TSX Rises 1.4% On All-round Buying

(RTTNews) - The Canadian market ended on a strong note on Wednesday thanks to sustained buying in energy and materials shares. Expectations of an interest rate cut by the Federal Reserve helped underpin sentiment.

Industrials, utilities, consumer discretionary, consumer staples, healthcare and financials shares were among the other notable gainers in the session.

The benchmark S&P/TSX Composite Index ended with a gain of 307.73 points or 1.4% at 22,350.23, slightly off the day's high of 22,354.11.

The Materials Capped Index climbed 2.39%. The Industrials Capped Index surged nearly 2%. The Utilities Capped Index gained 1.65%, while the barometers measuring the performances of energy, consumer discretionary, consumer staples and healthcare sectors gained 1 to 1.3%.

Cameco Corporation (CCO.TO) soared nearly 10%. Bombardier Inc (BBD.B.TO) climbed 7.5%. Methanex Corporation (MX.TO) gained about 5.2%, and Agnico Eagle Mines (AEM.TO) rallied 4.25%.

Wheaton Precious Metals (WPM.TO), Celestica Inc (CLS.TO), BRP Inc (DOO.TO), Canadian Pacific Kansas City (CP.TO), TFI International (TFII.TO) and Precision Drilling Corporation (PD.TO) gained 3 to 4%.

Canadian National Railway (CNR.TO), Colliers International (CIGI.TO), Franco-Nevada Corporation (FNV.TO), Kinaxis Inc (KXS.TO), goeasy (GSY.TO), Intact Financial Corporation (IFC.TO), Constellation Software (CSU.TO) and George Weston (WN.TO) also posted strong gains.

Hut 8 Corp (HUT.TO) ended more than 5% down. Lightspeed Commerce (LSPD.TO) closed 2.7% down. Rogers Communications (RCI.A.TO) drifted down 1.7%.

During congressional testimony, Federal Reserve Chair Jerome Powell said more "good data" would strengthen the central bank's confidence inflation is moving sustainably toward its 2% target and lead to a potential interest rate cut.

Powell also warned of the risk that leaving interest rates at an elevated level for too long could jeopardize economic growth.

"In light of the progress made both in lowering inflation and in cooling the labor market over the past two years, elevated inflation is not the only risk we face," he said. "Reducing policy restraint too late or too little could unduly weaken economic activity and employment."