TSX climbs to three-week high, helped by gains for energy, Dollarama
Reuters
Published Mar 29, 2023 07:41
Updated Mar 29, 2023 16:25
By Johann M Cherian and Fergal Smith
(Reuters) -Canada's main stock index rose on Wednesday to its highest closing level in nearly three weeks, helped by gains in energy and Dollarama shares, after the discount store chain posted quarterly revenue above estimates.
The Toronto Stock Exchange's S&P/TSX composite index ended up 180.12 points, or 0.9%, at 19,837.65, its fourth straight day of gains and its highest closing level since March 9.
Dollarama Inc shares added 2.5% as the company reported a surge in same-store sales.
"It's a great business. They operate their store count quite well and they're very efficient with respect to their costs," said Mike Archibald, vice-president and portfolio manager at AGF Investments.
The consumer discretionary sector advanced 1.3%, while energy rose 1%, helped by recent strength in crude oil prices.
Information technology rose 1.5% as bond yields steadied. Heavily-weighted financials gained 1%.
Canada's 2023 budget took a big step toward luring more investment in clean technology to build a low-carbon economy, analysts said on Wednesday, but gaps must still be filled to make the country more competitive with the United States.
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Written By: Reuters
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