(RTTNews) - Despite giving up a significant portion of its intraday gains, the Canadian market ended on a firm note on Thursday thanks to strong buying in energy and consumer staples stocks.
Easing concerns about monetary tightening by the Federal Reserve following a soft inflation report continued to support the market. Firm crude oil prices lifted energy stocks, contributing to market's positive close.
The benchmark S&P/TSX Composite Index, which climbed to 20,100.55, ended the session with a gain of 105.94 points or 0.53% at 19,991.88.
The Energy Capped Index climbed nearly 4%. Athabasca Oil Corp (ATH.TO), Cenovus Energy (CVE.TO), Baytex Energy (BTE.TO), Tamarack Valley Energy (TVE.TO), Crescent Point Energy (CPG.TO) and Birchcliff Energy (BIR.TO) gained 5 to 7.5%.
Africa Oil Corp. (AOI.TO) reported that its second quarter net income dropped to $5.65 million or $0.01 per share from $38.38 million or $0.08 per share in the prior year. The stock gained nearly 2.5%.
Consumer staple stock Primo Water Corp (PRMW.TO) surged 7.5%. The company reported second-quarter net loss of $23 million or $0.14 per share, wider than last year's net loss of $8 million or $0.05 per share.
The North West Company (NWC.TO), Alimentation Couche-Tard (ATD.TO), Metro Inc (MRU.TO), Loblaw (L.TO), Empire Company (EMP.A.TO), Weston George (WN.TO) and Premium Brands Holdings Corp (PBH.TO) gained 1 to 4.5%.
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