TSX Ends On Firm Note For 2nd Straight Day

The Canadian market ended on a strong note on Thursday, shrugging off a weak start and a mild setback around noon.

Despite hawkish comments from Fed Chair Jerome Powell that signaled aggressive rate hikes in the coming months, and the European Central Bank's sharp 75-basis points interest rate hike, Canadian stocks moved higher today.

Financials, materials and technology stocks posted strong gains. Several stocks from energy and industrials sectors too closed notably higher. Consumer staples and communications shares drifted down.

The benchmark S&P/TSX Composite Index ended with a gain of 171.56 points or 0.89% at 19,413.00.

Tecsys Inc (TCS.TO), Lithium Americas Corp (LAC.TO) and First Quantum Minerals (FM.TO) climbed 7.8 to 8.2%.

CCL Industries (CCL.A.TO), FirstService Corporation (FSV.TO), Bank of Nova Scotia (BNS.TO), BRP Inc (DOO.TO), WSP Global Inc (WSP.TO), TFI International (TFII.TO), goeasy (GSY.TO), Royal Bank of Canada (RY.TO) and Boyd Group Services (BYD.TO) gained 1 to 3.3%.

Shares of North West Company Inc (NWC.TO) plunged more than 6%. The company announced on Wednesday that its second-quarter net earnings decreased to $32.4 million compared to $42.4 million last year.

Canada Goose Holdings (GOOS.TO), Ritchie Bros. Auctioneers (RBA.TO), Quebecor Inc (QBR.TO), Descartes Systems Group (DSG.TO) and Precision Drilling (PD.TO) also declined sharply.

Dye & Durham Limited (DND) shares soared nearly 10%. The company announced on Thursday that the Australian Competition and Consumer Commission or ACCC has confirmed Link Administration Holdings Limited (LNK) that it will not oppose its proposed merger with Dye & Durham.

Equinox Gold Corporation (EQX.TO) shares drifted down nearly 4%. The company said that it has temporarily stopped its mining works at its Los Filos Mine in Mexico, citing an illegal blockade by members of the nearby Mezcala community.

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