By Adriano Marchese
Stocks in Toronto rose Thursday, with the S&P/TSX Composite Index up more than 640 points at midday.
Trader sentiment was bolstered after U.S. headline and core consumer price index figures for October came in lower than expected, signaling that inflation may be cooling.
All Canadian sectors pushed the indexes higher, led by tech services, process industries and producer manufacturing.
At midday, the S&P/TSX Composite Index was up 3.3% to 19990.23 and the blue-chip S&P/TSX 60 shot up 3.2% to 1210.56.
In line with the upward trend, CAE Inc. shares rose 18% after the developer of simulation technologies, modeling technologies and training services reported nearly tripled profit in its fiscal second quarter.
CAE's stock was trading at C$28.30 midday after the company reported net income of 46.3 million Canadian dollars ($34.2 million) for the period ended Sept. 30. That compared with income of C$17.2 million a year ago. Revenue rose 22% to C$993.2 million, beating analyst expectations of C$938.2 million.
Other market movers:
Shares of AI-powered learning platform Docebo Inc. jumped more than 19% to C$38.37 after reporting higher-than-expected profit and revenue in the third quarter, while adjusted earnings turned positive a quarter earlier than anticipated.
Cineplex Inc. shares were 6.1% higher at C$10.29 after the Canadian movie-theater chain reported a profit despite analyst expectations of a loss, as moviegoers returned to the big screen and box office revenue improved.
Toronto-listed shares of Maverix Metals Inc. rose 8.8% to C$5.19 after news that Triple Flag Precious Metals Corp. will acquire all of its issued and outstanding shares, merging their businesses in a deal valued at $606 million.
Canadian Tire Corp. shares fell 1.7% to C$147.15 after the retailer reported lower earnings in the third quarter, missing analyst expectations, while revenue growth was in line with forecasts.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
11-10-22 1251ET
