mixed performance, with investors largely reacting to earnings announcements.

Thomson Reuters (TRI.TO) rallied nearly 7%. Thomson Reuters reported an operating profit of US$ 556 million for the first quarter ended March 2o24, compared to US$ 508 million in the year-ago quarter.

Gfl Environmental (GFL.TO), Russel Metals (RUS.TO), Bombardier Inc (BBD.B.TO), Stantec (STN.TO) and Ballard Power Systems (BLDP.TO) climbed 2.75 to 4.5%. WSP Global (WSP.TO), Element Fleet (EFN.TO), Canadian Pacific Kansas City (CP.TO), Cae Inc (CAE.TO) and Tfi International (TFII.TO) gained 1.5 to 2.2%.

Brookfield Renewable Partners (BEP.UN.TO) surged 5.3%. Algonquin Power & Utilities Corp (AQN.TO) gained about 3.5%, while Boralex (BLX.TO), Innergex Renewable Energy (INE.TO) and Brookfield Infra Partners (BIP.UN.TO) climbed 2.3 to 2.7%.

Granite Real Estate (GRT.UN.TO), FirstService Corp (FSV.TO), Choice Properties (CHP.UN.TO), Primaris (PMZ.UN.TO), CDN Apartment (CAR.UN.TO) and Dream Indsutrial REIT (DIR.UN.TO) gained 1.5 to 2.2%.

Bausch Health Companies (BHC.TO) plunged more than 8% despite reporting higher earnings. The company reported first-quarter revenue of $2.15 billion, compared with $1.94 billion in the first quarter of 2023, an increase of $209 million, or 11%.

Maple Leaf Foods Inc. (MFI.TO) drifted down nearly 4% despite reporting turnaround results. The company reported first-quarter net earnings of $51.6 million ($0.42 per basic share) compared to a loss of $57.7 million ($0.48 loss per basic share) last year.

Canadian Natural Resources (CNQ.TO) reported adjusted net earnings of $1,474 million for the quarter ended March 2024, compared to adjusted net earnings of $1,881 million in the year-ago quarter. The stock ended 0.6% down.

BCE Inc (BCE.TO) ended lower by about 1.4% after reporting first-quarter net earnings of $457 million, compared to $788 million in the year-ago quarter.

Air Canada (AC.TO) closed lower by more than 8% after reporting first-quarter net loss of $81 million and diluted loss per share of $0.22 compared to net income of $4 million and diluted loss per share of $0.03, in the year-ago quarter.

On the economic front, data from Statistics Canada showed Canada recorded a trade deficit of C$ 2.28 billion in March. Exports dropped to C$ 62.56 billion, while imports decreased to C$ 64.84 billion in the month.