Canadian Stocks Midday Surge
Toronto-listed stocks show strong midday performance, backed by robust Q4 economic growth, standout bank earnings, and notable market movements.
In a robust midday trading session on Thursday, Toronto-listed stocks surged ahead. Canadian banks showcased their fiscal first-quarter earnings, with Canadian Imperial Bank of Commerce benefiting from a strong domestic business and Toronto-Dominion Bank excelling in its capital markets segment.
On the macroeconomic front, Canada's economy displayed better-than-expected growth in the fourth quarter, with a 1.0% increase fueled by a notable rise in exports that offset the ongoing decline in business investment.
During the session, the tech sector emerged as the top gainer, followed by energy and materials - although consumer durables, tech services, and commercial services stocks lagged behind.
By midday, Canada's S&P/TSX Composite Index surged by 0.21% to 21288.66, while the blue-chip S&P/TSX 60 experienced a 0.23% rise, reaching 1285.37.
Canadian Imperial Bank of Commerce stole the show among Canadian banks, witnessing a 1.5% increase in shares to 63.80 Canadian dollars ($46.98) after reporting higher first-quarter earnings and revenue.
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