TSX Ends On Firm Note, Gains 2.4% In Week

(RTTNews) - The Canadian stock market opened on a firm note on Friday, and despite paring some gains past mid afternoon, ended the day with a fairly decent gain, as optimism about a virus vaccine helped keep sentiment positive.

Worries about continued surge in coronavirus cases across the U.S. and in several European countries resulted in uncertainty about a quick economic recovery and limited market's gains.

The benchmark S&P/TSX Composite Index ended with a gain of 93.46 points or 0.56% at 16,675.64, over 60 points off the day's high of 16,736.25. Despite losing 1.1% on Thursday, the index gained 2.4% in the week.

Healthcare stocks, which had taken a beating in recent sessions, turned in a fine performance today. The Capped Healthcare Index climbed more than 3.25%. Trillium Therapeutics (TRIL.TO), up more than 10%, topped the gainers list.

Aphria Inc. (APHA.TO) gained over 5%, while Bausch Health Companies (BHC.TO), Aurinia Pharma (AUP.TO), Canopy Growth (WEED.TO), Cronos Group (CRON.TO) and Sienna Senior Living (SIA.TO) moved up 2 to 3.5%.

Knight Therapeutics Ltd. (GUD.TO) edged down by about 0.4%. The company reported third-quarter net income of $17.492 million, compared to a net loss of $2.959 million in prior-year.

Energy stocks Husky Energy (HSE.TO), Cenovus Energy (CVE.TO), Whitecap Resources (WCP.TO), Crescent Point Energy (CPG.TO) and PrairieSky Royalty (PSK.TO) gained 3 to 5%. MEG Energy (MEG.TO) and Vermilion Energy (VET.TO) were the other major gainers in the Capped Energy Index, which climbed about 1.6%.

Consumer discretionary stocks Linamar Corp (LNR.TO), Spin Master (TOY.TO), Martinrea International (MRE.TO) and Restaurant Brands International (QSR.TO) gained 2.5 to 3%. Magna International (MG.TO), Aritzia Inc. (ATZ.TO) and Dollarama (DOL.TO) also closed sharply higher.

Among technology stocks, Celestica Inc. (CLS.TO) surged up 5.8%. Descartes Systems Group (DSG.TO) and Sierra Wireless (SW.TO) gained 4.4% and 4.3%, respectively. BlackBerry (BB.TO), Open Text Corporation (OTEX.TO) and Constellation Software (CSU.TO) gained 2 to 2.6%.

Air Canada (AC.TO), Tfi International (TFII.TO), Snc-Lavalin (SNC.TO), Cae Inc. (CAE.TO), Cargojet (CJT.TO) and Badger Daylighting (BAD.TO) were the notable gainers in the industrial section.

In the financial section, Onex Corp (ONEX.TO) climbed 4.8%. Onex said it earned US$501 million or US$5.29 per fully diluted share in the three months ended Sept. 30, compared to US$100 million or 99 cents in the year-ago quarter.

Key bank stocks, including Bank of Montreal (BMO.TO) and Toronto-Dominon Bank (TD.TO) ended with modest gains.

A few stocks from materials, indusrtrials and real estate sections also moved higher.

U.S. stocks moved higher, due largely to positive reaction to earnings news from top names like Cisco and Disney.

The Dow surged up 1.4%, the Nasdaq climbed 1% and the S&P 500 spiked 1.4%.

Stock markets across the Asia-Pacific region moved mostly higher, while the major markets in Europe turned in a mixed performance.

In commodities, West Texas Intermediate Crude oil futures for December ended down $0.99 or about 2.4% at $40.13 a barrel.

Gold futures for December closed firmer by $12.90 or about 0.7% at $1,886.20 an ounce after rallying to a high of 1,895.80 an ounce earlier in the day.

Silver futures for December ended up $0.469 at $24.775 an ounce, while Copper futures for December settled at $3.1780 per pound, gaining $0.0330.