(RTTNews) – The Canadian stock market ended on a strong note on Monday, led by gains in materials, healthcare and information technology sections.
Financial and real estate stocks were a bit subdued, while stocks from the rest of the sectors turned in a mixed performance.
Despite spikes in coronavirus cases, investors picked up stocks, betting on stimulus announcements from the U.S. government and the Federal Reserve.
Gold’s rise to a historic high and Silver’s continued uptick triggered heavy buying in the materials space and contributed substantially to market’s buoyant close. Healthcare and information technology stocks too had a great outing.
The Capped Materials Index spurted nearly 3.5%. The Healthcare Index surged up 3.32%, while the Information Technology Index climbed nearly 2%.
The benchmark S&P/TSX Composite Index ended up 164.27 points or 1.03% at 16,161.33, slightly off the day’s high of 16,165.84.
In the materials section, Torex Gold Resources (TXG.TO) soared nearly 10%, Oceanagold (OGC.TO) rallied 7.3% and First Majestic Silver (FR.TO) ended 6.75% up.
Pan American Silver Corp (PAAS.TO), Novagold (NG.TO), MAG Silver (MAG.TO), Barrick Gold Corp (ABX.TO), Semafo (SMF.TO), Alacer Gold Corp (ASR.TO), Kirkland Lake Gold (KL.TO), Wheaton Precious Metals (WPM.TO), Yamana Gold (YRI.TO), B2Gold Corp (BTO.TO), Canfor Corp (CFP.TO) and Silvercorp Metals (SIL.TO) ended higher by 3 to 5.2%.
Among the stocks in the healthcare section, Aphria Inc. (APHA.TO) gained about 12% and Bausch Health Companies (BHC.TO) moved up 5.2%. Cronos Group (CRON.TO), Canopy Growth Corp (WEED.TO) and Knight Therapeutics (GUD.TO) gained 3.4%, 2.5% and 2.1%, respectively, while Aurora Cannabis (ACB.TO) gained 1.1%.
Information technology stock Sierra Wireless soared 15%. Shopify Inc. (SHOP.TO) surged up 4.7% and Absolute Software (ABT.TO) gained 2.25%. Enghouse Systems Group (ENGH.TO), Evertz Technologies (ET.TO), CGI Group (GIB.A.TO), Descartes Systems (DSG.TO) and Lightspeed Pos (LSPD.TO) gained 1.5 to 2%. Constellation Software (CSU.TO) moved up 1%.
U.S. stocks closed mostly higher amid optimism about additional fiscal stimulus after Treasury Secretary Steven Mnuchin said Republicans have finalized their new coronavirus relief legislation.
The Dow rose 0.4%, the Nasdaq surged up 1.7% and the S7p 500 climbed 0.7%. Markets across the Asia-Pacific region and Europe ended mixed.
In commodities, West Texas Intermediate Crude oil futures for September ended up $0.31 or about 0.8% at $41.60 a barrel, well off the day’s low of $40.48 a barrel.
Gold futures for August settled with a gain of $33.50 or about 1.8% at $1,931.00 an ounce, the highest close ever. The contract hit a new intraday record of $1,941.90, moving well past the previous high of $1,923.70 an ounce posted on 6 September 2011.
Silver futures for September ended up $1.65 or about 7.2% at $24.501 an ounce, the highest closing in almost seven years.
Copper futures for September settled at $2.8975 per pound, posting a modest 0.2% gain.
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