June 18, 2024

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Canadian Market Settles Higher For 3rd Straight Day; TSX Gains 1.1%

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The Canadian market ended on a firm note on Wednesday, rising for a third straight session, as some strong earnings updates helped underpin sentiment.

In addition to tracking earnings updates, investors also digested the Federal Reserve’s monetary policy announcement.

The benchmark S&P/TSX Composite Index, which climbed to 19,089.73 intraday, ended with a gain of 205.53 points or 1.09% at 19,079.00.

Utilities, real estate, communications, consumer staples, technology and healthcare stocks moved higher. Several stocks from energy, financials and industrials sectors too posted impressive gains. Materials shares were somewhat subdued.

The Utilities Capped Index climbed 3.69%. Brookfield Infra Partners (BIP.UN.TO) soared nearly 11%. Algonquin Power (AQN.TO), Innergex Renewable Energy (INE.TO) and Boralex Inc (BLX.TO) gained 4 to 5%.

The Real Estate Capped Index surged 2.43%. Allied Properties Real Estate Inv. Trust (AP.UN.TO), the biggest gainer in the index, rallied 5.3%. Northwest Healthcare Prop (NWH.UN.TO) and Choice Properties (CHP.UN.TO) both gained about 4.7%. Crombie Real Estate (CRR.UN.TO) and CT Real Estate (CRT.UN.TO) also posted sharp gains.

Rogers Communications (RCI.B.TO), BCE Inc (BCE.TO) and Telus Corp (T.TO) were among the prominent gainers in the communications sector.

Among consumer staples stocks, Empire Company (EMP.A.TO) and Weston George (WN.TO) gained 2.25% and 2.2%, respectively. Loblaw (L.TO) and Metro Inc (MRU.TO) also rallied sharply.

Technology stocks Dye & Durham (DND.TO) and Coveo Solutions (CVO.TO) climbed 7.8% and 5.3%, respectively. Computer Modeling Group (CMG.TO), Celestica Inc (CLS.TO), Shopify Inc (SHOP.TO), Enghouse Systems (ENGH.TO) and Constellation Software (CSU.TO) gained 1.7 to 3.4%.

Healthcare stock Bausch Health Companies (BHC.TO), energy stocks Topaz Energy (TPZ.TO), Secure Energy (SES.TO), Advantage Oil & Gas (AAV.TO), Athabasca Oil Corp (ATH.TO), Canadian Natural Resources (CNQ.TO) and Imperial Oil (IMO.TO), and financials…



2023-11-01 16:34:02

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