Canada's main stock index rose on Thursday, led by industrial shares, with broader market sentiment underpinned by the Federal Reserve's signal the previous day that interest rate cuts remain on the table. The Toronto Stock Exchange's S&P/TSX composite index ended up 94.67 points, or 0.44%, at 21,823.22. All three major U.S. stock indexes ended higher, with the tech-heavy Nasdaq enjoying a healthy boost from chip stocks after Qualcomm reported quarterly sales and profit above analyst expectations.
(Reuters) -Air Canada reported a bigger first-quarter loss than expected on Thursday on higher operating costs tied to labor and aircraft maintenance, overshadowing early signs of a revival in corporate demand. Mark Galardo, Air Canada's vice president for network planning, said corporate demand is up around 10% to 20% into the second quarter on an annual basis, citing fresh demand from the tech sector. “We’re starting to see some very encouraging signals in corporate demand,” Galardo told analysts.
Despite facing several challenges, we believe that passenger revenues will remain strong at Air Canada (ACDVF).