By Adriano Marchese
Canadian stocks rebounded midday Friday, but indexes are still on track for a weekly drop of about 0.6%. Most sectors were in positive territory, with strong gains in consumer durables, tech and transportation stocks primarily. Of the few decliners, utilities and health services were the biggest laggards.
On the macro front, Canadian manufacturing activity continued to firm in October to 51.1 from 50.4 in September, notching a second straight month just inside expansion territory, data showed Friday.
Canada's S&P/TSX Composite Index rose 0.8% to 24354.71 and the blue-chip S&P/TSX 60 advanced by 0.8% to 1456.51.
Shares in Magna International rose 7.8% to 59.26 Canadian dollars ($42.53) in Friday morning trading after the Canadian auto parts manufacturer reported better-than-expected figures in the third quarter, suggesting that the market may be improving.
Other market movers:
Air Canada shares were flying over 11% higher at C$21.00 after the Canadian flagship airline upgraded expectations for the full year following a better-than-expected third quarter. Investors were curious to know how the company would perform in the period marked by labor disruptions.
MDA Space shares got a boost, rising nearly 11% to C$23.59 after Scotiabank said it is optimistic for the company's future, especially with recent contract wins that have room to expand.
Baytex Energy shares advanced 6.1% to C$4.17 after it said higher production and lower costs helped support better-than-expected cash generation in its recent quarter.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 01, 2024 12:03 ET (16:03 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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