TSX Ends Higher Again

(RTTNews) - The Canadian market ended higher on Thursday, gaining for the fourth consecutive session, led by gains in healthcare, energy and consumer discretionary sectors.

A few stocks from financials, communications and industrials shares also posted notable gains.

Data on Canadian inflation, released on Tuesday, continued to aid sentiment. The data showed the annual inflation rate in Canada dropped to 3.4% in May, the lowest level since June 2021. Core inflation eased to an 18-month low of 3.7% last month. The data has slightly weakened the case for a rate hike in July.

The benchmark S&P/TSX Composite Index ended with a gain of 94.32 points or 0.48% at 19,913.17.

On the economic front, a report from the Canadian Federation of Independent Business showed small business sentiment in Canada decreased to 54.10 points in June from 56.40 points in May.

Data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada rose to 2.9% year-on-year to $1,194 in April 2023, after a 1.4% advance in the prior month.

Healthcare stocks Bausch Health Companies Inc (BHC.TO) rallied 2.7% and Tilray Inc (TLRY.TO) gained nearly 2%.

Energy stocks Precision Drilling Corp (PD.TO), Baytex Energy (BTE.TO), Athabasca Oil Corp (ATH.TO), Secure Energy Services (SES.TO), Advantage Oil & Gas (AAV.TO), Pason Systems (PSI.TO), Birchcliff Energy (BIR.TO) and MEG Energy Corp (MEG.TO) gained 2 to 3.3%.

In the consumer discretionary sector, Park Lawn Corp (PLC.TO) climbed nearly 5%. Aritzia Inc (ATZ.TO), Canada Goose Holdings (GOOS.TO), Brp Inc (DOO.TO), Mty Food Group (MTY.TO), Sleep Country Canada Holdings (ZZZ.TO) and Restaurant Brands International (QSR.TO) gained 1 to 3%.

Financials shares Laurentian Bank (LB.TO), Bank of Nova Scotia (BNS.TO) and Toronto-Dominion Bank (TD.TO) gained 1.6%, 1.4% and 1.2%, respectively. National Bank of Canada (NA.TO), IA Financial Corp (IAG.TO) and CDN Western Bank (CWB.TO) also posted strong gains.