Energy, Materials Shares Lift TSX To Positive Close

(RTTNews) – The Canadian market ended modestly higher on Wednesday, led by gains in energy and materials sectors.

Financials stocks drifted lower after Royal Bank of Canada’s results fell short of expectations.

The mood was quite cautious with investors awaiting Fed Chair Jerome Powell’s speech at the Jackson Hole economic symposium on Friday.

The benchmark S&P/TSX Composite Index ended with a gain of 36.03 points or 0.18% at 20,021.38, nearly 50 points off the day’s high of 20,068.93.

Shares of Turquoise Hill Resources Ltd (TRQ.TO) soared 24% after global miner Rio Tinto sweetened its takeover proposal for the 49% stake of the company it does not already own.

Cameco Corporation (CCO.TO) zoomed nearly 15%. AutoCanada (ACQ.TO), Lithium Americas Corp (LAC.TO), Fairfax Financial Holdings (FFH.TO), Precision Drilling Corporation (PD.TO), Restaurant Brands International (QSR.TO) and Nutrien (NTR.TO) gained 2 to 6%.

Royal Bank of Canada (RY.TO) is down 2.6%. RBC reported net income of $3.6 billion for the quarter ended July 31, 2022 , down $719 million or 17% from the prior year.

National Bank of Canada (NA.TO) ended nearly 1% down. The bank reported that its third-quarter net income was C$826 million, down 2% from C$839 million last year. Earnings per share declined to C$2.35 from C$2.36 a year ago.

Bank of Nova Scotia (BNS.TO), WSP Global Inc (WSP.TO), Gerge Weston (WN.TO), Loblaw Companies (L.TO), Alimentation Couche-Tard (ATD.TO) and Canadian Imperial Bank of Commerce (CM.TO) settled weak.

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