TSX Snaps 5-day Losing Streak, Ends Modestly Higher

(RTTNews) - Despite suffering a mild setback after a positive start, the Canadian market snapped a five-session losing streak and ended modestly higher on Friday, led by gains in energy shares.

A few stocks from consumer discretionary, financials and industrials sectors too closed higher. Healthcare stocks, which had a good outing on Thursday, ended sharply lower.

Positive cues from European and the U.S. markets, where stocks moved higher after remarks from two of the Federal Reserve officials helped ease concerns about a sharper interest rate hike by the central bank later this month.

Also, fairly encouraging economic data from the U.S. and upbeat earnings updates from some top companies helped lift sentiment.

The benchmark S&P/TSX Composite Index, which dropped to 18,311.57 this morning, after having advanced to 18,500.10 at the start, ended the session with a gain of 65.39 points or 0.36% at 18,394.45.

Baytex Energy (BTE.TO), Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO) and Suncor Energy (SU.TO) gained 1.5 to 3.6% on strong volumes.

Teck Resources (TECK.A.TO), Methanex Corporation (MX.TO), Boyd Group Services (BYD.TO) and Precision Drilling Corporation (PD.TO) gained 5 to 5.5%.

Kinaxis Inc (KXS.TO), Magna International (MG.TO), Toromont Industries (TIH.TO) and Cargojet (CJT.TO) also moved up sharply.

Bank of Nova Scotia (BNS.TO), Toronto-Dominion Bank (TD.TO), Canadian Natural Resources (CNQ.TO) and Manulife Financial Corporation (MFC.TO) posted modest gains.

Cogeco Communications (CCA.TO), Cogeco Inc (CGO.TO), Metro Inc (MRU.TO), Franco-Nevada Corporation (FNV.TO), George Weston (WN.TO), Canadian Tire Corporation (CTC.A.TO) and CGI Inc (GIB.A.TO) closed weak.

On the economic front, data from Statistics Canada showed wholesale Sales in Canada increased 1.6% in the month of May, after seeing a 0.5% drop in the previous month.

Another data from Statistics Canada showed new motor vehicles sales in Canada rose to 150,370 in May, after seeing a revised 144,730 units increase a month earlier.