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.

Strong Economic Growth in Fourth Quarter

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.

Sector Performance Analysis

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.

Market Rally Figures

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.

Standout Performers

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.

Notable Market Movements

  • Toronto-Dominion Bank reported an uptick in profits and revenue surpassing expectations in the fiscal first quarter due to a stellar performance in its Canadian banking segment.
  • Canadian Natural Resources saw its stock surge by 4.6% to C$94.02 after announcing increased fourth-quarter profits and plans to funnel all free cash flow back to shareholders post reaching target debt levels earlier than projected.
  • Cronos Group, a Canadian cannabinoid-products company, experienced an 8.6% drop in shares to C$2.78 after reporting lower-than-expected revenue growth in the fourth quarter.
  • Lion Electric's Toronto-listed shares took a hit, declining by 14% to C$1.96 after the electric vehicle manufacturer disclosed a wider loss in the fourth quarter and announced temporary staff layoffs to align with reduced vehicle output and deliveries.

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