TSX Ends Higher For 5th Straight Session

RTTNews | 819 days ago
TSX Ends Higher For 5th Straight Session

(RTTNews) - The Canadian market ended on a firm note on Thursday, led by gains in materials and technology sectors. Some key stocks from financials and energy sectors too posted strong gains.

The mood remained positive after another batch of weak U.S. data helped raise hopes the Federal Reserve will soon end its tightening cycle.

The benchmark S&P/TSX Composite Index, which stayed positive right through the day's session, ended with a gain of 110.17 points or 0.54% at 20,564.49, a new one-month closing high.

Hut 8 Mining Corp (HUT.TO) soared 12.7% on huge volumes. Hudbay Minerals (HBM.TO), Kinross Gold Corporation (K.TO) and Canadian Natural Resources (CNQ.TO) gained 2 to 2.5% on strong volumes.

B2Gold Corp (BTO.TO) gained a little over 1%. Barrick Gold Corporation (ABX.TO) climbed 1.4%. Barrick Gold Corp. reported preliminary first-quarter sales of 0.95 million ounces of gold and 89 million pounds of copper. Preliminary first quarter production was 0.95 million ounces of gold and 88 million pounds of copper, the comany said, and added that it remains on track to achieve full year gold and copper guidance.

First Quantum Minerals (FM.TO) rallied 6.1%. Bombardier Inc (BBD.B.TO) also gained more than 6%. Atco Inc (ACO.Y.TO) climbed 4.5%. Molson Coors Canada Inc (TPX.B.TO) surged 3.6%, Brookfield Infrastructure Corporation (BIPC.TO) gained 3.4% and BRP Inc (DOO.TO) ended higher by about 1.7%.

George Weston (WN.TO), Cogeco Communications (CCA.TO), Cenovus Energy (CVE.TO) and Suncor Energy (SU.TO) ended weak.

Data from the Labor Department showed that the producer price index fell by 0.5% in March following a revised unchanged reading in February. Economists had expected producer prices to come in unchanged compared to the 0.1% dip originally reported for the previous month.

The report also showed the annual rate of producer price growth slowed dramatically to 2.7 in March from 4.9% in February. Economists had expected the pace of growth to slow to 3%.

Separate data showed that first-time claims for U.S. unemployment benefits rose more than expected in the week ended April 8, climbing to 239,000, an increase of 11,000 from the previous week's unrevised level of 228,000. Economists had expected jobless claims to rise to 232,000.

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