Materials, Energy Stocks Lift TSX

(RTTNews) - After moving in a narrow range in somewhat lackluster trades, the Canadian market ended modestly higher on Thursday, thanks to strong gains in materials and energy sectors.

The Bank of Canada and the European Central Bank's rate cut announcements, and expectations of an interest rate cut by the Federal Reserve in September, helped underpin sentiment.

The benchmark S&P/TSX Composite Index ended up by 84.08 points or 0.38% at 22,229.10. The index started off on a slightly negative note, but moved into positive territory swiftly and stayed in a tight band till the end of the day's session.

The Materials Capped Index climbed 2.54%. Transcontinental Inc (TCL.A.TO), up 8.84%, was the top gainer in the index. Ssr Mining (SSRM.TO) gained 6.4%, while Filo Mining (FIL.TO), Torex Gold Resources (TXG.TO), Pan American Silver Corp (PAAS.TO), K92 Mining (KNT.TO), MAG Silver (MAG.TO), New Gold (NGD.TO), Fortuna Silver Mines (FVI.TO) and Iamgold (IMG.TO) gained 4 to 5.4%.

Energy stocks Birchcliff Energy (BIR.TO), Advantage Oil & Gas (AAV.TO), MEG Energy (MEG.TO), Tamarack Valley Energy (TVE.TO), Kelt Exploration (KEL.TO), Parex Resources (PXT.TO), Tourmaline Oil Corp (TOU.TO), Vermilion Energy (VET.TO) and Peyto Exploration (PEY.TO) gained 1.8 to 4%.

Among other gainers, Dayforce (DAY.TO), Northwest Company (NWC.TO), Agnico Eagle Mines (AEM.TO), goeasy (GSY.TO), Wheaton Precious Metals (WPM.TO), TFI International (TFII.TO), Newmont Corporation (NGT.TO) and Franco-Nevada Corporation (FNV.TO) climbed 3 to 4.5%.

Canopy Growth Corporation (WEED.TO) shares tumbled more than 8%. Canopy announced that it has established an at-the-market equity program that allows the company to issue and sell up to $250 million of common shares of the company from treasury from time to time in concurrent public offerings in the United States and Canada.

Celestica (CLS.TO) tumbled nearly 7%. Colliers International (CIGI.TO), Bombardier Inc (BBD.B.TO) and Onex Corporation (ONEX.TO) also ended notably lower.

In economic news, the Ivey Purchasing Managers Index in Canada fell to 52 in May, after rising to a two-year high of 63 in the prior month. The latest reading indicated a tenth consecutive month of growth in Canadian economic activity, though the weakest in the current sequence.

Data from Statistics Canada showed the nation's trade deficit dropped to about C$ 1.05 billion in April, from C$ 2 billion in March. Exports surged 2.6% to C$ 64.5 billion, while imports increased by 1.1% to C$ 65.5 billion in the month.