TSX Ends On Strong Note On Positive Global Cues

(RTTNews) - The Canadian market shrugged off a weak start and climbed higher on Tuesday thanks to sustained buying in stocks from healthcare, technology, consumer discretionary and materials sectors.

Several shares from real estate, utilities and industrials sections too posted strong gains.

Investors picked up stocks tracking positive global markets on hopes the Federal Reserve will slowdown the pace of interest rate hikes.

Investors also looked ahead to the Bank of Canada's interest rate decision, due on Wednesday. The Canadian central bank is widely expected to announce another sharp interest rate hike tomorrow. The central bank raised the target for its overnight rate by 75bps to 3.25% in September 2022. The fifth consecutive rate hike by the bank pushed borrowing costs to the highest since 2008.

The benchmark S&P/TSX Composite Index ended with a gain of 178.61 points or 0.94% at 19,097.01, almost near the day's high.

Canopy Growth Corporation (WEED.TO) soared nearly 26%. The company announced a plan to consolidate its U.S. cannabis assets into a new holding company called Canopy USA.

Aurora Cannabis (ACB.TO) surged 16.7%, Tilray Inc (TLRY.TO) climbed 11.5% and Cronos Group (CRON.TO) ended higher by 6.75%, while Bausch Health Companies (BHC.TO) and Bellus Health Inc (BLU.TO) gained 2.6% and 1.7%, respectively.

In the technology section, Celestica Inc (CLS.TO) and Hut 8 Mining Corp (HUT.TO) rallied 16% and 15.75%, respectively. Magnet Forensics (MAGT.TO) gained nearly 7% and Nuvei Corp (NVEI.TO) surted 6.25%.

Shopify Inc (SHOP.TO), BlackBerry (BB.TO), Coveo Solutions (CVO.TO), Telus International (TIXT.TO), Absolute Software (ABST.TO) and Evertz Technologies (ET.TO) gained 2 to 3%.

goeasy (GSY.TO), Nutrien (NTR.TO), Precision Drilling Corporation (PD.TO), Cargojet (CJT.TO), Boyd Group Services (BYD.TO), WSP Global (WSP.TO), Fairfax Financial Holdings (FFH.TO) and Colliers International (CIGI.TO) were among the other major gainers in the session.