TSX Ends Notably Higher; Energy Stocks Post Strong Gains

(RTTNews) - The Canadian stock market ended on a high note on Tuesday, riding on strong gains in energy shares after crude oil prices rose sharply.

A few top stocks from consumer discretionary, healthcare, telecom, information technology and industrial sectors too posted impressive gains. Materials shares were a bit weak. Financial stocks turned in a mixed performance.

Although continued to surge in coronavirus cases and tighter lockdown restrictions in several countries raised concerns about growth, the rollout of coronavirus vaccines aided sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 154.74 points or 0.88% at 17,682.51 slightly off the day's high of 17,694.40.

The Capped Energy Index climbed 7.3%, as several stocks in the section rose sharply after crude oil prices jumped almost 5%. Crescent Point Energy (CPG.TO), Vermilion Energy (VET.TO), Whitecap Resources (WCP.TO), Canadian Natural Resources (CNQ.TO), Parex Resources (PXT.TO), Imperial Oil (IMO.TO), Enerplus Corp (ERF.TO), MEG Energy (MEG.TO) and Tourmaline Oil Corporation (TOU.TO) gained 5 to 10%.

Suncor Energy (SU.TO) ended more than 8% up. The company announced Monday that it will take a non-cash after-tax impairment charge of about C$425 million in the fourth quarter of 2020 regarding its share of the White Rose asset and West White Rose Project. Suncor added that its 2021 guidance remains unchanged as the White Rose field will remain on line producing.

Consumer discretionary stock Sleep Country Canada Holdings (ZZZ.TO) gained more than 4%. Magna International (MG.TO) gained 3.655, while Canadian Tire Corporation (CTC.A.TO), Martinrea International (MRE.TO), Dollarama (DOL.TO) and Gildan Activewear (GIL.TO) gained 1.5 to 2.5%.

Telecom stocks Corus Entertainment Inc. (CJR.B.TO) and BCE Inc. (BCE.TO) gained 2.6% and 1.6%, respectively.

In the healthcare section, Canopy Growth Corp (WEED.TO) gained 2.4% and Aphria Inc. (APHA.TO) gained 1.8%.

Among industrial shares, New Flyer Industries (NFI.TO), Air Canada (AC.TO), Transcontinental (TCL.A.TO), Ats Automation (ATA.TO), CargoJet (CJT.TO) and Exchange Income Corp (EIF.TO) gained 2.5 to 5.2%.

In the technology section, Sierra Wireless (SW.TO) climbed nearly 4%. Absolute Software (ABST.TO), Evertz Technologies (ET.TO), BlackBerry (BB.TO) and Shopify Inc. (SHOP.TO) also rose sharply.

CDN Western Bank (CWB.TO), Manulife Financial (MFC.TO), Canadian Imperial Bank of Commerce (CM.TO) and Laurentian Bank (LB.TO) were among the notable gainers in the financial section.

In the materials section, Silvecrest Metals (SIL.TO), Iamgold Corp (IMG.TO), New Gold (NGD.TO), Oceanagold Corporation (OGC.TO), Kirkland Lake Gold (KL.TO), Barrick Gold Corporation (ABX.TO) and Kinross Gold Corporation (K.TO) ended sharply lower due to profit taking.

On the economic front, data released by Statistics Canada this morning showed the industrial product price index in Canada fell 0.6% mom in November of 2020, in line with preliminary estimates.

The raw materials price index rose 0.6% over a month earlier in November, following a 0.4% gain in October. Year over year, the raw materials price index fell 1.7% in November.