TSX Ends Higher For 5th Straight Day

(RTTNews) - Despite moving along the flat line for much of the day's session, the Canadian market ended modestly higher on Thursday thanks to strong gains in technology and industrials sections.

Healthcare and energy stocks were weak. Real estate stocks had a good outing, while shares from other sectors ended mixed.

Rising interest rates, inflation and slowing growth rendered the mood cautious. Weak crude oil prices weighed on energy stocks.

Investors digested the latest batch of economic data from the U.S., and the European Central Bank's decision to hike interest rates by 50 basis points.

The benchmark S&P/TSX Composite Index ended with a gain of 42.18 points or 0.22% at 19,062.85, moving up for the fifth consecutive session. The index touched a low of 18,870.76 and a high of 19,064.92 in the session.

Shopify Inc (SHOP.TO) and Hut 8 Mining (HUT.TO) gained 4.7% and 4.3%, respectively, on strong volumes.

Canopy Growth Corp (WEED.TO) plunged more than 9%. Baytex Energy (BTE.TO), Tilray Brands (TLRY.TO), Crescent Point Energy (CPG.TO) and Air Canada (AC.TO) declined 3.7 to 6%. Cenvous Energy (CVE.TO), First Quantum Minerals (FM.TO), Suncor Energy (SU.TO) and Canadian Natural Resourcs (CNQ.TO) lost 1 to 2.5%.

Mullen Group Ltd (MTL.TO) shares soared nearly 12% after the company reported adjusted net income of $44.1 million for the second quarter ended June 30, 2022, an increase of 121.6% over adjusted net income of $19.9 million in the corresponding quarter last year. Adjusted earnings per share rose to $0.47 in the latest quarter, from $0.21 a year ago.

Lithium Americas Corp (LAC.TO), Tecsys Inc (TCS.TO), Spin Master Corp (TOY.TO), Tfi International (TFII.TO) and CCL Industries (CCL.B.TO) gained 2 to 5.2%.

On the economic front, new home prices in Canada inched up by 0.2% from a month earlier in June 2022, slowing from a 0.5% increase in the prior month. Year-on-year, new home prices rose 7.9% in June, slowing from an 8.4% jump in May.