TSX Ends On Buoyant Note On Positive Global Cues

(RTTNews) - Canadian stocks ended on a buoyant note on Wednesday thanks to sustained buying at several counters right through the day's session.

Firm crude oil prices, a drop in Canadian consumer price inflation, and data showing a significant improvement in U.S. consumer confidence, contributed to the positive sentiment in the market.

The benchmark S&P/TSX Composite Index ended with a gain of 264.21 points or 1.37% at 19,571.10.

Energy, real estate, healthcare, consumer discretionary, materials, utilities shares posted strong gains. Several stocks from industrials and financials sectors too posted impressive gains.

Athabasca Oil Corporation (ATH.TO) climbed 6.2% on huge volumes. Baytex Energy (BTE.TO), Cenovus Energy (CVE.TO), Crescent Point Energy (CPG.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO) and Manulife Financial Corporation (MFC.TO) gained 2 to 4.5% on strong volumes.

Spin Master Corp (TOY.TO) surged 7.5%. Aritzia Inc (ATZ.TO) climbed 6.65% and Precision Drilling Corporation (PD.TO) gained 5.6%.

FirstService Corporation (FSV.TO), Methanex Corporation (MX.TO), Altus Group (AIF.TO), Premium Brands Holdings (PBH.TO), TFI International (TFII.TO), BRP Inc (DOO.TO) and Colliers International (CIGI.TO) gained 2.8 to 5%.

BlackBerry (BB.TO) shares plunged more than 9%. The company reported a net loss of $4 million in the three-month period ended November 30, 2022, as against a net income of $74 million in the corresponding quarter last year.

Data released by Statistics Canada showed Canada's annual inflation rate came in at 6.8% in November of 2022, easing slightly from the 6.9% in the prior month. On a monthly basis, Canadian consumer prices rose by 0.1% in November, slowing from a 0.7% gain in the prior month.

Core inflation rate in Canada held steady at 5.8% in November of 2022, the same as in October. Compared to the previous month, core consumer prices were flat.