TSX Posts Over 3-month Closing High

(RTTNews) - The Canadian market suffered a setback after a positive start Friday morning, but recovered within a few minutes, and then gained in strength as the day progressed to eventually sign off at over three-month high, led by gains in shares from industrials and materials sections.

Despite concerns about surging coronavirus cases the U.S. and several other countries in the world, investors picked up stocks, betting on hopes central banks and governments would come out with additional stimulus to put the sagging economies back on track.

The benchmark S&P/TSX Composite Index ended with a gain of 98.98 points or 0.62% at 16,123.48, after hitting a high of 16,142.67. The index, which gained 2.6% in the week, recorded its third weekly gain.

The Capped Materials Index surged up 2.22%. Silvercorp Metals (SVM.TO) soared nearly 10%. Pan American Silver Corp (PAAS.TO), Semafo (SMF.TO), Kinross Gold (K.TO), Alacer Gold (ASR.TO), Oceanagold (OGC.TO), Wheaton Precious Metals (WPM.TO) and Agnico Eagle Mines (AEM.TO) climbed 3 to 5%.

Eldorado Gold (ELD.TO), Yamana Gold (YRI.TO), B2Gold Corp (BTO.TO), Barrick Gold Corp (ABX.TO), Iamgold (IMG.TO) and MAG Silver Corp (MAG.TO) also rose sharply.

The Capped Industrial Index moved up 1.3%, with SNC-Lavalin (SNC.TO), Waste Connections (WCN.TO), Cargojet (CJT.TO), Canadian Pacific Railway (CP.TO), Canadian National Railway (CNR.TO), Ballard Power Systems (BLDP.TO), WSP Global (WSP.TO) and Thomson Reuters (TRI.TO) gaining 1.2 to 2.5%.

Hydro One (H.TO), Transalta Renewables (RNW.TO), Fortis Inc. (FTS.TO) and Boralex (BLX.TO) were some of the prominent gainer in the utilities section.

Energy stocks Crescent Point Energy (CPG.TO), Vermilion Energy (VET.TO), MEG Energy (MEG.TO), Parex Resources (PXT.TO) and Cenovus Energy (CVE.TO) lost 2 to 4.5%.

In economic news, wholesale sales in Canada increased to 5.7% in May, after seeing a decline of 21.6% a month earlier, data from Statistics Canada 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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