Trade optimism lifts markets as Disney shines
Markets rose on news that the U.S and China would reduce some tariffs to pave the way to signing phase one of the closely watched trade agreement. The Dow gained as much as 0.66% Thursday, though North American indices faded slightly in the last 90 minutes of trading. Notable gainers in Toronto include Royal Bank, which closed at a new high of $108.46. The Canadian banks have been lagging the rest of the TSX for much of 2019, but have recently shown some life.
Other winners included Stantec, which reported a 29% leap in adjusted net income year over year, which pushed shares up 15.71%. CNQ offered the energy space some hope when it reported upbeat cash flow and production numbers. CNQ climbed 8.32%. Though it’s had a choppy year, Canadian Tire jumped 4.54% after promising to cut production costs and raise its dividend.
The big news after-hours was Disney, announcing good numbers, lifted by the hit movie, The Lion King, and its theme parks. Disney is already in the spotlight for the much-anticipated launch of its streaming service, Disney+, on Nov. 12. The street expects the House of the Mouse to take a bite out of Netflix, but some analysts feel they can co-exist.