TSX Ends On Positive Note As Technology Stocks Rise

(RTTNews) – The Canadian stock market ended on a positive note on Thursday, led by strong gains in the technology section.

Real estate and consumer discretionary shares were among the other prominent gainers. A few stocks from the materials section moved higher.

Energy stocks tumbled as crude oil prices fell on concerns about energy demand outlook. Financial, industrial and healthcare stocks were mostly subdued.

Despite concerns about the pace of economic recovery due to the continued rise in coronavirus cases across the world, the market managed to edge higher.

The benchmark S&P/TSX Composite Index ended with a gain of 63.16 points or 0.39% at 16,184.54, after scaling a low of 16,117.25 and a high of 16,228.45 intraday.

The Capped Information Technology index climbed 2.31%. Constellation Software (CSU.TO) gained about 3.5%, Shopify Inc. (SHOP.TO) gained 2.9%, Kinaxis Inc. (KXS.TO) and Absolute Software Corp (ABT.TO) both gained about 2.4%, Enghouse Systems (ENGH.TO) climbed 2.1% and CGI Group Inc. (GIB.A.TO) ended nearly 2% up.

Lightspeed Pos (LSPD.TO), Descartes Systems Group (DSG.TO) and Docebo Inc. (DCBO.TO) also ended notably higher.

Pan American Silver Corp (PAAS.TO), Torex Gold Resources (TXG.TO), Interfor Corp (IFP.TO), Lundin Gold (LUG.TO) and Silvercorp Metals (SVM.TO) were among the top gainers in the materials space. These stocks moved up 2.8 to 4.8%. Kinross Gold (K.TO), MAG Silver (MAG.TO) and Norbord (OSB.TO) also rose sharply.

Consumer discretionary stocks Martinrea International (MRE.TO), Gildan Activewear (GIL.TO), Canada Goose Holdings (GOOS.TO), Brp Inc. (DOO.TO) and Spin Master Corp (TOY.TO) gained 2.5 to 4%.

Among the stocks in the energy space, Cenvous Energy (CVE.TO) tumbled more than 6.5%. Suncor Energy (SU.TO), Imperial Oil (IMO.TO), Canadian Natural Resources (CNQ.TO), Parex Resources (PXT.TO) and Crescent Point Energy (CPG.TO) also ended sharply lower.

Bank of Montreal (BMO.TO) ended nearly 1% down. Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO) National Bank of Canada (NA.TO) and Royal Bank of Canada (RY.TO) edged up marginally.

In economic news, data showed Canada’s factory activity expanded for a third successive month in September, and the expansion was the steepest since August 2018.

The IHS Markit Canada Manufacturing PMI came in with a reading of 56 in September 2020, up from 55.1 in the previous month. Output rose at the fastest pace in over two years and new orders advanced for the third straight month and at the quickest rate since June 2018 amid a rise in both domestic and foreign markets, the data showed.

Meanwhile, the value of building permits in Canada rose 1.7% from a month earlier to C$8.1 billion in August 2020, rebounding from a downwardly revised 1.6% drop in the previous month.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article