TSX Extends Winning Streak To 8th Session

(RTTNews) - Despite turning in a somewhat lackluster performance, the Canadian market ended higher on Tuesday, extending its climb to an eighth straight session.

In addition to digesting the data on Canadian inflation, investors also tracked economic and earnings updates from the U.S., and China.

Stronger than expected Chinese GDP growth and some better than expected earnings from U.S. companies aided sentiment.

The benchmark S&P/TSX Composite Index, which moved in a tight range between 20,659.01 and 20,729.52, ended with a gain of 42.71 points or 0.21% at 20,684.68.

Bellus Health Inc (BLU.TO) shares skyrocketed 100%, lifted by GSK's plans to buy the drug developer in an all-cash deal for $2 billion. The British drugmaker has made this move in order to expand its bet on respiratory therapies.

Hut 8 Mining Corp (HUT.TO), Athabasca Oil Corporation (ATH.TO), Lundin Mining Corporation (LUN.TO), Toronto-Dominion Bank (TD.TO), First Quantum Minerals (FM.TO), Manulife Financial (MFC.TO), Cenovus Energy (CVE.TO) and Crescent Point Energy (CPG.TO) gained 1 to 3.4%.

Algonquin Power & Utilities Corp (AQN.TO) drifted down more than 5%. Suncor Energy (SU.TO) ended 2.1% down, while B2Gold Corp (BTO.TO) ended lower by 1.4%.

Data released by Statistics Canada this morning showed the annual inflation rate in Canada fell to 4.3% in March, the lowest since August 2021, in line with market expectations, and easing from 5.2% in February.

Core inflation rate in Canada rose 4.3% from a year earlier in March 2023, the least since January 2022, and less than forecasts for a 4.4% rise.