TSX Ends On Firm Note

(RTTNews) - The Canadian market ended moderately higher on Thursday thanks to strong gains in the energy sector after crude oil prices surged on concerns about supply outlook.

Materials stocks found some support, and healthcare stocks drifted lower, while shares from the rest of the sectors turned in a mixed performance.

Worries about global economic slowdown and soaring inflation weighed on sentiment and limited market's gains.

The benchmark S&P/TSX Composite Index ended with a gain of 83.93 points or 0.42% at 20,265.37, nearly 60 points off the day's high of 20,323.57.

The Energy Capped Index climbed 2.66%. Athabasca Oil Corp (ATH.TO) surged more than 9%. Tamarack Valley Energy (TVE.TO), Baytex Energy (BTE.TO), Paramount Resources (POU.TO), Cenovus Energy (CVE.TO) and Crescent Point Energy (CPG.TO) gained 4 to 6%.

Materials shares Turquoise Hill Resources (TRQ.TO), Ivanhoe Mines (IVN.TO), Methanex Corp (MX.TO), Stelco Holdings (STLC.TO), First Quantum Minerals (FM.TO) and Kinross Gold (K.TO) gained 4 to 5.3%.

Healthcare stocks Canopy Growth Corp (WEED.TO) drifted down more than 6%. Aurora Cannabis (ACB.TO), Bausch Health Companies (BHC.TO) and Cronos Group (CRON.TO) lost 4.9%, 3.3% and 2.7%, respectively.

On the economic front, data from Statistics Canada showed the raw materials prices index in Canada increased by 19.1% from a year earlier in July 2022, following a revised 32.6% gain in the previous month.

Producer prices in Canada fell 2.1% month-over-month in July of 2022, following a revised 0.8% drop a month earlier. The IPPI rose by 11.9% yearly, slowing from a 14.3% jump in June.