June 27, 2022

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TSX Ends Modestly Higher

2 min read

After a positive start Friday morning, the Canadian market suffered a setback around noon, but emerged above the flat line about an hour or so and eventually ended the session modestly higher.

The benchmark S&P/TSX Composite Index ended with a gain of 62.79 points or 0.29% at 21,952.95 after scaling a low of 21,840.16 and a high of 22,031.74 intraday.

Materials and energy stocks posted strong gains. Several shares from communications, utilities and technology sectors too ended notably higher. Industrials shares declined sharply. Consumer staples and cannabis shares were the other major losers.

The Materials Capped Index climbed 2.05%. Ero Copper (ERO.TO) surged up 6.6%. Sandstorm Gold (SSL.TO), Oceanagold Inc (OGC.TO), Teck Resources (TECK.B.TO), Iamgold Corp (IMG.TO), Ivanhoe Mines (IVN.TO) and Silvercrest Metals (SIL.TO) gained 4 to 5.3%.

The Energy Capped Index surged up 1.72%. Peyto Exploration and Development Corp (PEY.TO) soared more than 7%. Tourmaline Oil Corp (TOU.TO), Vermilion Energy (VET.TO), Arc Resources (ARX.TO), Topaz Energy (TPZ.TO), Canadian Natural Resources (CNQ.TO) and Parex Resources (PXT.TO) gained 1.8 to 3%.

Technology stocks Lightspeed Commerce (LSPD.TO), Absolute Software (ABST.TO), Shopify Inc (SHOP.TO) and Constellation Software (CSU.TO) gained 1.8 to 2.5%.

On the economic front, the IHS Markit Canada Manufacturing PMI rose to a fresh all-time high of 58.9 in March of 2022, from 56.6 in February, the 21st month in a row with the reading above the 50 threshold.

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2022-04-01 18:05:20

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