TSX Ends Slightly Higher After Moving In Tight Range

(RTTNews) - The Canadian market ended slightly up on Thursday after a moving above the flat line for almost the entire duration of the day's session.

The mood was largely cautious ahead of the crucial U.S. jobs data, due on Friday, and investors mostly made their moves, tracking quarterly earnings updates.

The benchmark S&P/TSX Composite Index ended with a gain of 31.10 points or 0.16% at 19,577.04. The index moved in a tight band between 19,538.08 and 19,619.14.

Materials, industrials, consumer discretionary, consumer staples and utilities shares posted strong gains. Energy stocks tumbled as oil prices fell sharply on demand worries.

Firm bullion prices triggered hectic buying in the material sector, resulting in the sectoral index surging 2.64%. The Energy Capped Index dropped as much as 4.47%.

Saputo Inc. (SAP.TO) shares soared more than 9% on stronger than expected earnings. The company's bottom line totaled C$139 million or C$0.33 per share, in its first-quarter of this year, compared with C$53 million, or C$0.13 per share, in last year's first quarter.

Bombardier Inc (BBD.B.TO) shares zoomed 10.5% despite the company reporting a net loss of $129 million or $1.43 per share for the second quarter, as compared to a profit of $139 million or $1.33 per share in the prior period.

Data from Statistics Canada showed the nation's trade surplus widened to C$ 5.0 billion in June of 2022, from a downwardly revised C$ 4.8 billion in the prior month and well above market expectations of C$ 4.8 billion. It was the largest monthly trade surplus since August of 2008.

Exports rose 2% from a month earlier to a record high of C$ 69.9 billion, while imports increased 1.7% to C$ 64.9 billion.

Another data from Statistics Canada showed the total value of building permits in Canada fell by 1.5% over the month to C$ 11.9 billion in June of 2022, after rising by a downwardly revised 1.6% a month earlier.