TSX Ends Modestly Higher

(RTTNews) - The Canadian market ended modestly higher on Wednesday thanks to strong gains in healthcare and energy sectors.

A few stocks from financials, real estate and technology sectors too posted notable gains.

Concerns about inflation and interest rates limited market's upside.

The benchmark S&P/TSX Composite Index, which opened at 20,282.85, soon dropped to 20,158.69, but recovered gradually to eventually end the day's session at 20,296.43, with a gain of 54.36 points or 0.27%.

The Health Care Capped Index climbed 4.93%. Bausch Health Companies (BHC.TO) soared more than 24%. The stock zoomed amid a court ruling related to the company's "skinny label" decision versus Norwich Pharma over its Xifaxan drug for irritable bowel syndrome.

A federal court judge in Delaware denied Norwich's motion to modify an earlier judgment that prevents the US FDA from approving Norwich's Xifaxan (rifaximin) generic until Oct. 2, 2029.

The court decision comes after the same judge in July indicated a patent case on Xifaxan would not be ruled in Bausch's favor.

Tilray Inc (TLRY.TO) and Canopy Growth Corp (WEED.TO) surged 2.5% and 2.2%, respectively.

Energy stocks rallied on firm crude oil prices. Baytex Energy (BTE.TO), Advantage Oil & Gas (AAV.TO), Vermilion Energy (VET.TO), Tamarack Valley Energy (TVE.TO), Pason Systems (PSI.TO), Precision Drilling (PD.TO), MEG Energy (MEG.TO) and Enerplus Corp (ERF.TO) gained 2.3 to 4.1%. Tourmaline Oil Corp (TOU.TO), Suncor Energy (SU.TO), Cenovus Energy (CVE.TO), Whitecap Resources (WCP.TO) and Crescent Point Energy (CPG.TO) also posted strong gains.

Financials shares Fairfax Financial Holdings (FFH.TO), CDN Western Bank (CWB.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) and Canadian Imperial Bank of Commerce (CM.TO) gained 1 to 1.5%.

Colliers International Group (CIGI.TO), CDN Apartment (CAR.UN.TO), H&R Real Estate Investment Trust (HR.UN.TO), Tricon Capital Group (TCN.TO) and First Capital REIT Units (FCR.UN.TO) were among the prominent gainers in the real estate section.

Materials shares Iamgold Corp (IMG.TO) and Lundin Gold (LUG.TO) ended lower by 5.6% and 4.45%, respectively. Centerra Gold (CG.TO), Seabridge Gold (SEA.TO), Osisko Gold Royalties (OR.TO) and Eldorado Gold (ELD.TO) lost 2 to 2.5%.

Data from Statistics Canada showed car registrations in Canada increased to 150,956 units in March from 109,781 units in February of 2023.