By Adriano Marchese
Canadian stocks continued their upward trend in midday trading Friday after closing higher on Thursday. In the previous session, Russia's invasion of Ukraine sent stocks tumbling before rallying and closing in positive territory at the end of the session.
Most sectors were higher at midday, led by consumer durables and health technology, while tech services showed the greatest decline. As Canadian banks continue to report first-quarter earnings, Canadian Imperial Bank of Commerce posted better-than-expected first-quarter results, driving up its shares.
Canada's S&P/TSX Composite Index rose 1% to 20963.16. The blue-chip S&P/TSX 60 climbed 1.1% to 1271.29.
CIBC shares rose 4.5% to C$161.83 after reporting higher profit and revenue, beating analyst expectations, as it benefited from higher income at its wealth-management business and the provision for credit losses was nearly halved in the period.
Other market movers:
Hydro One Ltd. shares fell 1.3% to C$11.42 after it said profit and revenue in were lower the fourth quarter, missing analyst expectations. Adjusted earnings were C$0.26 a share, while forecasts had been for them to remain flat at C$0.27 a share, taken from FactSet.
Pet Valu Holdings Ltd. shares rose 4.7% to C$30.45 after it said it would enter the Quebec market through the acquisition of Les Franchises Chico Inc.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
02-25-22 1218ET
