TSX Rises Again, Ends 0.83% Up

(RTTNews) - The Canadian market ended on a strong note on Wednesday, led by gains in communications, consumer discretionary and financials sectors.

Several stocks from real estate, utilities, consumer staples and materials sectors too posted impressive gains.

The benchmark S&P/TSX Composite Index ended with a gain of 162.64 points or 0.83% at 19,663.84, gaining for a fourth straight session.

The market gained amid another drop in bond yields on hopes the tightening cycle by the Federal Reserve is nearing its end.

Spin Master Corp (TOY.TO) climbed 6%. The company said it has agreed to buy U.S.-based toy maker Melissa & Doug for $950 million in cash.

Cogeco Communications (CCA.TO) surged nearly 5%. CGI Inc (GIB.A.TO), Alimentations Couche-Tard (ATD.TO), Canadian Tire Corporation (CTC.TO), Franco-Nevada Corporation (FNV.TO) and BRP Inc (DOO.TO) gained 2 to 2.5%.

MTY Food Group Inc (MTY.TO) ended 3.7% down despite reporting higher earnings. The company reported third-quarter net income of $38.9 million or $1.59 per diluted share, compared to $22.4 million, or $0.92 per diluted share in the third quarter of the previous financial year.

Lithium Americas Corp (LAC.TO) ended nearly 8% down. Stelco Holdings (STLC.TO), Tecsys (TCS.TO), Parex Resources (PXT.TO) and Bausch + Lomb (BLCO.TO) ended lower by 3.3 to 3.9%.

On the economic front, data from Statistics Canada showed the total value of building permits in Canada rose by 3.4% from a month earlier to $11.9 billion in August 2023, rebounding from an upwardly revised 3.8% drop in the prior month