TSX Rises Past 20k Mark, Ends Higher For 6th Straight Day

(RTTNews) - The Canadian market extended its winning streak to a sixth session with stocks from technology, consumer discretionary and industrials sectors posting strong gains on Friday.

The mood was bullish as worries about a banking continued to ease, and data showing an expansion in Canadian economic activity in the month of February aided sentiment.

Data showing an unexpected slowdown in the annual rate of core consumer price growth in the U.S. helped as well.

The benchmark S&P/TSX Composite Index ended with a gain of 158.90 points or 0.8% at 20,099.89, after hitting a high of 20,126.54 intraday. The index gained more than 3% in the week, and 3.7% in the January-March quarter.

The Information Technology Capped Index surged 2.36%. BlackBerry (BB.TO) soared 14.4%. Lightspeed Commerce (LSPD.TO) climbed 6.2%, while Quarterhill (QTRH.TO), Hut 8 Mining (HUT.TO) and Haivision Systems (HAI.TO) gained 4.5 to 5.5%. Shopify Inc (SHOP.TO), Constellation Software (CSU.TO), Celestica Inc (CLS.TO), Descartes Systems (DSG.TO) and Kinaxis Inc (KXS.TO) also posted strong gains.

Among consumer discretionary stocks, Canada Goose Holdings (GOOS.TO) gained more than 5%. Linamar Corp (LNR.TO), Pet Valu Holdings (PET.TO), Magna International (MG.TO), Restaurant Brands International (QSR.TO) and Spin Master Corp (TOY.TO) advanced 2.3 to 3.2%.

In the Industrials sector, Snc-Lavalin, Bombardier Inc (BBD.B.TO), Ballard Power Systems (BLDP.TO), Brookfield Business Partners (BBU.UN.TO), Badger International (BDGI.TO), Finning International (FTT.TO), Richelieu Hardware (RCH.TO), WSP Global (WSP.TO), Toromont Industries (TIH.TO) and Air Canada (AC.TO) gained 2 to 4%.

Cogeco Inc (CGO.TO), Docebo Inc (DCBO.TO), Ag Growth International (AFN.TO), Goeasy (GSY.TO), Cargojet (CJT.TO) and Canadian Tire Corporation (CTC.A.TO) were among the other major gainers in the session.

Shaw Communications (SJR.B.TO) gained about 3.3% after the Minister of Innovation, Science and Industry Francois-Philippe Champagne approved the company's C$20 billion ($14.8 billion) buyout of Shaw Communications.

Rogers Communications and Shaw Communications announced today that their historic merger is expected to close prior to the outside date of April 7

On the economic front, the Canadian economic activity likely increased by 0.3% over a month earlier in February 2023, preliminary estimates showed.

In January, the GDP increased by 0.5%, following a slight 0.1% contraction in December.