Markets

TSX Ends On Buoyant Note As Stocks Rally On Widespread Buying Despite Virus Jitters

(RTTNews) - The Canadian stock market ended on a buoyant note on Tuesday, riding on strong gains in energy, materials and industrial sections.

The start was a bit volatile with investors making cautious moves amid concerns over a surge in coronavirus cases, escalating tensions between the U.S. and China, and fears of large scale lockdown measures once again, but stocks rebounded by mid morning and then kept surging higher and higher to eventually close on a high note.

Recent positive news on the vaccine front and some better than expected earnings reports from top U.S. banks raised hopes of economic recovery and prompted investors to pick up stocks.

The benchmark S&P/TSX Composite Index ended with a gain of 269.04 points or 1.72% at 15,908.45, slightly off the day's high of 15,923.45. In early trades, the index touched a low of 15,573.41.

The Capped Energy Index climbed up 4.13%, with Seven Generations Energy (VII.TO), Whitecap Resources (WCP.TO), Crescent Point Energy (CPG.TO), Imperial Oil (IMO.TO), Vermilion Energy (VET.TO), Husky Energy (HSE.TO), MEG Energy (MEG.TO), Enerplus Corp (ERF.TO), Suncor Energy (SU.TO) and Arc Resources (ARX.TO) gaining 4.4 to 8%.

The Capped Materials Index surged up more than 3%. Alamos Gold (AGI.TO), Kinross Gold (K.TO), Pan American Silver (PAAS.TO), Semafo (SMF.TO), Agnico Eagle Mines (AEM.TO), Yamana Gold (YRI.TO), B2Gold Corp (BTO.TO), Wheaton Precious Metals (WPM.TO), West Fraser Timber (WFT.TO) and Eldorado Gold (ELD.TO) moved up 3.75% to 6%.

National Bank of Canada (NA.TO), Bank of Montreal (BMO.TO), Royal Bank of Canada (RY.TO), Canadian Pacific Railway (CP.TO), Canadian National Railway (CNR.TO), Shopify Inc. (SHOP.TO) and Restaurant Brands International (QSR.TO) closed with sharp to moderate gains.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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