(RTTNews) - The Canadian stock market ended on a firm note on Tuesday, riding on strong gains in materials and consumer staples sections.
Several stocks from energy, financial and telecom sectors too posted notable gains, while industrial shares were weak. Technology and healthcare stocks turned in a mixed performance.
Data showing a faster than expected growth of the Canadian economy aided sentiment.
The benchmark S&P/TSX Composite Index ended with a gain of 121.98 points or 0.67% at 18,421.60, after rising to 18,454.37.
Among the most actively traded shares, Whitecap Resources (WCP.TO), Barrick Gold Corporation (ABX.TO) and Kinross Gold Corporation (K.TO) gained 3 to 4.5%. Sun Life Financial (SLF.TO) climbed 2.7%, Suncor Energy (SU.TO) advanced 2% and TC Energy Corporation (TRP.TO) ended 1.86% up.
Rogers Communications (RCI.B.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO), Franco-Nevada Corporation (FNV.TO), Agnico Eagle Mines (AEM.TO), Premium Brands Holdings (PBH.TO), Onex Corporation (ONEX.TO) and FirstService Corporation (FSV.TO) also moved up sharply.
Spin Master Corp (TOY.TO) soared 24% on turnaround results. The company reported adjusted net income of US$14.6 million or US$0.14 per share for the fourth quarter, compared to an adjusted net loss of US$7.8 million or US$0.08 per share in the year-ago quarter.
West Fraser Timber (WFG.TO), Ballard Power Systems (BLDP.TO), BRP Inc. (DOO.TO), Ritchie Bros Auctioneers (RBA.TO), Kinaxis Inc (KXS.TO), Maxar Technologies (MAXR.TO) and CNOOC (CNU.TO) lost 2 to 6.5%.
On the economic front, data from Statistics Canada showed the Canadian economy expanded an annualized 9.6% on quarter in the last three months of 2020, following a record 40.6% growth in the previous period. Figures beat market forecasts of a 7.5% rise.
The economy expanded 2.3% on quarter in the last three months of 2020, following a record 8.9% growth in the previous period
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
