TSX Ends Marginally Up After Volatile Session

(RTTNews) - The Canadian stock market ended marginally up on Wednesday, thanks largely to strong gains in the technology section.

A few stocks from consumer discretionary and industrial sections too moved higher. Energy and materials stocks tumbled.

The market started off on a volatile note with stocks plunging into the red minutes after opening on a firm note. However, it swiftly rebounded into positive territory and stayed above the flat line right till the end of the session.

The mood was cautious amid continued worries about the economic impact of the coronavirus pandemic although several countries have announced plans to relax lockdown restrictions and reopen some businesses in the coming days.

The benchmark S&P/TSX Composite Index ended up 19.18 points, or 0.13%, at 14,830.74, after scaling a low of 14,744.27 and a high of 14,909.62 intraday.

Information technology shares Sierra Wireless (SW.TO) and Shopify Inc. (SHOP.TO) spurted 8.4% and 7%, respectively. Blackberry (BB.TO) gained 6%, Descartes Systems Group (DSG.TO) and Enghouse Systems (ENGH.TO) both ended higher by 4.25%, and Kinaxis Inc. (KXS.TO) gained about 4%.

Norbord (OSB.TO) climbed up 8.4% after the company reported adjusted net earnings of US$21 million or 26 cents per share for the first three months of the year compared with an adjusted loss of US$2 million or two cents per share in the first quarter of last year.

Sun Life Financial (SLF.TO) ended 6.75% up. Cargojet (CJT.TO) gained 3.5%, while Fairfax Financial Holdings (FFH.TO) and Canadian Pacific Railway (CP.TO) moved up 2.7% and 2.6%, respectively. Canadian Tire Corporation (CTC.A.TO) and Constellation Software (CSU.TO) also moved up sharply.

Barrick Gold Corporation (ABX.TO) declined 5.4%. The company said it earned US$400 million in its first quarter, up from US$111 million in the same quarter a year earlier.