TSX Ends Moderately Higher

(RTTNews) - The Canadian market closed on a firm note on Friday, rebounding well after posting losses in the previous two sessions, as investors chose to pick up stocks at reduced prices. Also, expectations of a rate cut by the Bank of Canada next month helped underpin sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 120.08 points or 0.54% at 22,320.87, after losing about a total of 1.2% in the previous two sessions. The index shed about 0.65% in the shortened week. The market remained closed on Monday for Victoria Day.

Bombardier Inc (BBD.A.TO), Celestica Inc (CLS.TO) and Gildan Activewear (GIL.TO) climbed 5.3 to 6%.

Constellation Software (CSU.TO), Toronto-Dominion Bank (TD.TO), Stantec Inc (STN.TO), EQB Inc (EQB.TO) and goeasy (GSY.TO) gained 2 to 2.6%. Cameco Corporation (CCO.TO), Precision Drilling Corporation (PD.TO) and Thomson Reuters (TRI.TO) also posted strong gains.

Dayforce Inc (DAY.TO) tanked 8.2%. Calian Group (CGY.TO), Shopify Inc (SHOP.TO), Open Text Corporation (OTEX.TO), BCE Inc (BCE.TO) and Nutrien (NTR.TO) also ended notably lower.

On the economic front, data from Statistics Canada showed retail sales in Canada decreased 0.2% in March over the previous month. Retail sales in Canada rose by 1.9% from the corresponding period of the previous year in March, up from the downwardly revised 1% increase in the earlier month.

A separate data from Statistics Canada showed manufacturing Sales in Canada increased to 1.2% in April from -2.1% in March of 2024.