TSX Closes Modestly Higher

(RTTNews) - The Canadian stock market ended on a firm note on Wednesday, extending gains from previous session, thanks to some strong buying in technology and materials sections.

Energy stocks tumbled despite higher crude oil prices. Utilities and industrials shares too closed mostly weak, while financial and consumer discretionary stocks ended mixed.

The rollout of coronavirus vaccine developed by Pfizer/BioNTech, and optimism about a fiscal stimulus in the U.S. helped underpin sentiment.

However, amid worries about continued surge in coronavirus cases in several parts across the world and fresh restrictions on businesses raised concerns about growth.

The benchmark S&P/TSX Composite Index ended with a gain of 60.94 points or 0.35% at 17,567.42, after scaling a low of 17,480.77 and a high of 17,600.56 intraday.

The Capped Information Technology Index climbed 1.85%. Shopify Inc. (SHOP.TO) spurted 8.3%. Photon Control (PHO.TO) and Absolute Software Corp (ABST.TO) gained 2.6% and 2.15%, respectively.

Among materials shares, First Majestic Silver (FR.TO), Pan American Silver Corp (PAAS.TO), Silvercrest Metals (SIL.TO), MAG Silver Corp (MAG.TO), Ssr Mining (SSRM.TO), Yamana Gold (YRI.TO), Kirkland Lake Gold (KL.TO), Kinross Gold (K.TO) and Agnico Eagle Mines (AEM.TO) gained 2 to 7%.

Energy stocks PrairieSky Royalty (PSK.TO), Husky Energy (HSE.TO), Canadian Natural Resources (CNQ.TO), Enerplus Corp (ERF.TO), Cenovus Energy (CVE.TO), Whitecap Resources (WCP.TO), Suncor Energy (SU.TO) and Vermillion Energy (VET.TO) ended lower by 2 to 4%.

CDN Western Bank (CWB.TO), Laurentian Bank (LB.TO), Onex Corp (ONEX.TO) and Brookfield Asset Management (BAM.A.TO) were among the losers in the financial section. Sun Life Financial (SLF.TO), Power Corporation of Canada (POW.TO) and Royal Bank of Canada (RY.TO) closed higher.

In economic news, data released by Statistics Canada this morning showed Canada's consumer price inflation rate rose to 1% year-on-year in November, the highest since last February.

Core consumer prices in Canada increased 1.5% in November this year over the same month in the previous year.

Another data from Statistics Canada said wholesale sales in Canada rose 1% over a month earlier in October 2020, following a downwardly revised 0.6% increase in September. It was the sixth consecutive gain in wholesale sales.