TSX Ends On Firm Note As Technology, Financials Shares Rise

(RTTNews) - The Canadian market ended on a firm note on Friday, aided by strong gains in technology, consumer discretionary and financials sectors.

The mood in the market remained fairly positive amid signs of progress in U.S. debt ceiling deal negotiations.

The benchmark S&P/TSX Composite Index ended with a gain of 146.23 points or 0.74% at 19,920.31. The index scaled a low of 19,832.78 and a high of 19,944.09 intraday. The index shed 2.1% in the week.

The Capped Information Technology surged nearly 2%. Celestica Inc (CLS.TO) soared 10.3%. Hut 8 Mining Corp (HUT.TO) rallied nearly 6%. Coveo Solutions (CVO.TO), Converge Technology Solutions (CTS.TO), Bitfarms (BITF.TO), Kinaxis (KXS.TO), Open Text Corporation (OTEX.TO), Constellation Software (CSU.TO), Enghouse Systems (ENGH.TO), Quarterhill (QTRH.TO) and Docebo Inc (DCBO.TO) gained 1.5 to 4.3%.

Consumer discretionary stocks Spin Mater Corp (TOY.TO), Dollarama Inc (DOL.TO), Gildan Activewear (GIL.TO) and Magna International (MG.TO) advanced 1.5 to 2%.

Among financials, Fairfax Financial Holdings (FFH.TO) climbed more than 3%. Bank of Montreal (BMO.TO), Nuvei Corp (NVEI.TO), Manulife Financial (MFC.TO), goeasy (GSY.TO), Canadian Imperial Bank of Commerce (CM.TO) and Royal Bank of Canada (RY.TO) ended higher by 1.3 to 1.6%.

Healthcare stock Tilray Inc (TLRY.TO) tanked 20.5% after the company said it would be offering a 5.2% convertible senior note offering due in 2027 and announced pricing of $150 million of that.

On the economic front, preliminary data from Statistics Canada showed wholesale sales in Canada increased 1.6% month-over-month in April 2023, after a 0.1% drop in March.