Canadian Stocks Enjoying World Class Rally -- Canadian Commentary

(RTTNews) - Canadian stocks rose for an eighth straight day Monday, remaining the most red-hot among major markets on the strength of gains in the energy sector.

The resource-heavy Canadian market is benefiting from the re-inflation of commodity prices over the past week weeks.

The S&P/TSX Composite Index surged up 171.10 points, or 1.29 percent, to 13,383.60.

The Energy Index jumped 2.3 percent, the Diversified Metals and Mining Index added 2.6 percent, and the Gold Index rose 2.3 percent.

April WTI oil climbed $1.98, or 5.5%, to settle at $37.90/bbl. Prices have skyrocketed more than 35% since oil touched a 13-year low near $26.

The Energy Information Administration sees U.S. shale oil output falling by 106,000 barrels a day in April, helping to fuel oil's advance.

Health care stocks were led by Valeant (VRX.TO), which rebounded on news the company would offer guidance and quarterly results March 15.

In other corporate news, TransCanada said it will end certain coal power contracts due to higher emissions costs.

Cargojet (CJT.TO) shares were higher. The company's fourth quarter revenues rose 47.6 percent to $84.3 million, from the prior year result.

Silver Standard Resources (SSO.TO) was down sharply after it agreed to acquire Claude Resources Inc. (CRJ.TO). Claude Resources jumped 14 percent.