(RTTNews) – Although the Canadian market traded along the flat line for much of the day’s session, the Canadian market ended slightly higher on Thursday on strong gains in the technology and industrials sectors.
Healthcare and energy stocks were weak. Real estate stocks had a good run, while stocks from other sectors ended mixed.
Rising interest rates, inflation and slowing growth created a cautious mood. Weak crude oil prices weighed on energy stocks.
Investors digested the latest economic data from the US and the European Central Bank’s decision to hike interest rates by 50 basis points.
The benchmark S&P/TSX Composite Index ended up 42.18 points, or 0.22%, at 19,062.85, rising for the fifth straight session. The index hit a low of 18,870.76 and a high of 19,064.92 during the session.
Shopify Inc (SHOP.TO) and Hut 8 Mining (HUT.TO) gained 4.7% and 4.3%, respectively, on strong volumes.
Canopy Growth Corp (WEED.TO) tumbled more than 9%. Baytex Energy (BTE.TO), Tilray Brands (TLRY.TO), Crescent Point Energy (CPG.TO) and Air Canada (AC.TO) are down 3.7% to 6%. Cenvous Energy (CVE.TO), First Quantum Minerals (FM.TO), Suncor Energy (SU.TO) and Canadian Natural Resources (CNQ.TO) are down 1% to 2.5%.
Mullen Group Ltd (MTL.TO) shares rose nearly 12% after the company reported adjusted net income of $44.1 million for the second quarter ended June 30, 2022, an increase of 121.6% compared to adjusted net income of $19.9 million in the corresponding year-ago quarter. Adjusted earnings per share rose to $0.47 last quarter from $0.21 a year ago.
Lithium Americas Corp (LAC.TO), Tecsys Inc (TCS.TO), Spin Master Corp (TOY.TO), Tfi International (TFII.TO) and CCL Industries (CCL.B.TO) are up 2 to 5.2 % to.
On the economic front, new home prices in Canada rose 0.2% mom in June 2022, slowing from a 0.5% rise in the previous month. Year-over-year, new home prices rose 7.9% in June, slowing from an 8.4% jump in May.
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