TSX Snaps 4-day Losing Streak, End On Strong Note

(RTTNews) - The Canadian stock market ended on a strong note on Tuesday despite worries about rising coronavirus cases and the continued impasse over a relief package in the U.S.

Consumer staples and information technology stocks led the market up. Several stocks from utilities, consumer discretionary, industrial, energy and telecom sectors too moved higher. Financial, healthcare and materials shares were relatively subdued.

The benchmark S&P/TSX Composite Index ended with a gain of 161.12 points or 1.01% at 16,142.89 despite hitting a low of 16,000.50 around mid morning.

Among the most actively traded shares, Aurora Cannabis (ACB.TO) climbed more than 15%. OceanaGold Corp (OGC.TO) gained about 4.2%, while TC Energy (TRP.TO) and Canadian Natural Resources (CNQ.TO) moved up 2.8% and 2.3%, respectively. Enbridge (ENB.TO) and Cenovus Energy (CVE.TO) both ended stronger by about 1.5%.

Among other gainers, Shopify Inc. (SHOP.TO), Alimentation Couche-Tard (ATD.B.TO) and Canadian National Railway (CNR.TO) moved up 2.75%, 2.7% and 1.75%, respectively. BCE Inc (BCE.TO), Pembina Pipeline Corporation (PPL.TO) and Nutrien (NTR.TO) also ended with solid gains.

Bank of Montreal (BMO.TO), Bausch Health Companies (BHC.TO) and Kirkland Lake Gold (KL.TO) ended notably lower.

U.S. stocks closed notably higher. The Dow advanced 0.52%, the Nasdaq climbed 1.71% and the S&P 500 surged up 1.05%.

Most of the markets across Europe closed on a firm note. Asian markets ended lower, tracking overnight losses in the U.S. market.

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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