TSX Snaps 8-day Losing Streak, Ends On Firm Note

(RTTNews) - After eight successive days of losses, the Canadian market turned in a positive performance on Monday, thanks to some strong buying in several sectors amid positive global cues.

Investors awaited the Canadian GDP data, the U.S. Federal Reserve's monetary policy announcement, policy moves by the Bank of England and the Bank of Japan.

Shares from consumer staples, technology, utilities, industrials, financials and communications sectors posted impressive gains. Materials stocks fell and energy stocks closed mixed.

The benchmark S&P/TSX Composite Index, which climbed to 18,966.82 in early trades, gaining nearly 230 points in the process, ended the day's session with a gain of 119.37 points or 0.64% at 18,856.76.

The Consumer Staples Capped Index climbed 2.38%. Alimentation Couche-Tard (ATD.TO), Empire Company (EMP.A.TO), Weston George (WN.To), Loblaw Co (L.TO), Jamieson Wellness Inc (JWEL.TO), Saputo Inc (SAP.TO), The North West Company (NWC.TO) and Metro Inc (MRU.TO) gained 2 to 3%.

The Information Technology Capped Index surged 2.05%. BlackBerry (BB.TO), up nearly 6.5%, was the biggest gainer in the index. Constellation Software (CSU.TO) gained 3.05%, Descartes Systems Group (DSG.TO), CGI Group (GIB.A.TO), Docebo Inc (DCBO.TO), Kinaxis Inc (KXS.TO) and Open Text Corporation (OTEX.TO) advanced 2 to 2.5%.

Broofield Infra Partners (BIP.UN.TO), Atco Ltd. (ACO.X.TO), Canadian Utilities (CU.TO), Transalta Corp (TA.TO), Capital Power (CPX.TO), Altagas (ALA.TO), Algonquin Power & Utilities Corp (AQN.TO), Brookfield Renewable Partners (BEP.UN.TO) and Boralex (BLX.TO) gained 1.5 to 3.6%.

Among industrials stocks, Telus International (TIXT.TO) climbed 2.8% after the company announced the launch of of Fuel iX, the company's enhanced solution backed by generative AI to deliver end-to-end CX innovation and AI-fueled intelligent experiences.

Brookfield Business Partners (BBU.UN.TO), Bombardier Inc (BBD.B.TO), Cargojet (CJT.TO) and WSP Global (WSP.TO) gained 2.7 to 3.7%.

Air Canada (AC.TO) ended 1.3% down. The company reported a net income of $1.250 billion for the third quarter of this financial year, up from $1.758 billion from the third quarter of 2022. Diluted earnings per share was $3.08 in the third quarter, as against a diluted loss per share of $1.42 in the third quarter last year.

In the financials sector, EQB Inc (EQB.TO) climbed 3.7%. Fairfax Financial Holdings (FFH.TO), Great-West Lifeco (GWO.TO), Power Corporation of Canada (POW.TO) and Laurentian Bank (LB.TO) gained 2 to 2.5%. National Bank of Canada (NA.TO), CDN Western Bank (CWB.TO), Manulife Financial (MFC.TO) and Bank of Montreal (BMO.TO) advanced 1.5 to 2%.

Communications stocks Telus Corp (T.TO) and BCE Inc (BCE.TO) gained 1.6% and 1.4%, respectively.

First Quantum Minerals (FM.TO) tanked 28.5%, weighed down by an announcement by the Panama Government that it will hold a referendum on whether to scrap a mining contract awared to the company.

Franco-Nevada Corp (FNV.TO) plunged more than 8%. MAG Silver Corp (MAG.TO), Ero Copper Corp (ERO.TO), Equinox Gold (EQX.TO) and Teck Resources (TECK.B.TO) were among the other major losers in the materials sector.

Energy stock Topaz Energy (TPZ.TO) gained about 1.2% after the company reported a 20% jump in third-quarter profit.