TSX Recovers After Early Setback
2024-06-22
2110
(fxcue news) - The Canadian market ended with a small gain on Wednesday, as stocks recovered gradually after an early setback, with those from the materials sector performing well and contributing to the rise from lower levels.
The mood remained cautious with investors awaiting some crucial U.S. data, including a report on consumer income and spending, for more clarity about the outlook for Federal Reserve's interest rates.
The benchmark S&P/TSX Composite Index, which dropped to 21,680.82 in early trades, ended the day's session at 21,793.90, with a gain of 5.42 points or 0.02%.
First Quantum Minerals (FM.TO) rallied 7.4%. Ero Copper (ERO.TO) climbed 4.3%. ATS Corporation (ATS.TO) gained nearly 3%.
CCL Industries (CCL.A.TO), Stella-Jones (SJ.TO), Premium Brands Holdings Corporation (PBH.TO), Teck Resources (TECK.B.TO), Canadian Tire Corporation (CTC.TO) and Shopify Inc (SHOP.TO) ended higher by 1.3 to 2%.
Transcontinental Inc (TCL.B.TO) ended down 6.7%. Alimentation Couche-Tard (ATD.TO) ended nearly 3% down. Onex Corporation (ONEX.TO), Linamar Corporation (LNR.TO), Cargojet (CJT.TO), Kinaxis Inc (KXS.TO), goeasy (GSY.TO) and CGI Inc (GIB.A.TO) lost 1 to 2.3%.
Data from Statistics Canada showed wholesale sales in Canada declined by 0.9% month-over-month in May, reversing from a 2.4% increase in April.
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