By Adriano Marchese
The Toronto stock market experienced a significant uptick midday Friday, following the impressive 3% rally of the S&P/TSX Composite Index on Thursday, marking its best day of trading since November of last year.
Most sectors had considerable gains, with health tech, producer manufacturing, and commercial services leading the way. However, the tech, energy, and consumer durables sectors experienced some decline.
- Canada's S&P/TSX Composite Index rose by 0.96% to reach 19,815.54.
- The blue-chip S&P/TSX 60 also saw a 0.78% increase, reaching 1,190.47.
Magna International Shines
Magna International saw a remarkable surge, with its shares increasing by nearly 14% to reach 76.69 Canadian dollars ($55.83) following the company's outstanding earnings and sales performance in the third quarter. This success was largely attributed to the rising global production of light vehicles throughout the year.
Other Market Updates
- Restaurant Brands International reported lower profits in the third quarter due to increased taxes and other costs, resulting in a 2.8% drop in shares to C$92.32.
- Centerra Gold announced its plans to initiate a share-repurchase program, leading to a 5.2% increase in shares to C$8.21. The program aims to buy back approximately 8.5% of the company's common shares over the span of one year.
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