FX.co ★ TSX Ends On Strong Note

The Canadian market ended on a high note on Wednesday thanks to continuous purchasing in several healthcare and material sectors. There were also noticeable gains in real estate, consumer discretionary, utilities, industrial and energy stocks.

The market's positive mood was maintained due to optimism about several central banks starting to cut rates from the second half of the year.

The benchmark S&P/TSX Composite Index ended up by 194.56 points or 0.89%, at a high of 22,107.08 for the day.

The Healthcare Capped Index saw an increase of around 4%. Tilray Inc and Bausch Health Companies notably gained 7.7% and 6.2%, respectively. Also, Chartwell Retirement Residences gained 1.65%, and Sienna Senior Living ended higher by 1.1%.

In the Materials Index, MAG Silver Corp was the top performer with an increase of 9.5%. This was followed by New Gold, Alamos Gold, First Quantum Minerals, Torex Gold Resources and First Majestic Silver Corp, which saw gains ranging between 6 and 7.5%.

Endeavour Mining Inc reported a sharp increase of nearly 7%. The company revealed adjusted net earnings of $42 million or $0.17 per share for the fourth quarter, a significant improvement from the previous year's $14 million or $0.06 per share.

Energy stocks including Vermilion Energy, Pason Systems, Mattr Corp, Tourmaline Oil Corp, Arc Resources, Birchcliff Energy, and Prairiesky Royalty gained between 2 and 4.1%.

Real estate stocks such as Dream Industrial, First Capital, Granite Real Estate and Colliers International saw increases ranging from 2.2 to 3.3%.

Among consumer discretionary stocks, Canada Goose Holdings climbed nearly 5%, followed by Linamar Corp, Brp Inc, and Aritzia Inc, which gained between 2.2 to 2.5%.

Utility shares like Algonquin Power & Utilities, Innergex Renewable, Northland Power and Boralex also notably ended higher.

Lastly, Finning International, Ballard Power Systems, GFL Environmental, Brookfield Business Partners and Cargojet experienced gains between 3 to 5%.