TSX Ends Moderately Higher As Energy Stocks Rally

(RTTNews) - The Canadian market ended on a firm note on Monday, lifted by gains in energy and communications stocks.

News about UBS Group acquiring troubled lender Credit Suisse, and the Federal Reserve's announcement that it has joined with other central banks to take coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements helped lift investor sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 131.71 points or 0.68% at 19,519.43, after staying positive right through the day's session.

The Energy Capped Index climbed 2.86%. Spartan Delta Corp (SDE.TO), Nuvista Energy (NVA.TO), Advantage Oil & Gas (AAV.TO), Headwater Exploration (HWX.TO), Enerplus Corp (ERF.TO) and MEG Energy Corp (MEG.TO) gained 4 to 6%.

Cenovus Energy (CVE.TO), Imperial Oil (IMO.TO), Arc Resources (ARX.TO), Vermilion Energy (VET.TO) and Suncor Energy (SU.TO) also moved up sharply.

Communications shares Cogeco Communications (CCA.TO), Quebecor Inc (QBR.B.TO), Telus Corp (T.TO), Rogers Communications (RCI.B.TO) and BCE Inc (BCE.TO) gained 1 to 2.3%.

Kinross Gold Corp (K.TO), Power Corporation of Canada (POW.TO), Lundin Mining Corporation (LUN.TO) and Manulife Corporation (MFC.TO) gained 1.5 to 2.7%.

Healthcare shares Canopy Growth Corp (WEED.TO) and Tilray Inc (TLRY.TO) ended lower by 8.7% and 6.4%, respectively. Cronos Group (CRON.TO) ended 4.1% down.

On the economic front, data from Statistics Canada showed car registrations in Canada decreased to 104,250 units in January of 2023, the lowest in a year, from 109,265 units in December of 2022.