TSX Ends On Firm Note As Energy, Materials Shares Rally

(RTTNews) - Despite weak global economic data amid the ongoing coronavirus pandemic, and an escalation in U.S.-China trade tensions, the Canadian stock market ended on a bright note on Friday, as energy and materials stocks rallied on higher commodity prices.

Healthcare and information technology shares were the other notable gainers in the market, while shares from financial and utilities sections closed weak.

The benchmark S&P/TSX Composite Index ended up 129.24 points, or 0.89%, at 14,638.90, nearly 200 points off an early low of 14,447.88.

The index shed about 2.2% in the week.

Aurora Cannabis (ACB.TO) soared 67% after the company reported a big jump in pot sales in the first quarter amid the spread of COVID-19 across the globe. The company reported a net loss of C$137.4 million, which amounts to C$1.37 a share, widening from C$160.2 million, or C$1.89 a share, in the year-ago period.

Aurora recently sold a large greenhouse in Exeter, Ontario for approximately half of its 17 million Canadian dollar ($12.1 million) listing price. It was one-third of the original purchase price.

Hexo Corp (HEXO.TO) climbed up 22.6% and Aphria Inc. (APHA.TO) ended up 11.6%.

Cenovus Energy (CVE.TO) surged up 5.5%. Barrick Gold Corporation (ABX.TO), Canadian Natural Resources (CNQ.TO), Kinross Gold Corporation (K.TO), B2Gold Corp (BTO.TO), Yamana Gold (YRI.TO) and MEG Energy (MEG.TO) gained 3 to 4%.

Suncor Energy (SU.TO) and Enbridge Inc. (ENB.TO) moved up 2.5% and 2.1%, respectively.

Canopy Growth Corporation (WEED.TO), SSR Mining (SSRM.TO), Pan American Silver Corp (PASS.TO), Agnico Eagle Mines (AEM.TO) and Kinaxis (KXS.TO) ended with big gains.

Bombardier Inc. (BBD.B.TO), Baytex Energy (BTE.TO), Air Canada (AC.TO) and Manulife Financial Corporation (MFC.TO) lost 2.2 to 4%.

Canada Goose Holdings (GOOS.TO), Canadian Tire Corporation (CTC.A.TO) and Rogers Communications (RCI.A.TO) also ended sharply lower.

U.S. stocks rallied after early weakness, and the major averages closed in positive territory, as investors shrugged off some dismal economic data and picked up shares.

The Dow ended up 0.3%, the Nasdaq advanced 0.8% and the S&P 500 climbed up 0.4%.

The major European markets all moved higher, while markets across the Asia-Pacific region closed mixed.

In commodities, West Texas Intermediate Crude oil futures for June ended up $1.87, or about 6.8%, at $29.43 a barrel.

Gold futures for June ended up $15.40, or about 0.9%, at $1,75630 an ounce, the highest close since April 14.

Silver futures for July ended up $0.914, or 5.7%, at $17.070 an ounce, while Copper futures for July settled at $2.3305 per pound, losing about 0.7% from previous close.