TSX Ends Modestly Higher

(RTTNews) - After a slightly weak start and a subsequent recovery that resulted in a good spell in positive territory, the Canadian market pared some gains in the final hour and eventually ended the day's session modestly higher.

With a long weekend ahead, the mood turned cautious towards the end of the session. The Canadian market will remain closed on Monday for Family Day holiday.

The benchmark S&P/TSX Composite Index ended with a modest gain of 32.92 points or 0.16% at 21,255.61, off the day's high of 21,323.98. The index gained 1.9% in the week.

Communications and materials shares were the prominent gainers. Healthcare and energy stocks too found some support. Technology stocks dropped, tracking Nasdaq.

Ero Copper (ERO.TO) climbed 7.8%. Stelco Holdings (STLC.TO), Rogers Communications (RCI.A.TO), Agnico Eagle Mines (AEM.TO), TC Energy Corporation (TRP.TO), Cogeco Communications (CCA.TO), Restaurant Brands International (QSR.TO) and Waste Connections (WCN.TO) gained 1 to 3%.

Air Canada (AC.TO) ended 6.5% down. The company reported 2023 fourth-quarter net income of $184 million and diluted earnings per share of $0.41 compared to a net income of $168 million and diluted earnings per share of $0.41 in the fourth quarter of 2022.

Nuvei Corporation (NVEI.TO) drifted down nearly 6%. Shopify Inc (SHOP.TO) ended 3% down. Fairfax Financial Holdings (FFH.TO), Alimentation Couche-Tard (ATD.B.TO), EQB Inc (EQB.TO), BRP Inc (DOO.TO), Premium Brands Holdings Corporation (PBH.TO), goeasy (GSY.TO), FirstService Corporation (FSV.TO) and Kinaxis Inc (KXS.TO) lost 1 to 2%.

On the economic front, data from Statistics Canada showed wholesale sales in Canada rose by 0.3% month-over-month to C$82.9 billion in December 2023, decelerating from a 0.9% decline in the previous month.