By Adriano Marchese
Canadian stocks were higher Thursday with the S&P/TSX Composite Index up 136.74 points, as investor sentiment improves with the market now pricing in an interest rate cut as early as July.
At midday, Canada's S&P/TSX Composite Index climbed 0.70% to 19669.47, while the blue-chip S&P/TSX 60 rose 0.64% to 1180.45.
Technology, technology services and manufacturing stocks led the advance, with just the health technology and health services sectors in decline.
Bombardier Inc. shares were 7.5% higher at 66.50 Canadian dollars ($48.50) after the Montreal-based business-jet manufacturer increased its outlook for revenue and cash flows for the next two years. Revenue is expected to reach $9 billion, up from prior expectations of $7.5 billion, by 2025. Free cash flow is seen at about C$900 million from just under $500 million previously. The increases are largely due to strong demand for medium- and large-sized planes, the company said.
Other market movers:
MDA Ltd. shares were 5.4% higher at C$7.36 after reporting better-than-expected revenue and improving business activity in its fourth quarter.
Drone Delivery Canada Corp. soared 28% to C$0.44 after the drone logistics systems company said it won a C$1.2 million contract with the Canadian government.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
03-23-23 1252ET
