TSX Pares Losses, Ends Slightly Up

(RTTNews) - The Canadian market ended marginally up on Wednesday as stocks rallied past mid afternoon and emerged into positive territory, led by gains in the information technology section.

Energy stocks drifted lower as oil prices fell sharply. Consumer discretionary and healthcare stocks were the other prominent losers. A few stocks from the materials section posted strong gains.

The mood remained cautious amid rising concerns about inflation and fears global central banks might soon start hiking rates. Central banks in New Zealand and Romania have already hiked their rates.

The benchmark S&P/TSX Composite Index, which slid to 20,014.27 early on in the session, ended with a gain of 8.23 points or 0.04% at 20,191.66.

Information technology stocks Nuvei Corp (NVEI.TO) and Shopify Inc (SHOP.TO) gained 5.1% and 2.6%, respectively. Constellation Software (CSU.TO) climbed 1.7% and Evertz Technologies (ET.TO) gained 1.5%.

In the energy sector, Tourmaline Oil Corp (TOU.TO) and Vermilion Energy (VET.TO) both ended lower by 4.85%. Crescent Point Energy (CPG.TO) declined 3.3%, while Birchcliff Energy (BIR.TO), Suncor Energy (SU.TO) and Arc Resources (ARX.TO) shed 2.4 to 2.7%.

Consumer discretionary stock Gildan Activewear (GIL.TO) declined 4.8%. Sleep Country Canada Holdings (ZZZ.TO), Brp Inc (DOO.TO), Magna International (MG.TO), Martinrea International (MRE.TO) and Linamar Corp (LNR.TO) ended lower by 1.5 to 2.5%.

Among healthcare stocks, Tilray Inc (TLRY.TO) declined more than 2.5%. Bausch Health Companies (BHC.TO) and Canopy Growth Corp (WEED.TO) drifted down 1.4% and 1.1%, respectively.