TSX Ends On Firm Note After Hitting New High

(RTTNews) - After taking a breather of sorts on Tuesday after six successive days of gains, the Canadian market resumed its journey up north on Wednesday, as fading concerns about the coronavirus outbreak prompted investors to pick up stocks again.

The market digested the central bank's rate decision, data on consumer price inflation and house prices in Canada.

The benchmark S&P/TSX Composite Index scaled a fresh record high at 17,666.45 after a slightly cautious start, and despite paring a good portion of its gains as the session progressed, ended the day at 17,599.86, up 27.58 points, or 0.16%, from previous close.

Telecommunications and healthcare shares were among the prominent gainers. A few stocks from information technology and utilities sections too ended on a firm note.

Energy stocks were weak, while industrial, materials, consumer discretionary and financial shares turned in a mixed performance.

Aphria Inc. (APHA.TO) ended 8.8% up. First Quantum Minerals (FM.TO), Aurora Cannabis (ACB.TO) and Yamana Gold (YRI.TO) gained 3.5%, 3.1% and 2.2%, respectively.

Manulife Financial Corporation (MFC.TO), Bank of Nova Scotia (BNS.TO) and Enbridge Inc. (ENB.TO) gained 0.7 to 1%.

Ballard Power Systems (BLDP.TO) declined 8.5%. Crescent Point Energy (CPG.TO) and Hexo Corp (HEXO.TO) ended lower by 2.7% and 2.5%, respectively.

The Bank of Canada maintained its target for the overnight rate at 1.75%, as expected. In its latest quarterly forecast, the central bank predicted the Canadian economy will grow by 1.6% this year, down 0.1 of a percentage point from its projection in October.

According to a report from Statistics Canada, the consumer price index rose 2.2% year-on-year in December, matching the increase in November. On a seasonally-adjusted monthly basis, inflation rose 0.4% in the month.

Canada's new housing price index for December rose 0.2% in December, the largest monthly increase for the month of December in ten years.

Another data from Statistics Canada showed wholesale trade declined 1.2% to $63.2 billion in November. That was the third decline in five months.