TSX Extends Gains To 5th Straight Day, Ends 1.2% Up

(RTTNews) - The Canadian market ended on a buoyant note on Friday, extending gains to the sixth consecutive session, as stocks rallied on all-round buying.

Positive cues from European and the U.S. markets, and easing worries about further tightening by the Bank of Canada following recent soft inflation data helped underpin sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 242.12 points or 1.22% at 20,155.29

Buying was so broad based that all the sectoral indices moved higher. Materials, technology, real estate, consumer discretionary, industrials, utilties and financials shares found strong support.

On the economic front, Canada's GDP was revised downwards to 0% from the initial 0.2%, Statistics Canada said. Canada's economy is expected to have grown by 0.4% in May 2023.

In the materials sector, Lithium Americas Corp (LAC.TO), First Majestic Silver (FR.TO), Osisko Mining (OSK.TO), Stelco Holdings (STLC.TO) and Hudbay Minerals (HBM.TO) gained 3.5 to 4%.

Technology stocks Tecsys Inc (TCS.TO) and Softchoice Corp (SFTC.TO) climbed about 9.4% and 7.4%, respectively. Bitfarms (BITF.TO), Hut 8 Mining (HUT.TO), BlackBerry (BB.TO), Kinaxis Inc (KXS.TO) and Docebo Inc (DCBO.TO) advanced 3 to 4%.

Real estate stocks Interrent Real Estate (IIP.UN.TO), Storagevault Canada (SVI.TO), First Capital (FCR.UN.TO) and CDN Apartments (CAR.UN.TO) ended higher by 2.4 to 2.8%.

Consumer discretionary stocks Canada Goose Holdings (GOOS.TO) and Sleep Country Canada Holdings (ZZZ.TO) climbed 5.7% and 3.8%, respectively.

Among industrials shares, Cae Inc (CAE.TO) gained 3.2%. Toromont Industries (TIH.TO), Russel Metals (RUS.TO), Telus International (TIXT.TO) and Badger Infrastructure (BDGI.TO) ended higher by 2 to 2.2%.

Among financials shares, Nuvei Corp (NVEI.TO) gained about 2.75%. Onex Corp (ONEX.TO), Sun Life Financial (SLF.TO), Manulife Financial (MFC.TO) and Goeasy (GSY.TO) were among the other major gainers in the sector.