After experiencing losses in the previous two sessions, the Canadian market managed to end Thursday’s trading on a positive note, despite losing a significant portion of its intraday gains.The benchmark S&P/TSX Composite Index, which surged approximately 210 points to reach 23,336.93, ultimately closed at 23,227.49, reflecting an increase of 100.51 points or 0.43%.Canadian Imperial Bank of Commerce (CM.TO) saw a robust rally of 5.5% due to strong quarterly results. The bank reported an adjusted net income of $1,895 million for the third quarter, up from $1,475 million in the same period last year.Kinaxis Inc. (KXS.TO) jumped 7.2%. Newmont Corporation (NGT.TO) grew 2.7%. Other notable gainers included Methanex Corporation (MX.TO), Dayforce Inc. (DAY.TO), Bank of Montreal (BMO.TO), Stella-Jones (SJ.TO), Agnico Eagle Mines (AEM.TO), Shopify Inc. (SHOP.TO), and Imperial Oil (IMO.TO), each rising between 1% and 2%.Conversely, Parex Resources (PXT.TO) plummeted 23.6% following a downward revision of its production guidance for the year, coupled with the announcement that its CFO would be leaving for another opportunity.Ero Copper (ERO.TO) declined by 4.2%. Shares of National Bank of Canada (NA.TO), Canadian Western Bank (CWB.TO), Ag Growth International (AFN.TO), Dollarama Inc. (DOL.TO), Alimentation Couche-Tard (ATD.TO), and Toromont Industries (TIH.TO) all fell between 1% and 2.3%.Statistics Canada released data indicating that Canada’s current account deficit significantly expanded to C$8.5 billion in the second quarter of 2024, up from C$5.4 billion in the prior quarter. This represents the eighth consecutive quarterly deficit and the largest in seven quarters.Additionally, Statistics Canada reported that the average weekly earnings of non-farm payroll employees in Canada increased by 4% year-on-year to $1,252 in June 2024, a deceleration from the previously revised 4.1% growth in the preceding month.The material has been provided by InstaForex Company – www.instaforex.com
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