Canadian Stocks Rebound From Recent Losses; TSX Ends 0.8% Up

(RTTNews) - After declining sharply in the previous two sessions, the Canadian market turned in a positive performance on Thursday with several stocks moving higher on bargain hunting.

Consumer discretionary, consumer staples, technology, materials and financials stocks posted strong gains. Several stocks from industrials and communications sectors gained as well.

The benchmark S&P/TSX Composite Index ended with a gain of 154.76 points or 0.8% at 19,590.74, after scaling a low of 19,409.62 and a high of 19,629.01 intraday.

Teck Resources (TECK.A.TO) surged nearly 6%. Stella-Jones (SJ.TO), Docebo Inc (DCBO.TO), BRP Inc (DOO.TO), EQB Inc (EQB.TO), National Bank of Canada (NA.TO), Toromont Industries (TIH.TO) and George Weston (WN.TO) gained 2 to 4%.

Loblaw Companies (L.TO), Dollarama Inc (DOL.TO), Constellation Software (CSU.TO), TFI International (TFII.TO), Fairfax Financial Holdings (FFH.TO), Franco-Nevada Corporation (FNV.TO) and WSP Global Inc (WSP.TO) ended higher by 1.3 to 2%.

Transcontinental Inc (TCL.B.TO) ended more than 5% down. TC Energy Corporation (TRP.TO), Brookfield Renewable Corporation (BEPC.TO), Boralex (BLX.TO) and Power Corporation of Canada (POW.TO) lost 2.5 to 4.1%.

Aurora Cannabis Inc. (ACB.TO) tanked nearly 11%. The company announced today that it has raised C$33.8 million through bought-deal financing, to repay its convertible senior notes.

SNC Lavalin Group (SNC.TO) has reportedly bagged a $21 million contract from Central Florida Expressway Authority for a state road extension near Orlando. The stock gained about 0.5%.

On the economic front, Canada's CFIB Business Barometer long-term optimism index fell by six points to 48.7 in September of 2023, pointing to the first period of pessimism for businesses since the pandemic-driven crash in the second quarter of 2020.

Data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada rose 4.3% year-on-year to $1,215 in July 2023, after a 3.6% advance in the prior month. This was the highest increase in earnings since March last year.