TSX rises on boost from miners, Powell reiteration of rate cuts coming

Investing.com — Canada's main stock index continued to climb on Thursday, as markets cheered further comments from Fed Chair Jerome Powell, testifying today before the Senate Banking Committee.

Powell reiterated yesterday’s messaging that rate cuts are coming later this year, keeping alive bets of a move from the Fed in June.

The commodity heavy Canadian index gained further support from miners with gold at record highs as markets anticipate U.S. rate cuts. The Dow Jones, S&P500, and Nasdaq were also firmly in the green, supported by megacap and chip stocks.

InvestingPro subscribers are the first to receive breaking Canadian markets news, TSX analyst upgrades, and know which Toronto stocks are moving markets today. Use code GOPROCANADA for an additional 10% discount.

Toronto Stock Market News

Linamar (TSX:LNR) stock jumped to the top of the TSX after its fourth-quarter profit and sales rose compared with a year ago. Linamar reported earnings of $104.4 million or $1.69 per diluted share in the fourth quarter of 2023, up from $92.2 million or $1.49 per diluted share a year earlier.

Descartes (NASDAQ:DSGX) Systems (TSX:DSG) shares rose after the software company beat expectations for profit and earnings and revenue in its fourth-quarter. The company reported net income of $31.8 million in its fiscal fourth quarter, equating to a profit of 37 cents per share and compared to a profit of 34 cents per share in the same quarter a year earlier. Quarterly revenue came in at $148.2 million, up 18.5% compared to the same quarter last year.

Tourmaline Oil Corp (TSX:TOU). posted earnings of $700.2 million in the fourth quarter of 2023, up from a loss of $30.4 million a year earlier. Diluted earnings per share were $2.00, up from a loss of nine cents per share a year earlier.

Sleep Country (TSX:ZZZ) Canada Holdings posted earnings of $22.5 million in the fourth quarter of 2023, down from $40.5 million a year earlier. Diluted earnings per share came in at 65 cents down from $1.13 a year earlier.

First Quantum (TSX:FM) shares fell after Trade and Industry Minister Jorge Rivera said that the company' Panama mine closure will cost an estimated $800 million.

For all earnings, view our earnings calendar.

Toronto Stocks Moving Markets Today

Top Gainers on the TSX Today:

• Linamar
• Descartes Systems
• Capstone Mining (TSX:CS)

Top Losers on the TSX Today:

• Vermilion Energy (TSX:VET)
• Lithium Americas (TSX:LAAC)
• First Quantum

For all Canadian Stocks Moving Markets today, view our Canada Markets Page.

In Canadian Economics

Data from Statistics Canada shows that in January, Canada’s merchandise trade balance went from a deficit of $863 million in December to a surplus of $496 million in January. Imports decreased 3.8%, while exports fell 1.7%.

Separate data from StatsCan shows that the value of Canadian building permits in January increased 13.5% from December to $10.8 billion.

For all Canadian economic releases, view our economic calendar.

All currencies Canadian Dollar unless noted otherwise.