On Thursday afternoon, the Canadian market continued to exhibit strong gains, buoyed by consistent buying across various sectors. This positive trend is attributed to encouraging economic data from the United States and prevailing optimism about a potential interest rate cut by the Federal Reserve in September.Prominent sectors driving the market include technology, materials, financials, energy, and healthcare.The benchmark S&P/TSX Composite Index has risen by 166.10 points, or 0.72%, reaching 23,293.08.Canadian Imperial Bank of Commerce (CM.TO) is seeing a notable increase of nearly 6.5%, fueled by robust quarterly earnings. 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.Bank of Montreal (BMO.TO) has gained approximately 1.8%, while Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO) are up 0.8% and 0.7%, respectively. However, National Bank of Canada (NA.TO) has experienced a decline of about 1.7%.In the technology sector, Kinaxis Inc (KXS.TO) is up 7.5%, rebounding from recent setbacks. Other tech stocks such as BlackBerry (BB.TO), Bitfarms (BITF.TO), and Lightspeed Commerce (LSPD.TO) have also shown gains, with increases of 4%, 3.5%, and 2 to 2.5%, respectively. Celestica Inc (CLS.TO), Dye & Durham (DND.TO), and Shopify Inc (SHOP.TO) are similarly benefiting, along with notable rises in Docebo Inc (DCBO.TO), Coveo Solutions (CVO.TO), and Descartes Systems Group (DSG.TO).Materials stocks are performing well with Algoma Steel Group (ASTL.TO), K92 Mining (KNT.TO), Methanex Corp (MX.TO), Novagold (NG.TO), Equinox Gold Corp (EQX.TO), Kinross Gold (K.TO), Sandstorm Gold (SSL.TO), Barrick Gold Corp (ABX.TO), and B2Gold Corp (BTO.TO) seeing increases ranging from 1.8% to 4%.In the energy sector, companies such as CES Energy Solutions (CEU.TO), Topaz Energy (TPZ.TO), Baytex Energy Corp (BTE.TO), Headwater Exploration (HWX.TO), International Petroleum Corp (IPCO.TO), and Vermilion Energy (VET.TO) have advanced between 2% and 3%.Statistics Canada reported that Canada’s current account deficit expanded significantly to C$8.5 billion in the second quarter of 2024, up from C$5.4 billion in the previous quarter. This represents the largest deficit in seven quarters and marks the eighth consecutive quarterly shortfall.Additionally, data from Statistics Canada indicated that average weekly earnings for non-farm payroll employees in Canada grew by 4% year-over-year to $1,252 in June 2024, although this is a slight deceleration from the revised 4.1% growth seen in the prior month.The material has been provided by InstaForex Company – www.instaforex.com
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