TSX Ends On Firm Note Ahead Of Holidays

(RTTNews) - The Canadian market ended on a firm note on Friday ahead of a long weekend, with stocks from healthcare, real estate and consumer staples sectors finding strong support.

The mood was fairly bullish amid rising optimism about the Federal Reserve beginning to cut rates from early next year, after data showed a slower than expected rise in U.S. consumer price growth in the month of November.

The benchmark S&P/TSX Composite Index ended higher by 115.46 points or 0.56% at 20,881.19, a new 52-week closing high. The index scaled a low of 20,796.85 and a high of 20,938.66 intraday.

The Canadian market will remain closed on Monday and Tuesday, for Christmas and Boxing Day.

Hut 8 Corp (HUT.TO) soared 13%. TFI International (TFII.TO) surged nearly 8%. Tilray Inc (TLRY.TO) advanced 6.25%.

Canadian Tire Corporation (CTC.TO) rallied nearly 5%. EQB Inc (EQB.TO) gained 2.6%, while Premium Brands Holdings (PBH.TO), BRP Inc (DOO.TO), Boyd Group Services (BYD.TO) and Colliers International (CIGI.TO) advanced 1.5 to 2.2%.

Franco-Nevada Corporation (FNV.TO), Transalta Corp (TA.TO), Alimentation Couche-Tard (ATD.TO), Empire Company (EMP.A.TO), Park Lawn Corp (PLC.TO), Mty Food Group (MTY.TO), Brp Inc (DOO.TO), Dollarama (DOL.TO), Spin Master Corp (TOY.TO) and Restaurant Brands International (QSR.TO) posted strong gains.

International Petroleum Corp (IPCO.TO), Pason Systems (PSI.TO), Canadian Imperial Bank of Commerce (CM.TO), Laurentian Bank (LB.TO), Richelieu Hardware (RCH.TO) and SNC Lavalin Group (SNC.TO), Torex Gold Resources (TXG.TO), First Quantum Minerals (FM.TO), Interrent Real Estate (IIP.UN.TO) and Storagevault Canada (SVI.TO) also ended on a firm note.

Data from Statistics Canada showed Canada's economy likely grew 0.1% in November, according to preliminary estimates. In October, the economy remained relatively stable for a third straight month, with a 0.1% increase in services-producing industries, and no significant change in goods-producing industries.

According to preliminary estimates, Canada's manufacturing sales likely rose 1.2% from a month earlier in November, rebounding from a 2.9% decline in the previous month. Meanwhile, wholesale sales in Canada is estimated to have increased by 0.8% from a month earlier in November, following a 0.5% drop in October.

The data from the Commerce Department showed consumer price growth in the U.S. decelerated to 2.6% in November from a downwardly revised 2.9% in October.

The bigger than expected slowdown in consumer price growth is likely to add to optimism the Fed is poised to pivot to cutting interest rates early next year.