TSX Ends Higher For 3rd Straight Day

RTTNews | 580 hari yang lalu

(RTTNews) - After a marginally positive start and a subsequent rise to higher levels, the Canadian market pared gains and very nearly slipped into negative territory in late afternoon trades on Wednesday, but recovered swiftly and finally ended the day's session on a firm note.

Fairly good earnings updates, and slightly easing worries about U.S.-Ukraine tensions after the two nations agreed on a minerals deal, helped keep investor sentiment a bit positive.

The benchmark S&P/TSX Composite Index closed up 124.38 points or 0.49% at 25,328.36, gaining for a third straight session. The index scaled a low of 25,208.56 and a high of 25,441.73 intraday.

Materials and technology stocks moved higher, contributing significantly to market's firm close. Communications and energy stocks were a bit weak.

In the materials sector, Aya Gold & Silver and Fortuna Silver Mines climbed 7% and 6.25%, respectively. Oceanagold, Orla Mining, Iamgold Corp, First Majestic Silver Corp, Hudbay Minerals, Sandstorm Gold and Ngx Minerals gained 4 to 5.3%. MAG silver, New Gold, Capstone Mining Corp, Torex Gold Resources and Kinross Gold Corp also rallied sharply.

Technology stocks Celestica Inc, Sangoma Technologies and BlackBerry gained 5.5%, 3.5% and 3.3%, respectively. Shopify Inc, Sylogist, Quarterhill, Coveo Solutions, Descartes Systems Group and Enghouse Systems climbed 1 to 2.5%.

Stantec climbed nearly 7%. Maple Leaf Foods closed stronger by 5.3%, Cameco Corporation advanced nearly 3%, Pan American Silver Corp ended 2.8% up, and Sprott Inc gained 2.7%.

George Weston Limited shares gained 2.85%. The company reported adjusted net earnings of $415 million for the fourth-quarter of 2024, an increase of $73 million, or 21.3%, compared to earnings in the year-ago quarter.

National Bank of Canada ended down 5.5% despite the bank reporting a rise in quarterly net earnings. The stock is down as the bank has set aside larger than expected reserves for bad loans.

The lender reported first-quarter net income of $997 million, up 8% from $922 million in the first quarter of 2024. First-quarter diluted earnings per share stood at $2.78 compared to $2.59 in the first quarter of 2024.

Spin Master Corp shares closed lower by 3.6%. Precision Drilling Corporation, Alimentation Couche-Tard, Capital Power Corporation, BCE Inc., Cargojet, Toromont Industries, Sun Life Financial and Docebo ended down by 1 to 2.3%.

On the economic front, data from Statistics Canada said wholesale sales in Canada increased by 1.8% month-over-month in January 2025, rebounding from a 0.2% decline in December, preliminary estimates showed.

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