TSX Ends On Firm Note

(RTTNews) - The Canadian market opened on a weak note on Monday, but recovered swiftly and kept moving higher as the session progressed to eventually close on a strong note, riding on gains in materials, technology and consumer discretionary shares.

The mood was cautious early on in the session due to worries about slowing global growth and on concerns about aggressive rate hikes by central banks.

The U.S. Federal Reserve, the Bank of England, the People's Bank of China, the Bank of Japan, and the Swiss National Bank, are all scheduled to announce their interest rate decisions this week.

The benchmark S&P/TSX Composite Index ended with a gain of 176.50 points or 0.91% at 19,562.38, after having dropped to 19,198.11 in early trades.

Nutrien (NTR.TO), TFI International (TFII.TO), Teck Resources (TECK.B.TO), Shopify Inc. (SHOP.TO), West Fraser Timber Co. (WFG.TO) and CCL Industries (CCL.B.TO) gained 3 to 4.2%.

Linamar Corp (LNR.TO), Dollarama (DLR.TO), Magna International (MG.TO), BRP Inc (DOO.TO), Descartes Systems (DSG.TO), Kinaxis Inc (KXS.TO), Constellation Software (CSU.TO) and Canadian National Railway (CNR.TO) also posted impressive gains.

Cargojet (CJT.TO), Rogers Communications (RCI.B.TO) and Sprott Inc (SII.TO) were among the notable losers.

On the economic front, data from Statistics Canada showed Canada's raw materials price index rose by 17.6% in August 2022, compared to a year ago. The index fell 4.2% month over month in August.

Meanwhile, producer prices in Canada increased 10.6% in August 2022 over the same month last year. Month over month, producer prices fell 1.2% in August, following a revised 2.5% drop in the prior month.