Canadian Market Recovers After Mid-session Setback, Ends Modestly Higher

(RTTNews) - Despite spending much of the day's session in negative territory, the Canadian market ended modestly higher on Thursday thanks to strong gains in energy and materials shares.

Several stocks from communications and consumer sections too posted strong gains, while healthcare and financial shares ended weak.

The mood in the market was cautious due to concerns about inflation and looming rate hikes, as well as worries about geopolitical tensions.

The benchmark S&P/TSX Composite Index ended with a gain of 46.29 points or 0.21% at 21,834.89, recovering from a low of 21,635.34.

Advantage Oil & Gas (AAV.TO), up 5.3%, was the top gainer in the Energy Index, which climbed 1.86%. Enerplus Corp (ERF.TO), Baytex Energy (BTE.TO), Birchcliff Energy (BIR.TO), Vermilion Energy (VET.TO) and Whitecap Resources (WCP.TO) gained 3 to 4%.

Among materials shares, Ero Copper (ERO.TO) soared 7.3%. Oceanagold (OGC.TO), Capstone Mining (CS.TO), Nutrien (NTR.TO), Endeavour Silver Corp (EDR.TO), Hudbay Mi

Tilray Inc (TLRY.TO), down 10.5%, was the biggest loser in the Healthcare Index. Aurora Cannabis (ACB.TO) and Canopy Growth Corp (WEED.TO) shed 6.75% and 5.8%, respectively. Cronos Group (CRON.TO) ended lower by 3%.

Among financials shares, Toronto-Dominion Bank (TD.TO) ended 2.7% down. Bank of Montreal (BMO.TO), CDN Western Bank (CWB.TO), Sun Life Financial (SLF.TO) and Royal Bank of Canada (RY.TO) lost 1 to 1.6%.