TSX Ends Modestly Higher

(RTTNews) - The Canadian market ended modestly higher on Thursday, riding on strong gains in technology, energy and industrials shares.

Materials stocks found some support as well, while healthcare and consumer staples stocks were a bit weak.

The benchmark S&P/TSX Composite Index, which opened with a negative gap of nearly 70 points, dropped further to 20,1490.04, but emerged into positive territory around noon to finally end the session with a gain of 77.43 points or 0.38% at 20,337.21.

Technology stocks Tecsys Inc (TCS.TO) and Kinaxis Inc (KXS.TO) climbed 5.9% and 5.3%, respectively. Descartes Systems Group (DSG.TO), Nuvei Corp (NVEI.TO), BlackBerry (BB.TO) and Shopify Inc (SHOP.TO) gained 2.6 to 4%.

In the energy section, Crescent Point Energy (CPG.TO) climbed 2.6%. The company reported a net income of approximately $1.5 billion for the financial year 2022.

Athabasca Oil Corp (ATH.TO) surged 5%. Africa Oil Corp (AOI.TO), MEG Energy (MEG.TO), Freehold Royalties (FRU.TO) and Cenovus Energy (CVE.TO) gained 2.5 to 4%.

Industrials stocks Nutrien (NTR.TO) and Methanex (MX.TO) gained about 5% and 4.35%, respectively. Sandstorm Gold (SSL.TO), Ero Copper Corp (ERO.TO) and Algoma Steel Group (ASTL.TO) gained 3.1 to 3.5%.

Snc-Lavalin (SNC.TO), up 2.15%, was the top gainer in the Industrials Index. Gfl Environmental (GFL.TO), Bombardier (BBD.B.TO), Canadian National Railway (CNR.TO) and Canadian Pacific Railway (CP.TO) ended higher by 1.6 to 2%.

Toronto-Dominion Bank (TD.TO) drifted down 2.4%. The bank adjusted net income of $4,155 million in the first quarter, compared with $3,833 million in the year-ago quarter.

AutoCanada Inc (ACQ.TO) tanked 16%. Canadian Western Bank (CWB.TO) ended lower by about 5.5%. George Weston (WN.TO), Tourmaline Oil Corp (TOU.TO) and Teck Resources (TECK.B.TO) were among the other notable losers.