TSX Ends On Firm Note

(RTTNews) - The Canadian market ended on a firm note on Monday, riding on strong gains in energy and consumer discretionary sectors.

The mood was somewhat cautious with investors awaiting Canadian consumer and producer inflation data for clues about the outlook for interest rates.

The benchmark S&P/TSX Composite Index ended with a gain of 93.56 points or 0.46% at20,622.71. The index opened marginally up at 20,843.21 and climbed to 29.676.19 in early trades before paring some gains.

Energy stocks Shawcor (MATR.TO), International Petroleum Corp (IPCO.TO), Freehold Royalties (FRU.TO), Imperial Oil (IMO.TO), Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO), Suncor Energy (SU.TO), Advantage Oil & Gas (AAV.TO) and Canadian Natural Resources (CNQ.TO) gained 1.7 to 3.2%.

Consumer discretionary stocks Dollarma Inc (DOL.TO) and Restaurant Brands International (QSR.TO) climbed 3.7% and 2.3%, respectively. MTY Food Group (MTY.TO) advanced nearly 2%, and Linamar Corp (LNR.TO) gained 1.65%.

Among other gainers, Hut 8 Corp (HUT.TO) soared nearly 16%. Cameco Corporation (CCO.TO) climbed 3.25% and Methanex Corporation (MX.TO) gained 2.2%.

Fairfax Financial Holdings (FFH.TO), Bank of Montreal (BMO.TO), Colliers International (CIGI.TO), FirstService Corporation (FSV.TO), Premium Brands International (PBH.TO), Waste Connections (WCN.TO) and Thomson Reuters (TRI.TO) gained 1.4 to 1.8%.

Among the losers, Canada Goose Holdings (GOOS.TO) drifted down 5.6%. Bombardier Inc (BBD.B.TO) ended lower by about 3%, while Gildan Activewear (GIL.TO), Constellation Software (CSU.TO) and EQB Inc (EQB.TO) closed lower by 1.3 to 2%.

On the economic front, data from Statistics Canada showed new home prices in Canada went down by 0.2% month-over-month in November, following a flat reading in October. Year-on-year, the cost of new homes fell by 0.9% in November, marking the eighth consecutive decline since November 2019.