TSX Records New Closing High

(RTTNews) - The Canadian stock market recorded new all-time intraday and closing highs on Wednesday, lifted by strong gains in materials and select industrials and financial shares.

Fairly encouraging earnings updates, and easing concerns about any monetary tightening by the Federal Reserve thanks to data showing a slowdown in U.S. inflation growth aided sentiment.

The benchmark S&P/TSX Composite Index, which rose to 20,565.37, ended the day with a gain of 58.27 points or 0.28% at 20,554.01.

Intertape Polymer (ITP.TO) shares closed nearly 10% up after the company reported a whopping 162% surge in adjusted net earnings in the second-quarter at $33.7 million.

Pan American Silver Corp (PAAS.TO) gained nearly 5%. The company reported on Tuesday that it posted adjusted net income of $46.6 million or $0.22 per share in the second quarter. The company has also increased its quarterly dividend by 43% to $0.10 per common share.

Endeavour Silver Corp (EDR.TO) gained 6.3%. Centerra Gold (CG.TO), Stelco Holdings (STLC.TO), Turquoise Hill Resources (TRQ.TO), Silvercorp Metals (SVM.TO) and B2Gold Corp (BTO.TO) gained 4 to 5.4%.

Ats Automation (ATA.TO), up 12%, was the top gainer in the industrials section. The company reported adjusted earnings from operations of $65.4 million in the quarter ended June 27, 2021, up from $29.7 million in the same period last year.

WSP Global Inc (WSP.TO) climbed 6%. New Flyer Industries (NFI.TO) gained nearly 4%, while Russel Metals (RUS.TO) and Transcontinental Inc. (TCL.A.TO) moved up by 2.75% and 2.4%, respectively.

CI Financial Corp (CIX.TO) gained 2.7%, continuing to benefit from strong results. CDN Western Bank (CWB.TO), Laurentian Bank (LB.TO) and Manulife Financial (MFC.TO) moved up by 1.4 to 1.6%.

Among energy stocks, Cenovus Energy (CVE.TO) gained 1.65%, while Vermilion Energy (VET.TO) and PrairieSky Royalty (PSK.TO) both gained about 0.85%.

In the healthcare section, Cronos Group (CRON.TO) shed 4.6%, Aurinia Pharmaceuticals (AUP.TO), Tilray Inc (TLRY.TO) and Canopy Growth Corp (WEED.TO) lost 3 to 3.5%, and Aurora Cannabis (AUB.TO) ended lower by 2.6%.

The U.S. Labor Department said its consumer price index climbed by 0.5% in July after jumping by 0.9% in June. The increase in consumer prices, which came following the biggest jump in thirteen years in the previous month, matched economist estimates.

Compared to the same month a year ago, consumer prices in July were up by 5.4%, unchanged from the annual rate of growth seen in June. The pace of growth was expected to dip to 5.3%.

The annual rate of growth in core prices slowed to 4.3% in July from 4.5% in June, matching economist estimates.