TSX Ends On Positive Note On Global Cues

(RTTNews) - After a weak start and a subsequent recovery Tuesday morning, the Canadian market pared gains around noon, but gained in strength as the session progressed to eventually close on a firm note.

While weak commodity prices contributed to early weakness, news about positive progress in Russia-Ukraine cease-fire talks helped underpin sentiment as the session progressed.

The benchmark S&P/TSX Composite Index ended with a gain of 109.39 points or 0.5% at 22,087.22, after scaling a low of 21,908.41 and a a high of 22,108.31 intraday.

Technology, consumer discretionary and healthcare stocks rallied sharply. Real estate stocks were the other major gainers. Energy and materials shares pared early losses and some stocks from these sectors even managed to close with strong gains. Financials and industrials shares closed mixed.

The Information Technology Capped Index climbed 3.04%. Lightspeed Pos (LSPD.TO) soared 8.3%. Converge Technology Solutions (CTS.TO), Nuvei Corp (NVEI.TO), Shopify Inc (SHOP.TO) and Docebo Inc (DCBO.TO) gained 5.2 to 6%.

The Consumer Discretionary Capped Index surged up 2.53%. Brp Inc (DOO.TO) ended higher by 5.32%. Martinrea International (MRE.TO), Magna International (MG.TO), Canada Goose Holdings (GOOS.TO), Sleep Country Canada Holdings (ZZZ.TO), Mty Food Group (MTY.TO) and Linamar Corp (LNR.TO) gained 3 to 4.5%.

The Health Care Index gained 2.4%. Well Health Technologies (WELL.TO) moved up 8.3%. Tilray Inc (TLRY.TO) and Bausch Health Companies (BHC.TO) gained 3.6% and 3%, respectively. Cronos Group (CRON.TO), Aurora Cannabis (ACB.TO) and Canopy Growth Corp (WEED.TO) also closed notably higher.

On the economic front, data from Statistics Canada showed average weekly earnings of non-farm payroll employees in Canada rose 2.5% year-on-year to C$ 1,161.58 in January of 2022.