TSX Ends On Firm Note

The Canadian market ended on a firm note on Thursday as investors picked up stocks, reacting to some positive news such as a few big banks reportedly in discussion to rescue First Republic Bank, and Swiss lender Credit Suisse securing a lifeline from the Swiss National Bank.

Shares from healthcare, industrials, technology, utilities and consumer discretionary sectors posted strong gains. A few stocks from financials and energy sections too ended notably higher.

The benchmark S&P/TSX Composite Index ended with a gain of 160.17 points or 0.83% at 19,539.01, recovering from an early low of 19,155.77.

Canadian Pacific Railway (CP.TO), Canadian National Railway (CNR.TO) and Shopify Inc (SHOP.TO) gained 2.3 to 3% on strong volumes.

National Bank of Canada (NA.TO), Canadian Imperial Bank of Commerce (CM.TO), Power Corporation of Canada (POW.TO) and Bank of Montreal (BMO.TO) gained 1 to 1.3%.

Tilray Inc (TLRY.TO) soared nearly 10%. Aurora Cannabis (ACB.TO) surged 7.3%. Cronos Group (CRON.TO) climbed nearly 6%.

Bombardier Inc (BBD.B.TO, Aritzia Inc (ATZ.TO), Interfor Corp (IFP.TO), Transcontinental (TCLA.TO) and Chorus Aviation (CHR.TO) gained 4.5 to 7%.

Premium Brands Holdings Corporation (PBH.TO) ended 1.4% down. The company reported fourth-quarter adjusted earnings of $52.9 million, compared with $52.2 million a year earlier.

Fortuna Silver Mines (FVI.TO), Wesdome Gold Mines (WDO.TO), Oceanagold (OGC.TO), New Gold (NGD.TO), Silvercorp Metals (SVM.TO), Empire Company (EMP.A.TO) and Silvercrest Metals (SIL.TO) declined sharply.

On the economic front, data from Statistics Canada showed wholesale sales in Canada rose by 2.4% month-over-month to C$ 84.2 billion in January of 2023, following a downwardly revised 0.7% drop in December.

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