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Toronto Stocks Show Slight Gain Amidst Mixed Trading

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By Adriano Marchese

Toronto stocks experienced a somewhat turbulent trading session for Canadian indexes, but ultimately ended the day slightly higher.

Investors are closely observing the Canadian economy following the release of Wednesday’s report, which revealed that gross domestic product in November surpassed expectations. However, the country’s manufacturing activity remains in contraction territory at the start of the new year, despite a slight easing in the pace of declines in output and new orders.

On Thursday, Canada’s financial sector took the biggest hit, followed by tech and transportation. On the other hand, materials, consumer durables, and consumer discretionary sectors were the top gainers.

By midday, Canada’s S&P/TSX Composite Index had risen by 0.15% to reach 21,053.39. Meanwhile, the blue-chip S&P/TSX 60 experienced a more modest increase of 0.07%, bringing it up to 1,269.02.

Among the notable movers in the market:

  • Shares in Canada Goose Holdings saw a moderate increase of 1.9% to reach 16.43 Canadian dollars ($12.23). The company reported higher revenue and adjusted earnings in line with expectations for the third quarter. Strong performance in Asia-Pacific markets offset declines in other regions.

  • Rogers Communications also fared well, with its shares rising by 1.7% to C$63.84. Although the company reported lower profit, it exceeded revenue expectations for the fourth quarter. Onboarding new customers and progress in the integration of Shaw Communications contributed to this positive result.

  • Real Matters, in contrast, experienced a decline of 7% as its shares dropped to C$6.50. The company reported a loss and lower-than-expected revenue in its first quarter, primarily due to weak mortgage-origination volumes.

  • Royal Helium, on the other hand, saw an 8.8% increase in its share price to C$0.19. The company announced that it will receive a C$3 million contribution from the Canadian government as part of its aerospace regional recovery initiative.

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