Stocks in Toronto experienced overall gains, with the consumer discretionary sector leading the way. Consumer services and communications also saw positive growth. However, process industries, producer manufacturing, and health tech faced challenges.
Market Performance
The S&P/TSX Composite Index in Canada saw a rise of 0.61% to reach 20,398.91, while the blue-chip S&P/TSX 60 climbed by 0.73% to reach 1,224.15.
AutoCanada: Strong Earnings Drive Stock Increase
AutoCanada witnessed a significant spike of 15% in its shares, reaching 24.02 Canadian dollars ($17.90). The company reported better-than-expected earnings and higher revenue in the second quarter, thanks to a robust post-pandemic demand for vehicles.
Canadian Tire: Decrease in Stock Value
On the other hand, Canadian Tire experienced a decline of 4.6% in its stock value, reaching 165.89 a share. The retailer reported a drop in second-quarter profit and lower-than-expected revenue due to softened demand for consumer discretionary goods during the period.
WELL Health Technologies: Narrowed Loss and Revenue Growth
WELL Health Technologies saw its shares rise by 5% to C$4.62 after reporting a decreased loss in the second quarter. This improvement was attributed to an increase in patient visits, which drove revenue growth.
New Gold: Suspension of Mining Activities
New Gold’s shares took a hit, decreasing by over 11% to C$1.26. The company announced the suspension of underground mining activities at its British Columbia mine following an inspection that discovered geotechnical variances at the facility.
Quebecor: Strong Performance and Acquisition
Shares of Quebecor, now the fourth-largest Canadian telecom company, rose by 3.3% to C$32.19. The company reported higher second-quarter profit and revenue, thanks to its recent acquisition of Freedom Mobile.