TSX Hits Fresh Record High, Ends Modestly Higher

(RTTNews) - The Canadian stock market ended slightly higher on Tuesday, led by gains in technology shares. A few stocks from consumer staples and industrial sectors too posted strong gains.

Data showing a bigger than expected increase in U.S. retail sales in the month of October aided sentiment. A stronger than expected expansion of U.S. industrial production helped as well.

Investors also reacted to news about a key virtual summit between U.S. President Joe Biden and Chinese leader Xi Jinping. The summit saw both sides signaling a stabilization in the fraught relationship. However, there was no breakthrough on issues concerning both nations.

The benchmark S&P/TSX Composite Index, which posted a new record high at 21,796.16, ended the session with a gain of 34.08 points or 0.16% at 21,697.66.

Among technology stocks Docebo Inc. (DCBO.TO) climbed nearly 6.5%, BlackBerry (BB.TO) gained 4.1%, Viq Solutions (VQS.TO) and Converge Technology Solutions Corp (CTS.TO) both gained about 3.7%, and Nuvei Corp (NVEI.TO) advanced 3%. Tecsys Inc (TCS.TO), Kinaxis Inc (KXS.TO), Descartes Systems (DSG.TO), Sierra Wireless (SW.TO), Open Text Corporation (OTEX.TO) and Constellation Software (CSU.TO) also rose sharply.

Consumer staples stocks Premium Brands Holdings Corp (PBH.TO), Jamieson Wellness (JWEL.TO) and Sunopta Inc (SOY.TO) gained 2.1%, 1.4% and 1.2%, respectively.

In the industrials section, Gfl Environmental Inc. (GFL.TO) gained more than 3% and Ritchie Bros Auctioneers (RBA.TO) climbed 1.9%, while Finning International (FTT.TO), Richelieu Hardware (RCH.TO), Stantec Inc (STN.TO), Snc-Lavalin (SNC.TO), Toromont Industries (TIH.TO) and Thomson Reuters (TRI.TO) gained 1 to 1.4%.

Lithium Americas Corp (LAC.TO), MAG Silver Corp (MAG.TO), Silvercrest Metals (SIL.TO), OceanaGold (OGC.TO), Silvercorp Metals (SVM.TO), Equinox Gold Corp (EQX.TO) and Endeavour Silver Corp (EDR.TO) lost 2.5 to 4.9%.

On the economic front, data released by the Canada Mortgage And Housing Corporation showed housing starts in Canada dropped by 5.3% over a month earlier to 236,554 units in October, falling for the fifth straight month.

Statistics Canada said that according to preliminary estimates, the industrial product price in Canada increased 1.3% over a month in October, the highest reading since May. On a yearly basis, the index advanced 16.7% from 14.9% in September.