TSX Ends Higher Again

(RTTNews) - The Canadian stock market ended modestly higher on Wednesday, riding on strong gains in energy, healthcare, consumer and materials shares.

A few stocks from financial sector too posted impressive gains. Technology stocks, which posted handsome gains in recent sessions, slid on profit taking.

Despite worries about surging coronavirus cases, investors chose to build up fresh positions in key stocks ahead of upcoming holidays. Data showing a stronger than expected growth of the economy in October aided sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 41.11 points or 0.23% at 17,593.57, after climbing to a high of 17,652.67.

The Capped Energy Index surged up 4.36%. MEG Energy Corp (MEG.TO), Crescent Point Energy (CPG.TO) and Enerplus Corp (ERF.TO) gained 9.4%, 9% and 7.5%, respectively. Whitecap Resources (WCP.TO), Cenovus Energy (CVE.TO), Vermilion Energy (VET.TO), Seven Generations Energy (VII.TO), Imperial Oil (IMO.TO), Suncor Energy (SU.TO), Husky Energy (HSE.TO) and Parex Resources (PXT.TO) gained 4 to 6%.

Among healthcare shares, Canopy Growth Corp (WEED.TO), Aurora Cannabis (ACB.TO), Aphria Inc. (APHA.TO) and Trillium Therapeutics (TRIL.TO) gained 3.5 to 4%.

In the consumer discretionary section, Magna International (MG.TO) spurted 8.5% after the company announced a joint venture with LG Electronics to manufacture e-motors, inverters and on board chargers and, for certain automakers, related e-drive systems to support the growing global shift toward vehicle electrification.

Martinrea International (MRE.TO) and Linamar Corp (LNR.TO) gained 2.5% and 2.4%, respectively.

Eldorado Gold (ELD.TO), First Quantum Minerals (FM.TO), OceanaGold (OGC.TO) and Lundin Mining (LUN.TO) were among the top gainers in the materials section.

Among financials, Power Corporation of Canada (POW.TO), Onex Corp (ONEX.TO), Laurentian Bank (LB.TO), CDN Western Bank (CWB.TO), Manulife Financial (MFC.TO) and Royal Bank of Canada (RY.TO) moved up sharply.

Among technology stocks, Shopify Inc (SHOP.TO) ended 6.5% down. Constellation Software (CSU.TO), Enghouse Systems (ENGH.TO), Kinaxis Inc. (KXS.TO) and Descartes Systems Group (DSG.TO) ended lower by 3.4 to 5%.

On the economic front, data from Statistics Canada showed the Canadian economy grew 0.4% over a month earlier in October 2020, after expanding by 0.8% in the previous month. It was the sixth consecutive expansion, but still activity remained around 4% below February's pre-pandemic level.

On the vaccine front, Canada has authorized the use of Moderna's coronavirus vaccine to curb the surge in the second wave.

"After a thorough, independent review of the evidence, [Health Canada] has determined that the Moderna vaccine meets the department's stringent safety, efficacy and quality requirements," the federal health ministry said in a statement.