TSX Ends Modestly Higher For 2nd Straight Day

The Canadian market ended on a firm note on Monday, as stocks shrugged off a slightly weak start and moved higher in cautious trade.

Shares from utilities, energy, healthcare, communications and consumer staples sectors posted gains, contributing to the market’s uptick.

With the U.S. market closed for Martin Luther King Jr. Day, and Canadian inflation data due later in the week, the mood remained cautious.

The benchmark S&P/TSX Composite Index, which dropped to 20,932.47 earlier in the session, ended with a gain of 71.66 points or 0.34% at 21,061.88.

Healthcare stocks Tilray Inc (TLRY.TO) and Chartwell Retirement Residences (CSH.UN.TO) gained 3.5% and 1.35%, respectively. Sienna Senior Living Inc (SIA.TO) advanced nearly 1%.

In the utilities sector, Capital Power Corp (CPX.TO) gained 3.25%. Brookfield Renewable Partners (BEP.UN.TO), Transalta Corp (TA.TO) and Northland Power (NPI.TO) moved up 2 to 2.5%.

Energy stocks Athabasca Oil Corp (ATH.TO), MEG Energy (MEG.TO) and Arc Resources (ARX.TO) gained 4.8%, 3.2% and 2.9%, respectively.

Communications shares Telus Corp (T.TO) and BCE Inc (BCE.TO) ended higher by 1.35% and 1.2%, respectively.

Consumer staples stocks Saputo Inc (SAP.TO) and Loblaw Co (L.TO) climbed about 1.6% and 1.5%, respectively. Empire Company (EMP.TO) gained 1%.

On the economic front, data from Statistics Canada showed Canada’s manufacturing sales rose by 1.2% from a month earlier to C$ 71.7 billion in November, matching the preliminary estimate, after seeing a 2.9% drop in October. On a yearly basis, total sales were down 0.8% in November.

Wholesale sales in Canada increased 0.9% (m-o-m) to C$82.5 billion in November, rebounding from a 0.5% decline in the previous month.

A separate data from Statistics Canada showed car registrations in Canada decreased to 143,723 units in November from 151,144 units in October.

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