TSX Ends Higher For 3rd Straight Day
(RTTNews) - The Canadian market ended on a strong note on Thursday, rising for a third straight session, thanks to sustained buying at several counters from across various sectors.
Concerns about interest rates have eased after data on Wednesday showed U.S. inflation softened in the month of June. Today, the Labor Department's report showed producer prices in the U.S. inched up by slightly less than expected in the month of June, with the index rising by 0.1%. Economists expected producer prices to rise by 0.3%.
Hopes of additional stimulus in China to boost growth in the world's second largest economy contributed as well to the positive mood in the market.
The benchmark S&P/TSX Composite Index ended with a gain of 206.87 points or 1.03% at 20,277.64.
Technology stocks posted impressive gains. The Information Technology Capped Index climbed 3.07%. Hut 8 Mining Corp (HUT.TO) soared 18% and Bitfarms Ltd (BITF.TO) rallied nearly 12%.
Shopify Inc (SHOP.TO) and Docebo Inc (DCBO.TO) gained 6.2% and 3.2%, respectively. Lightspeed Commerce (LSPD.TO), Constellation Software (CSU.TO), Converge Technology Solutions (CTS.TO), Celestica Inc (CLS.TO), Softchoice Corp (SFTC.TO) and Open Text Corp (OTEX.TO) advanced 2 to 3%. CGI Inc (GIB.A.TO) also ended notably higher.
Among financials shares, Nuvei Corp (NVEI.TO) climbed 5.3%. Canadian Imperial Bank of Commerce (CM.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Manulife Financial (MFC.TO), Goeasy (GSY.TO) and Royal Bank of Canada (RY.TO) gained 1 to 2%.
Utilities shares Algonquin Power and Utilities (AQN.TO), Innergex Renewable Energy (INE.TO), Altagas (ALA.TO), Hydro One (H.TO), Transalta Corp (TA.TO) and Emera Inc (EMA.TO) gained 1 to 3%.
Corus Entertainment Inc. (CJR.B.TO) shares soared nearly 20% after the company said its subsidiary, Nelvana Limited, has entered into a definitive agreement under which Integrated Media Company, a TPG platform, will acquire Nelvana's subsidiary, Toon Boom Animation Inc. for approximately C$147.5 million in cash.
Canadian Tire Corporation (CTC.TO) climbed nearly 8%. Precision Drilling Corporation (PD.TO) and Nutrien (NTR.TO) also ended sharply higher.
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