TSX Extends Gains To 5th Straight Day, Ends Notably Higher

RTTNews | 933 dias atrás
TSX Extends Gains To 5th Straight Day, Ends Notably Higher

(RTTNews) - Canadian stocks turned in a fine performance on Thursday as data showing a drop in U.S. consumer prices inflation in the month of December raised expectations the Federal Reserve will slow down the pace of its interest rate hikes in the coming months.

The benchmark S&P/TSX Composite Index ended with a gain of 186.15 points or 0.93% at 20,211.20.

Healthcare and energy stocks rallied sharply. Materials, real estate, financials and communications shares were also among the prominent gainers.

The Health Care Capped Index surged 3.61%. Tilray Inc (TLRY.TO) soared 8.37%, Canopy Growth Corp (WEED.TO) climbed nearly 7% and Bellus Health (BLU.TO) rallied 5.4%. Cronos Group Inc (CRON.TO) ended with a gain of 2.4%.

The Energy Capped Index climbed 3.07%. Advantage Oil & Gas (AAV.TO), MEG Energy (MEG.TO), Nuvista Energy (NVA.TO), Peyto Exploration (PEY.TO), Tourmaline Oil Corp (TOU.TO), Parex Resources (PXT.TO) and Birchcliff Energy (BIR.TO) gained 5 to 7%.

Among materials shares, K92 Mining Inc (KNT.TO) rallied 6.2%. Lithium Americas Corp (LAC.TO), Labrador Iron Ore Royalty Corp (LIF.TO), Algoma Steel Group (ASTL.TO), Osisko Mining Inc (OSK.TO), Filo Mining (FIL.TO) and Hudbay Minerals (HBM.TO) ended higher by 3 to 3.5%.

Data released by the Labor Department showed U.S. consumer price index edged down by 0.1% in December after inching up by 0.1% in November. Economists had expected consumer prices to come in unchanged.

The report also showed the annual rate of consumer price growth slowed to 6.5% in December from 7.1% in November, in line with expectations. The annual growth was the slowest since October 2021.

The annual rate of core price growth slowed to 5.7% in December from 6% in November. The year-over-year growth was also in line with expectations.

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