TSX Ends Modestly Higher

(RTTNews) - The Canadian market ended modestly higher on Wednesday, thanks to strong buying in healthcare, technology and energy stocks.

The start was a bit weak as worries about economic slowdown, inflation and rate hike concerns weighed on the market. However, stocks found support as the day progressed and the market eventually closed on a fairly firm note after moving in a tight range.

Healthcare stocks turned in a fine performance. Technology stocks moved higher, tracking Nasdaq after encouraging update from Netflix.

Investors digested the inflation data for the month of July, and looked ahead to the European Central Bank's policy announcement, due on Wednesday.

The benchmark S&P/TSX Composite Index ended with a gain of 82.96 points or 0.44% at 19,020.67 after scaling a low of 18,845.15 and a high of 19,056.39 intraday.

Canopy Growth Corp (WEED.TO) shares soared 17.3%. Shopify Inc (SHOP.TO) climbed 12.3%, Tilray Inc (TLRY.TO) surged 11.4% and Hut 8 Mining Corp (HUT.TO) is up nearly 7%.

ARC Resources (ARX.TO), Canadian Natural Resources (CNQ.TO), Baytex Energy (BTE.TO) and Crescent Point Energy (CPG.TO) also ended with impressive gains.

Nutrien Ltd. (NTR.TO) shares gained nearly 2% after the company said that it has inked a deal to buy Casa do Adubo S.A., a Brazilian distributor of fertilizers, pesticides, and seeds, for an undisclosed sum. The acquisition includes 39 retail sites under the brand Casa do Adubo, and 10 distribution centers, under the brand Agrodistribuidor Casal in Brazil.

BMO Financial Group (BMO.TO) announced Wednesday that it has entered into a definitive agreement to acquire Radicle Group Inc., a Calgary-based leader in sustainability advisory services and solutions, and technology-driven emissions measurement and management. BMO shares gained about 0.75%.

Data from Statistics Canada showed the country's annual inflation rate accelerated to 8.1% in June of 2022, the highest since January 1983. However, that was below market expectations of 8.4%.

On a monthly basis, consumer prices rose 0.7%, below expectations of a 0.9% increase and down from the 1.4% jump in May.

Core consumer prices in Canada increased 6.2% in June of 2022 over the same month in the previous year. It is the highest core inflation rate since at least 1984.

Another data from Statistics Canada showed producer prices in Canada fell 1.1% month-over-month in June, following an upwardly revised 1.8% increase in May. It was the first slowdown in producer prices since August of last year. Year-on-year, producer prices rose by 14.3% in June, slowing from a 15.7% jump in the previous month.

The Raw Materials Price Index in Canada edged down 0.1% on a monthly basis in June of 2022, after rising 2.7% in May. Raw materials prices increased 32.4% in June, slowing slightly from a 37.6% increase a month earlier.