February 3, 2023

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TSX Recovers After Weak Start, Ends On Firm Note

2 min read

The Canadian market shrugged off a weak start and moved higher on Tuesday, led by strong gains in energy, healthcare and communications shares.

The mood, however, remained cautious amid lingering worries about global economic slowdown, rising inflation and fears about monetary tightening by central banks.

The benchmark S&P/TSX Composite Index ended higher by 109.12 points or 0.52% at 20,928.21.

Cameco Corporation (CCO.TO) surged up 7.8% and ATCO (ACO.Y.TO) climbed 6.6%, while Vermilion Energy (VET.TO), Sprott Inc (SII.TO), Shopify Inc (SHOP.TO) and BRP Inc (DOO.TO) gained 4.7 to 6.6%.

Methanex Corp (MX.TO), Precision Drilling Corporation (PD.TO), Boyd Group Services (BYD.TO), goeasy (GSY.TO), CargoJet (CJT.TO), Franco-Nevada Corporation (FNV.TO) and Waste Connections (WCN.TO) gained 1 to 3.2%.

Nutrien (NTR.TO), Aritzia Inc (ATZ.TO), West Fraser Timber (WFG.TO), Loblaw Companies (L.TO), Canadian Natural Resources (CNQ.TO), Kinaxis Inc (KXS.TO) and Constellation Software (CSU.TO) shed 1 to 4%.

In economic news, data released by Statistics Canada showed Canada posted a trade surplus of C$ 1.5 billion in April of 2022, narrowing from a downwardly revised C$2.3 billion surplus in the prior month and well below market expectations of a C$ 2.9 billion surplus.

Exports from Canada rose 0.6% over a month to a fresh record high of C$ 64.3 billion in April of 2022. Imports to Canada rose 1.9% over a month to a new record high of C$ 62.8 billion in April of 2022.

The Ivey Purchasing Managers Index in Canada rose to 72 in May of 2022 from 66.3 in the previous month, according to a report released by the Richard Ivey School of Business.

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2022-06-07 17:30:50

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