TSX hits new record high and ends on a strong note

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(RTTNews) – The Canadian stock market ended on a high note on Wednesday, thanks to impressive gains in the healthcare, energy and information technology sectors.

Profit optimism and data showing a larger-than-expected jump in retail sales during the month of February contributed to the surge.

The benchmark S & P / TSX Composite Index finished 181.86 points or 0.95% at 19,356.95, after hitting a new all-time high of 19,403.54.

The capped health care index climbed 3.76%. Organigram Holdings (OGI.TO) and Aphria Inc (APHA.TO) rose 9% and 8.8% respectively. Aurora Cannabis (ACB.TO) gained nearly 5%, Canopy Growth Corp (WEED.TO) gained 4%, and Bausch Health Companies (BHC.TO) gained 3.6%.

The energy index rose 3.25%. MEG Energy (MEG.TO), the biggest winner in the index, climbed 7.15%. Crescent Point Energy (CPG.TO) jumped nearly 7% and Vermilion Energy (VET.TO) gained 6.25%. Tourmaline Oil Corp (TOU.TO) rose 5.6%.

The information technology index rose 3.1%. Shopify Inc (SHOP.TO) climbed more than 11% on turnaround results. Shopify Inc.’s net income climbed to US $ 1.26 billion in its most recent quarter. The company recorded a net loss of US $ 31.4 million in the quarter of last year.

Hut 8 Mining Corp (HUT.TO), Tecys Inc (TCS.TO), Alithya Group (ALYA.TO), Photon Control (PHO.TO), Descartes Systems (DSG.TO), Kinaxis Inc (KXS.TO), Absolute Software Corp (ABST.TO) and Lightspeed Pos (LSPD.TO) finished up 2-5.25%.

CGI Inc. (GIB.A.TO) announced that it earned $ 341.2 million or $ 1.34 per diluted share for the quarter ended March 31, compared to earnings of $ 314.8 million or $ 1.18 per diluted share in the same quarter last year. The stock gained around 1.6%.

US stocks ended slightly lower today. The Dow slipped 0.5%, the Nasdaq fell 0.3%, and the S&P 500 fell 0.1%.

The Federal Reserve left interest rates and asset purchases unchanged even as the central bank improved its assessment of the US economy.

The Fed also reiterated that it expects rates to remain at near zero levels until labor market conditions have reached levels consistent with its estimates of maximum employment and the inflation will be moderately above 2% for some time.

The central bank also said it plans to continue buying bonds at a rate of at least $ 120 billion per month until “further substantial progress” has been made towards its employment targets. maximum and price stability.

Citing immunization progress and strong political support, the Fed noted that economic activity and employment indicators have “strengthened”, reflecting a modest improvement from last month, when the central bank said the indicators had “recovered recently”.

The Fed also said that the sectors most affected by the coronavirus pandemic remain weak but have shown improvement.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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