After witnessing more than 5% value erosion in the previous four sessions combined, the Canadian stock market staged a sharp recovery on Thursday as investors shifted their focus to largely better-than-expected corporate earnings. The S&P/TSX Composite Index inched up by 345 points, or 1.6%, to settle at 22,226, posting its biggest single-day percentage gains since mid-February.
While all main sectors ended the day in the green, the market recovery was mainly driven by solid gains in healthcare, consumer cyclical, and tech stocks.
Top TSX Composite movers and active stocks
Shares of MDA Space (TSX:MDA) jumped by 12.4% to $13.57 per share, making it the top-performing TSX stock for the day. This rally in MDA stock came after the Toronto-headquartered robotics and satellite systems company announced its second-quarter financial results.
In the quarter ended June 2024, MDA’s revenue climbed by 23.5% year over year to $242 million…
