Canadian Market Remains Positive After Hitting New Record High

(RTTNews) - The Canadian market is up in positive territory in late morning trade on Friday with stocks from consumer discretionary and communications sectors contributing to the upmove. A few stocks from technology sector are also notably higher.

Data showing a much bigger than expected increase in Canadian jobs growth in the month of November is aiding sentiment.

Investors are also reacting to some quarterly earnings updates.

The benchmark S&P/TSX Composite Index, which moved on to a new record high at 25,826.98 earlier in the session, is up 88.70 points or 0.35% at 25,768.74 nearly half an hour before noon.

Data from Statistics Canada said employment in Canada rose by 51,000 in November of 2024, the most in seven months, extending the slight change of 14,500 from the previous month and well above the market consensus of 25,000.

Meanwhile, the unemployment rate in Canada rose to 6.8% in November, from 6.5% in the previous month. The unemployment rate was expected to come in at 6.6%.

A separate report from Statistics Canada said average hourly earnings in Canada increased to C$ 36.73 in October over the previous month.

The Ivey Business School said that the Ivey Purchasing Managers Index in Canada rose to 52.3 in November, up from 52.0 in October. The Index was expected to rise to 53.1.

Laurentian Bank of Canada (LB.TO) is gaining about 5.2% after reporting an increase in quarterly earnings. For the fourth quarter of fiscal 2024, Laurentian Bank reported net income of $40.7 million and diluted earnings per share of $0.88, compared with net income of $30.6 million and diluted earnings per share of $0.67 for the fourth quarter of 2023.

Canadian Western Bank (CWB.TO), which was scheduled to report its earnings today, has announced that it will announce its earnings in mid-December. The stock is down more than 11%.

BRP Inc (DOO.TO) is rising more than 7% despite reporting lower earnings. The company reported a net income of $27.3 million for the third-quarter, a decrease of 69.7% compared to the year-ago quarter.

Newmont (NGT.TO) is gaining nearly 2%. The company has agreed to sell its Cripple Creek & Victor operation in Colorado, USA, to SSR Mining Inc. for up to $275 million in cash.