Canadian Market Closes On Firm Note

(RTTNews) - The Canadian market closed on a firm note on Monday, lifted by gains in energy stocks. The start was a bit shaky, but stocks gained in strength as the day progressed as buying gathered momentum, although volumes remained a bit thin ahead of upcoming Christmas holidays.

The benchmark S&P/TSX Composite Index, which dropped to 24,510.50, rallied to close with a gain of 149.50 points or 0.61% at 24,748,98,

Healthcare stock Tilray Inc (TLRY.TO) zoomed 15.2%. Energy stocks Birchcliff Energy (BIR.TO) gained nearly 6%. Advantage Oil & Gas (AAV.TO), Kelt Exploration (KEL.TO), Nuvista Energy (NVA.TO), Baytex Energy (BTE.TO), International Petroleum Corp (IPCO.TO), Topaz Energy (TPZ.TO), Arc Resources (ARX.TO), Veren Inc (VRN.TO), Prairiesky Royalty (PSK.TO) and Headwater Exploration (HWX.TO) climbed 3 to 5.3%.

Payfare Inc (PAY.TO) shares skyrocketed 80% after the company announced that it will be bought by 1517452 B.C. Ltd., an affiliate of Fiserv, Inc., for C$4.00 in cash per share, for total consideration of approximately C$201.5 million.

Paramount Resources (POU.TO) and North American Construction Group (NOA.TO) gained 5.95% and 5%, respectively. CAE Inc (CAE.TO), Celestica Inc (CLS.TO), CCL Industries (CCL.A.TO), Methanex Corporaton (MX.TO) and Brookfield Infrastructure (BIPC.TO) also closed with strong gains.

Hut 8 Corp (HUT.TO) closed down 7.1%. Bausch + Lomb (BLCO.TO), Quebecor Inc (QBR.TO), BRP Inc (DOO.TO), Morguard Corporation (MRC.TO), Aritzia Inc (ATZ.TO) and Waste Connections (WCN.TO) also closed weak.

According to a flash estimate, the Canadian GDP contracted for the first time in eleven month, declining by 0.1% from the previous month in November.

In October, the Canadian GDP expanded by 0.3%, revised higher from the flash reading of a 0.1% rise, after rising by a revised 0.2% in September.

Industrial product prices in Canada rose by 0.6% month-over-month in November, following a 1.2% increase in October. Producer prices increased 2.2% year-over-year in November, following a 1.1% rise in October.

Meanwhile, raw materials prices increased to 2% in November from -2.8% in October.

A separate data from Statistics Canada said that according to preliminary estimates, manufacturing sales in Canada likely rose 0.5% month-over-month in November, following a 2.1% rise in October.