TSX Ends Modestly Higher

(RTTNews) - The Canadian market ended higher on Thursday, lifted by gains in energy, materials and utilities sectors. A few stocks from the technology space moved up as well, while shares from the rest of the sectors stayed mostly subdued.

Investors digested the latest batch of economic data from Canada and the U.S., as well the European Central Bank's monetary policy announcement.

The benchmark S&P/TSX Composite Index ended with a gain of 75.76 points or 0.36% at 21,101.54 after scaling a low of 21,021.82 and a high of 21,120.70 intraday.

Hut 8 Corp (HUT.TO) soared 17.6%. Bombardier Inc (BBD.B.TO) climbed 3.8%. Open Text Corporation (OTEX.TO), MTY Food Group (MTY.TO), Onex Corporation (ONEX.TO), Molson Coors Canada Inc (TPX.B.TO), Canadian Natural Resources (CNQ.TO), Premium Brands Holdings Corporation (PBH.TO), FirstService Corporation (FSV.TO), Franco-Nevada Corporation (FNV.TO) and Cargojet Inc (CJT.TO) gained 1 to 2.5%.

Among the losers, Cameco Corporation (CCO.TO), Tucows Inc (TC.TO), Stelco Holdings (STLC.TO), Parkland Corporation (PKI.TO), Cogeco Inc (CGO.TO), Nutrien (NTR.TO), Ag Growth International (AFN.TO) and BRP Inc (DOO.TO) ended down 1 to 3.5%.

Data from the Commerce Department showing stronger than expected U.S. economic growth as well as a slowdown in the pace of consumer price growth in the fourth quarter of 2023, aided sentiment.

On the Canadian economic front, a report from the Canadian Federation of Independent Business said CFIB's Business Barometer in Canada, a long-term index reflecting 12-month forward expectations for business performance in the country, rose slightly to 49 in January 2024 from 47 in December, marking the best reading in five months.

Data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada rose by 4.1% year-on-year to $1,228 in November 2023, up slightly from a revised 3.9% growth in the previous month.

Another data from Statistics Canada said Canada's manufacturing sales likely declined 0.6% from a month earlier in December 2023, reversing from a 1.2% increase in the previous month, according to preliminary estimates.