June 24, 2024

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TSX Ends Higher After Lackluster Session

2 min read

The Canadian market ended on a slightly positive note on Monday, led by gains in materials sector as metal prices surged higher amid optimism about interest rate cuts by some major central banks.

With the U.S. market closed for Memorial Day holiday, and some crucial economic data due later in the week, the mood remained a bit cautious, and the volume of business was somewhat thin.

The benchmark S&P/TSX Composite Index ended with a gain of 52.51 points or 0.24% at 22,373.38, after moving in a tight range between 22,337.32 and 22,388.91.

Pan American Silver Corp (PAAS.TO) climbed 4.2%. ATCO Ltd. (ACO.Y.TO) rallied 3.5%. Finning International (FTT.TO) gained about 2.55%.

Bombardier Inc (BBD.B.TO) gained 2.25% after the company announced that it intends to vigorously defend itself in a class action, which the Superior Court of Québec has authorized Plaintiff Denis Gauthier to institute for damages against it under the Québec Securities Act. Bombardier and the individual defendants deny any wrongdoing.

Africa Oil (AOI.TO) climbed nearly 3%. The company announced that it bought back about 1.3 million common shares from May 20 to May 24 under its previously announced share buyback program.

Colliers International (CIGI.TO), goeasy (GSY.TO), Agnico Eagle Mines (AEM.TO), FirstService Corporation (FSV.TO) and Franco-Nevada Corporation (FNV.TO) also posted strong gains.

Constellation Software (CSU.TO) ended down by about 2.5%. Thomson Reuters (TRI.TO) and CCL Industries (CCL.B.TO) also ended notably lower.

On the economic front, preliminary data from Statistics Canada showed wholesale sales in Canada rose by 2.8% month-over-month in April, rebounding from a 1.1% fall in March.

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2024-05-27 16:57:02

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