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CANADA STOCKS-Toronto market ends higher on upbeat corporate results
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CANADA STOCKS-Toronto market ends higher on upbeat corporate results
May 16, 2024 1:35 PM

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TSX ends up 0.1% at 22,299.83

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Canada Goose jumps after Q4 results beat

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Lightspeed Commerce ( LSPD ) exceeds revenue estimates

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Materials group falls 0.2% as gold prices decline

(Updates at market close)

By Fergal Smith

May 16 (Reuters) - Canada's main stock index ended

higher for a second straight day on Thursday as investors

cheered corporate earnings, including from Canada Goose, and

recent signs of cooler inflation in the United States that could

open the door to interest rate cuts.

The Toronto Stock Exchange's S&P/TSX composite index

ended up 15.07 points, or 0.1%, at 22,299.83, edging

closer to the record closing high it posted last Thursday at

22,375.83.

"The markets are consolidating to grinding higher on some

macro news and solid earnings," said Ian Chong, a portfolio

manager at First Avenue Investment Counsel Inc.

Canada Goose Holdings Inc ( GOOS ) shares surged 15.5%, as

the luxury apparel group beat Wall Street estimates for

fourth-quarter results, riding on a recovery in North America

and steady demand in China for its pricey puffer jackets.

Lightspeed Commerce Inc ( LSPD ) was also a standout. Its

shares gained 18.3% as the cloud commerce solution provider beat

first-quarter revenue estimates.

Upcoming earnings reports from Canada's big banks, set to

begin on May 23, could be the next catalyst for the market,

Chong said.

Heavily-weighted financials added 0.1% and utilities was up

0.4%, adding to its strong gains the day before when U.S.

consumer price index data showed prices climbing less than

expected in April, increasing bets among traders that the U.S.

Federal Reserve will cut rates in September.

The materials sector, which includes precious and

base metals miners and fertilizer companies, was a drag, falling

0.2%, as gold and copper prices fell.

Energy ended nearly unchanged as oil settled 0.8%

higher at $79.23 a barrel.

Overnight rain helped firefighters stall a large wildfire

near the Canadian oil sands city of Fort McMurray, Alberta and

wet weather on Thursday was expected to further aid containment

efforts, local officials said.

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