TSX Ends On Strong Note After Bright Session

(RTTNews) - The Canadian market ended on a bright note on Tuesday, lifted by gains in technology, materials, energy and financials sectors.

Several stocks from industrials and consumer discretionary sectors too posted impressive gains.

The benchmark S&P/TSX Composite Index ended with a gain of 195.27 points or 0.95% at 20,767.38, slightly off the day's high.

On the economic front, the Canadian economy likely stalled in December from the previous months, according to preliminary estimates. In November, the GDP edged up by 0.1%, extending the 0.1% advance in October and above the preliminary estimate of a stall.

Technology stocks Haivision Systems (HAI.TO), Payfare Inc (PAY.TO) and Hut 8 Mining (HUT.TO) surged 11.2%, 7.7% and 6.2%, respectively. Quarterhill (QTRH.TO), Kinaxis Inc (KXS.TO), Coveo Solutions (CVO.TO), Shopify Inc (SHOP.TO), Celestica Inc (CLS.TO) and Lightspeed Commerce (LSPD.TO) also posted strong gains.

In the materials sector, Lithium Americas Corp (LAC.TO) zoomed 13.5%. Ivanhoe Mines (IVN.TO) surged 7.5%. Osisko Mining (OSK.TO), Ero Copper (ERO.TO), Teck Resources (TECK.B.TO), Lundin Mining (LUN.TO), Interfor Corp (IFP.TO) and Nutrien (NTR.TO) gained 3 to 6%.

Among energy stocks, Imperial Oil Ltd. (IMO.TO) shares gained nearly 3% after the company reported on Tuesday that fourth-quarter net income soared to C$1.73 billion or C$2.86 per share from C$813 million or C$1.18 per share in the prior-year quarter.

Athabasca Oil Corp (ATH.TO) rallied nearly 6%. Advantage Oil & Gas (AAV.TO), Headwater Exploration (HWX.TO), MEG Energy (MEG.TO) and Paramount Resources (POU.TO) gained 2 to 3%.

In the financials section, Canadian Imperial Bank of Commerce (CM.TO), Goeasy (GSY.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Laurentian Bank (LB.TO), Bank of Montreal (BMO.TO) and Sun Life Financial (SLF.TO) gained 1 to 2%.

Canadian Pacific Railway (CP.TO) gained about 1.5%. The company reported net earnings of $1.27 billion in the fourth quarter of 2022, compared with $532 million in the year-ago quarter.

Investors looked ahead to the Federal Reserve's monetary policy announcement, due on Wednesday. The Fed is widely expected to raise interest rate by 25 basis points. The focus will be on the accompanying statement and Fed Chief Jerome Powell's comments for clarity about future rate hikes.

The European Central Bank and the Bank of England are also scheduled to announce their rate decisions this week.