Air Canada Stock – TSX Pares Gains After Hitting New High, Settles Marginally Up
(RTTNews) – The Canadian stock market hit a new all-time high in early trades Tuesday, but kept paring gains as the day progressed and eventually ended the session marginally up.
The benchmark S&P/TSX Composite Index ended with a gain of 36.82 points or 0.19% at 19,564.12, after scaling a new high at 19,679.86.
Healthcare, information technology and industrial shares moved higher.
In the healthcare section, Aurora Cannabis (ACB.TO) gained 6%. Canopy Growth Corp (Weed.TO) rallied 5.2% and Aurinia Pharmaceuticals (AUP.TO) gained 1.65%.
Among information technology stocks, Hut 8 Mining Corp (HUT.TO) climbed 7.3%. Lightspeed Pos (LSPD.TO) gained 3.3%, Dye & Durham (DND.TO) advanced 2.05%, Shopify Inc (SHOP.TO) gained 1.55% and CGI Group (GIB.A.TO) ended 1.1% up.
In the industrials section, Toromont (TIH.TO) climbed 5.7%. Thomson Reuters (TRI.TO) gained nearly 2%, while Stantec (STN.TO), Canadian National Railway (CNR.TO), Air Canada (AC.TO) and Canadian Pacific Railway (CP.TO) ended higher by 1 to 1.4%.
Consumer staples stock Saputo Inc (SAP.TO) moved up 1.65%. Saputo Inc. announced two strategic acquisitions in each of the dairy alternatives and value-added ingredients segments, representing a combined investment of around C$187 million.
Energy stocks Vermilion Energy (VET.TO) and Crescent Point Energy (CPG.TO) shed 3.3% and 3.1%, respectively. Whitecap Resources (WCP.TO) ended lower by 2.3% and Tourmaline Oil Corp (TOU.TO) closed 1.8% down, while PrairieSky Royalty (PSK.TO), Arc Resources (ARX.TO) and Enerplus Corp (ERF.TO) lost 1 to 1.4%.
Consumer discretionary shares Magna International (MG.TO), Aritzia Inc (ATZ.TO), Brp Inc (DOO.TO) and Martinrea International (MRE.TO) ended notably lower.
On the economic front, data from Statistics Canada showed manufacturing sales in Canada decreased to -1.1% in April from a month earlier. Canada’s manufacturing sales advanced 3.5% in March from a month earlier to C$ 57.8 billion.
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