Toronto Stocks Rally; TD Bank Shares Rise as CEO Masrani Set to Retire

By Adriano Marchese

Toronto-listed stocks were firmly higher in midday trading on Thursday, in lock-step with global markets as the U.S. Federal Reserve reduced its interest rate. Indexes were supported by a broad-based push from most sectors. In particular, tech, manufacturing and materials stocks were the strongest gainers in the session, with utilities, retail and consumer durables only slightly in the red.

Canada's S&P/TSX Composite Index rose by 1.1% to 23855.74 while the blue-chip S&P/TSX 60 climbed 1.1% to 1431.69.

Shares in Toronto-Dominion Bank rose after Chief Executive Bharat Masrani said he plans to retire next year after 38 years with the big Canadian lender and more than a decade in the top job. TD appointed Raymond Chun to succeed Masrani.

Other market movers:

Dream Unlimited shares rose 2.7% to C$31.80 after it said it got the green light from the Toronto Stock Exchange to renew a share buyback program for up to 10% of its public float of class A subordinated voting shares.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 19, 2024 12:17 ET (16:17 GMT)

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