TSX Ends On Firm Note For 2nd Straight Day

(RTTNews) - The Canadian stock market ended notably higher on Wednesday after staying firm right through the session thanks to strong buying in energy and financial shares.

The mood was positive amid optimism the U.S. policymakers will eventually agree on a coronavirus stimulus package, gold's climb to fresh all-time highs, and higher crude oil prices.

The benchmark S&P/TSX Composite Index ended up 133.58 points or 0.82% at 16,501.61, just a few points off the day's high of 16,507.32.

On Tuesday, the index ended with a gain of 198.83 points or 1.23% at 16,368.03, almost near the day's high of 16,370.08.

In addition to energy and financial stocks, several shares from consumer discretionary, industrials and materials sections too posted impressive gains.

In the energy section, Enerplus Corp (ERF.TO) gained 7.5% and Cenovus Energy (CVE.TO) moved up nearly 7%. Parex Resources (PXT.TO), Tourmaline Oil Corp (TOU.TO), Crescent Point Energy (CPG.TO), Whitecap Resources (WCP.TO), MEG Energy (MEG.TO), Seven Generations Energy (VII.TO), Husky Energy (HSE.TO) and Vermilion Energy (VET.TO) gained 3 to 5%.

Among financial shares, Great-West Lifeco Inc. (GWO.TO) shares gained nearly 4.5% on strong results.

Manulife Financial (MFC.TO) gained more than 4.5%. Sun Life Financial (SLF.TO), Power Generation of Canada (POW.TO), CDN Western Bank (CWB.TO), Bank of Montreal (BMO.TO), Onex Corp (ONEX.TO), Royal Bank of Canada (RYI.TO), Canadian Imperial Bank of Commerce (CM.TO) and Bank of Nova Scotia (BNS.TO) moved up 1 to 3.2%.

In the materials section, Hudbay Minerals (HBM.TO) soared nearly 10%. First Quantum Minerals (FM.TO) surged up 7.85% and Teck Resources (TECK.B.TO) spurted nearly 6%.

Lundin Mining (LUN.TO), Methanex Corp (MX.TO), Oceanagold (OGC.TO), Agnico Eagle Mines (AEM.TO), B2Gold Corp (BTO.TO) and Kinross Gold (K.TO) also posted strong gains.

In the healthcare section, Aurinia Pharma (AUP.TO) and Bausch Health Companies (BHC.TO) both moved up nearly 2%, while Cronos Group (CRON.TO) and Aphria Inc. (APHA.TO) lost 1.9% and 1.5%, respectively.

In economic news, Statistics Canada's report showed Canada's trade deficit widened to C$ 3.19 billion in June 2020 from an upwardly revised C$ 1.33 billion in May. Imports jumped 21.8% to C$ 42.9 billion, while exports rose 17.1% to C$ 39.71 billion in the month, the data showed.

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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