TSX Ends Modestly Higher; Energy Shares Move Up

(RTTNews) - The Canadian stock market ended modestly higher on Tuesday, lifted by gains in energy and healthcare sectors.

The market stayed in positive territory right through the day's session, with firm global markets, higher commodity prices, and hopes about fiscal stimulus following Prime Minister Justin Trudeau's return to power for a third term aiding sentiment.

The mood was a bit cautious with investors looking ahead to the Federal Reserve's monetary policy announcement, and amid concerns about the likely impact of Chinese real estate major Evergrande's debt woes on other economies.

The benchmark S&P/TSX Composite Index, which dropped to 20,204.61 by mid morning after having advanced to 20,344.73 in early trades, ended the session with a gain of 89.75 points or 0.45% at 20,244.29.

The Capped Healthcare Index climbed 2.18%. Bausch Health Companies (BHC.TO) gained more than 8%. Sienna Senior Living (SIA.TO) and Chartwell Retirement Residences (CSH.UN.TO) gained 2.17% and 1.3%, respectively.

Among energy shares, Enerplus Corp (ERF.TO) gained 3.5%, Imperial Oil (IMO.TO) climbed 3.35% and Vermilion Energy (VET.TO) gained nearly 2%. Arc Resources (ARX.TO), Suncor Energy (SU.TO), Whitecap Resources (WCP.TO) and Parex Resources (PXT.TO) also ended with strong gains.

Among the gainers from other sectors, MTY Food Group (MTY.TO) moved up more than 3%, West Fraser Timber (WFG.TO) climbed 1.9% and Descartes Systems Group (DSG.TO) advanced 1.7%. George Weston (WN.TO), Colliers International (CIGI.TO), Canadian National Railway (CNR.TO) and Waste Connections (WCN.TO) gained 1 to 1.5%.

Linamar Corporation (LNR.TO), CNOOC (CNU.TO), Canadian Pacific Railway (CP.TO) and National Bank of Canada (NA.TO) shed 1 to 3%.

On the economic front, prices of new homes in Canada increased by 0.7% from the previous month in August. In July, prices had moved up 0.4%, the slowest growth since December 2020.

Year-on-year, the New Housing Price Index rose 12.2% in August, after rising by 11.9% in the previous month, and higher than expected increase of 11.9%.