Canadian Stocks Rebound despite Late Wednesday Selloff

Retail Sales in Canada Showed Growth in October

Canadian stocks experienced a rebound after a recent selloff late on Wednesday. The retail sales in Canada demonstrated consistent growth for the second consecutive month, showing a 0.7% increase in October. The primary driver behind this growth was trade at motor vehicle dealers.

Strong Performance in Most Sectors

Thursday witnessed an overall positive trend in the Canadian stock market, with several sectors performing particularly well. Producer manufacturing, tech, and materials sectors led the way, with noticeable growth. However, tech services were the only sector that experienced a decline.

Market Indices Highlighting Gains

The S&P/TSX Composite Index of Canada showcased an increase of 0.83%, reaching 20771.14. Similarly, the blue-chip S&P/TSX 60 marked a rise of 0.79%, reaching 1253.04.

BlackBerry Faces Challenges with Wider Loss and Lower Revenue Forecast

BlackBerry encountered a setback with its shares dropping by over 13% to 4.76 Canadian dollars ($3.56). The company reported a wider loss in the third quarter and projected lower-than-expected revenue for the fourth quarter.

Key Market Movers

Crescent Point Energy, a major player in the energy sector, experienced a surge of 1.6% in its shares, reaching C$9.28. The company has set higher targets for production in 2024 due to planned improvements in output and capital expenditures. Additionally, Crescent Point Energy boosted its quarterly dividend by 15%.

Energy Fuels also enjoyed positive market performance, with a 6.6% increase in its shares, reaching C$9.91. The company announced its plans to begin uranium production at three new sites in Arizona and prepare others for near-term production due to the favorable uranium market conditions.

Galiano Gold witnessed a substantial boost, with its shares skyrocketing by 23% to C$1.07. The company announced its acquisition of a 45% interest in a mine located in Ghana from a subsidiary of Gold Fields. This strategic move allows Galiano Gold to establish its presence in the African mining sector.