TSX Ends On Strong Note

(RTTNews) - The Canadian stock market shrugged off a weak start and stayed firm right through the session thereafter to finally end with solid gains on Wednesday, thanks to hectic buying in healthcare, energy and financial sections.

Several stocks from real estate, materials and industrials sectors too rose sharply, while utilities and consumer staples shares traded weak. Technology and telecom stocks turned in a mixed performance.

Some encouraging earnings news and optimism about swift economic recovery helped offset concerns about inflation.

The benchmark S&P/TSX Composite Index, which slipped to 18,241.87 in early trades, losing nearly 90 points in the process, ended the session with a gain of 154.44 points or 0.84% at 18,484.53. The index touched a high of 18,548.87.

Aphria Inc. (APHA.TO), up nearly 11%, was the top gainer in the Healthcare Index. Sienna Senior Living (SIA.TO) gained 4.15% and Aurora Cannabis (ACB.TO) rallied 3.2%. Trillium Therapeutics (TRIL.TO) and Chartwell Retirement Residences (CSH.UN.TO) both ended higher by about 2.2%.

In the energy section, Vermilion Energy (VET.TO) soared nearly 11%. Whitecap Resources (WCP.TO) and MEG Energy (MEG.TO) gained 6.3% and 5.6%, respectively. Cenovus Energy (CVE.TO) gained 3.4% and Arc Resources (ARX.TO) moved up 2.7%.

Crescent Point Energy (CPG.TO) gained 2% on stronger than expected quarterly results. In the fourth quarter,the company's adjusted funds flow totaled $220.2 million , or $0.41 per diluted share.

Among bank stocks, National Bank of Canada (NA.TO) surged up nearly 5% on strong results. The bank said its net income excluding one-off items rose to C$761 million, or C$2.15 a share, in the three months through January, compared with C$620 billion, or C$1.70 a share, a year earlier.

Royal Bank of Canada (RY.TO) edged down marginally. The bank reported first quarter earnings per share of C$2.66 compared to C$2.40, a year ago. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of C$2.26, for the quarter.

Laurentian Bank (LB.TO), Manulife Financial (MFC.TO), CDN Western Bank (CWB.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) gained 2.7 to 5%. Toronto-Dominion Bank (TD.TO), Sun Life Financial (SLF.TO) and Canadian Imperial Bank of Commerce (CM.TO) also ended notably higher.