TSX Ends On Buoyant Note On Positive Global Cues
(RTTNews) - The Canadian stock market ended on a buoyant note on Friday, rebounding strongly after suffering its worst setbacks in three months a day earlier.
Positive global markets and higher crude oil prices helped offset concerns about inflation and rate hikes and prompted investors to indulge in hectic buying right through the day's session.
The benchmark S&P/TSX Composite Index ended with a gain of 345.79 points or 1.85% at 19,062.91. The index touched a low of 18,828.93 and a high of 19,100.72 in the session.
All the sectoral indexes closed in positive territory. The Health Care Capped Index climbed almost 6%. The Information Technology and Energy Indexes moved up 3.73% and 3.29%, respectively. The consumer staples, industrials and materials indexes gained 2.2% to 2.3%. Communications, consumer discretionary and real estate stocks too ended with strong gains.
Tecsys Inc (TCS.TO) soared 10.5%. Docebo Inc (DCBO.TO) surged up 8.9% and MTY Food Group (MTY.TO) climbed nearly 7%. Kinaxis Inc (KXS.TO), Shopify Inc (SHOP.TO), Boyd Group Services (BYD.TO), goeasy (GSY.TO), Precision Drilling Corp (PD.TO), Cargojet (CJT.TO) and West Fraser Timber (WFG.TO) gained 4 to 8%.
BlackBerry (BB.TO) gained nearly 6% after reporting stronger than expected first quarter revenue thanks to growth in its auto products and cybersecurity services segments. The company said that revenue from its internet-of-things segment that includes its auto products grew the fastest in the first quarter at 19%, with a gross margin of 84%.
On the economic front, data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada rose for the eleventh consecutive month in April, increasing by 4% year-on-year to C$ 1,170.1.
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