TSX Ends Modestly Higher

The Canadian market ended modestly higher on Thursday, aided by gains in healthcare, technology and materials sectors.

Comments by Fed Chair Jerome Powell indicating smaller interest rate hikes from this month helped underpin sentiment. Higher bullion prices contributed as well to market's surge.

The benchmark S&P/TSX Composite Index, which climbed to 20,639.48, ended higher by 72.19 points or 0.35% at 20,525.45.

Bombardier Inc (BBD.B.TO) climbed more than 8%. Canadian Tire Corporation (CTC.TO) surged 6.3% and Shopify Inc (SHOP.TO) gained 5.5%, while Cargojet (CJT.TO), BRP Inc (DOO.TO), Agnico Eagle Mines (AEM.TO) and Descartes Systems Group (DSG.TO) gained 3 to 4.5%.

Kinaxis Inc (KXS.TO), WSP Global (WSP.TO), Goeasy (GSY.TO), Colliers International (CIGI.TO), FirstService Corporation (FSV.TO) and Constellation Software (CSU.TO) also ended notably higher.

Canadian Imperial Bank of Commerce (CM.TO) fell 7.7%. The bank reported a net income of $1,185 million for the fourth quarter of 2022, compared with net income of $1,440 million in the year-ago quarter.

Bank of Montreal (BMO.TO) reported fourth-quarter net income of $4,483 million, compared with $2,159 million in the year-ago quarter. Adjusted net income came in at $2,136 million for the fourth quarter, compared with $2,226 million a year ago. The stock gained about 1.25%.

TD Bank Group (TD.TO) shares gained 2.6%. The bank reported fourth-quarter net income available to common shareholders of C$6.56 billion or C$3.62 per share, up sharply from C$3.72 billion or C$2.04 per share in the year-ago quarter.

Enerplus Corp (ERF.TO), Atco (ACO.Y.TO), Cameco Corporation (CCO.TO), Suncor Energy (SU.TO), Nutrien (NTR.TO), TFI International (TFII.TO), Tourmaline Oil Corp (TOU.TO) and CCL Industries (CCL.B.TO) shed 1 to 4%.

On the economic front, Markit Economics said the S&P Global Canada Manufacturing PMI rose to 49.6 in November of 2022, from 48.8 in September, marking the fourth straight month of contraction in manufacturing activity.

Data from Statistics Canada showed labor productivity for Canadian businesses rose by 0.6% in the third quarter, after a downwardly revised 0.1% increase in the previous period.

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