TSX Snaps 3-day Losing Streak, Ends Modestly Higher

(RTTNews) - After opening with a strong positive gap and climbing further up Tuesday morning, the Canadian market very nearly slipped into the red in the final hour, but recovered swiftly to end the day's session on a firm note.

The mood was positive as data showing U.S. consumer prices rising in line with expectations in February supported expectations for a smaller rate hike by the Federal Reserve this month.

The benchmark S&P/TSX Composite Index ended with a gain of 105.26 points or 0.54% at 19,694.16, snapping a three-day losing streak. The index, which climbed to 19,850.63, dropped to a low of 19,562.31 before edging higher again.

Technology stocks rallied, contributing substantially to market's firm close. The Information Technology Capped Index climbed 2.58%. Real estate, utilities, materials, financials and consumer staples shares were among the other notable gainers.

Energy stocks were weak, weighed down by falling crude oil prices.

Data from Statistics Canada showed manufacturing sales in Canada increased to 4.1% in January from -1.5% in December of 2022.

Hut 8 Mining Corp (HUT.TO) soared 10% on huge volumes. ARC Resources (ARX.TO), Manulife Financial Corporation (MFC.TO), Canadian Imperial Bank of Commerce (CM.TO) and Athabasca Oil Corporation (ATH.TO) gained 1 to 2.3% on strong volumes.

Nuvei Corporation (NVEI.TO) and Enghouse Systems (ENGH.TO) surged 7.6% and 7.1%, respectively.

Stelco Holdings (STLC.TO), Docebo Inc (DCBO.TO), Bombardier Inc (BBD.B.TO), Shopify Inc (SHOP.TO), Colliers International (CIGI.TO), Onex Corporation (ONEX.TO), Fairfax Financial Holdings (FFH.TO), Kinaxis Inc (KXS.TO) and Nutrien (NTR.TO) gained 2 to 5.2%.

Martinrea International (MRE.TO), Precision Drilling Corporation (PD.TO), Imperial Oil (IMO.TO) and Canadian Natural Resources (CNQ.TO) declined sharply.