TSX Ends Session On Firm Note, Gains 2.65% In Week

(RTTNews) - The Canadian market ended on a strong note on Friday, lifted by gains in energy, healthcare and consumer discretionary stocks.

The market stayed in positive territory right through the day's session amid hopes the central banks, including the Federal Reserve, will pause interest rate hikes, and some banks may even start reducing rates from the middle of next year.

A sharp jump in crude oil prices triggered heavy buying in the energy sector.

The benchmark S&P/TSX Composite Index ended with a gain of 122.70 points or 0.61% at 20,175.77, more than 30 points off the day's high of 20,206.63. The index gained about 2.65% in the week.

Suncor Energy (SU.TO), Precision Drilling Corp (PD.TO), MEG Energy (MEG.TO), Canadian Natural Resources (CNQ.TO), Baytex Energy (BTE.TO), Birchcliff Energy (BIR.TO), Imperial Oil (IMO.TO), Crescent Point Energy (CPG.TO) and Cenovus Energy (CVE.TO) climbed 3.2 to 4%.

In the healthcare sector, Bausch Health Companies (BHC.TO) and Tilray Inc (TLRY.TO) gained 4.3% and 4.2%, respectively. Sienna Senior Living Inc (SIA.TO) climbed about 1.7%.

Among consumer discretionary stocks, Park Lawn Corp (PLC.TO) gained 4.7% and Pet Valu Holdings (PET.TO) climbed 3.1%. Sleep Country Canada Holdings (ZZZ.TO), Canada Goose Holdings (GOOS.TO), Magna International (MG.TO) and Canadian Tire Corporation (CTC.A.TO) ended higher by 2 to 2.7%.

Among financials, Manulife Financial (MFC.TO), Canadian Imperial Bank of Commerce (CM.TO), IGM Financial Inc (IGM.TO), Toronto-Dominion Bank (TD.TO), Sprott (SII.TO) and Laurentian Bank (LB.TO) gained 1 to 1.6%.

On the economic front, data from Statistics Canada showed industrial producer prices in Canada fell by 1% over a month in October of 2023, following a 0.4% increase the month before. It was the steepest decline in producer prices since August 2022. On yearly basis, producer prices slumped by 2.7% in October, after a 0.6% increase in the prior month.

Meanwhile, the Raw Materials Price Index in Canada declined by 2.5% month-over-month in October 2023, following an upwardly revised 3.9% increase in September. Year-on-year, raw materials prices plummeted by 0.8% in October.