TSX Ends Moderately Higher

(RTTNews) - The Canadian market ended on a firm note on Wednesday thanks to sustained buying in energy, and select healthcare, technology and materials shares.

However, the mood remained cautious amid persisting worries about inflation and tighter policy stance of central banks.

The benchmark S&P/TSX Composite Index ended with a gain of 80.74 points or 0.41% at 19,726.14 after hitting a high of 19,809.13 intraday.

Cenovus Energy (CVE.TO), Baytex Energy (BTE.TO), ARC Resources (ARX.TO), Athabasca Oil Corp (ATH.TO), Shopify Inc (SHOP.TO), Tamarack Valley Energy (TVE.TO), Canadian Natural Resources (CNQ.TO) and Crescent Point Energy (CPG.TO) gained 2 to 5.2% on strong volumes.

BRP Inc (DOO.TO) soared more than 9%. BRP reported that its second-quarter normalized earnings per share increased to C$2.94 from C$2.89, prior year. Normalized EBITDA increased 0.8%, to C$418.3 million.

BRP Inc. now expects full-year normalized EPS upward by C$0.30, now ranging from C$11.30 to C$11.65. The company anticipates that its third-quarter normalized EPS could be up over 50% year-over-year.

Precision Drilling Corp (PD.TO), Nuvei Corp (NVEI.TO), Tourmaline Oil Corp (TOU.TO), Bombardier Inc (BBD.A.TO), Kinaxis Inc (KXS.TO) and goeasy (GSY.TO) gained 3 to 6%.

Evertz Technologies (ET.TO) and Stelco Holdings (STLC.TO) lost 7.6% and 6.7%, respectively.

Teck Resources (TECK.A.TO), Rogers Communications (RCI.A.TO), BCE Inc (BCE.TO) and Loblaw Companies (L.TO) shed 1 to 4%.

On the economic front, final data from Statistics Canada showed manufacturing sales in the country fell 0.9% month-over-month in July of 2022, falling for the third consecutive month, and in line with preliminary estimates.