TSX Snaps 6-day Losing Streak, Ends Notably Higher
(RTTNews) - Despite lingering concerns about monetary tightening and economic slowdown, the Canadian market ended notably higher on Monday, due largely to bargain hunting at several counters from across various sectors, after six successive days of losses.
The benchmark S&P/TSX Composite Index ended with a strong gain of 169.09 points or 0.87% at 19,587.32. The index touched a low of 19,400.70 and a high of 19,630.47 in the session.
Energy stocks rallied sharply. consumer staples, financials and real estate stocks were among the other major gainers.
Imperial Oil (IMO.TO), TC Energy Corporation (TRP.TO) and RB Global Inc (RBA.TO) gained 3 to 4%.
Fairfax Financial Holdings (FFH.TO), Colliers International Group (CIGI.TO), George Weston (WN.TO), Goeasy (GSY.TO), Loblaw Companies (L.TO), Cargojet (CJT.TO), Bank of Montreal (BMO.TO), National Bank of Canada (NA.TO), Canadian Natural Resources (CNQ.TO), Tourmaline Oil Corp (TOU.TO), Newmont Corporation (NGT.TO) and Magna International (MG.TO) gained 1.4 to 2.5%.
Hut 8 Mining Corp (HUT.TO) fell nearly 10%. Converge Technology Solutions (CTS.TO), Coveo Solutions (CVO.TO), Lightspeed Commerce (LSPD.TO), Shopify Inc (SHOP.TO), Toromont Industries (TIH.TO) and ATS Corporation (ATS.TO) were among the other notable losers.
On the economic front, manufacturing sales in Canada likely rose 0.8% month-over-month in May 2023, extending a 0.3% growth in April, preliminary data showed.
Wholesale sales in Canada rose 3.5% month-over-month in May 2023, after a 1.4% drop in April, preliminary estimates showed.
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