TSX Hits New All-time High, Ends On Firm Note

(RTTNews) - The Canadian stock market ended on a firm note on Wednesday, hitting a new all-time in the process, thanks to strong buying in energy and consumer staples sections.

Several stocks from the financial sector too posted impressive gains. Healthcare and technology stocks were weak, while materials, consumer discretionary and industrial sections turned in a mixed performance.

The market, which digested the Bank of Canada's interest rate decision, stayed firm amid continued optimism about swift global economic recovery thanks to the vaccination drive gathering momentum across the world.

The Bank of Canada left its interest rate unchanged, holding the overnight rate at the effective lower bound of 0.25%. The Bank rate is unchanged at 0.5% and the deposit rate remains steady at 0.25%.

The central bank said it is maintaining its extraordinary forward guidance. The quantitative easing program will continue at the current pace of at least $4 billion per week.

The benchmark S&P/TSX Composite Index, which dropped to 18,602.60 after opening more than 100 points up at 18,703.17, rallied and hit a new high at 18,761.90 before settling for the day at 18,690.00, gaining 90.81 points or 0.49%.

The Capped Energy Index surged up 3.85%. Vermilion Energy (VET.TO) soared 15.1% following a rating upgrade. Tourmaline Oil Corp (TOU.TO), Enerplus Corp (ERF.TO), Crescent Point Energy (CPG.TO), Arc Resources (ARX.TO) and Seven Generations Energy (VII.TO) gained 5.5 to 6.1%.

Several other stocks, including Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO), MEG Energy (MEG.TO), Suncor Energy (SU.TO) and PrairieSky Royalty (PSK.TO) also rose sharply.

In the consumer staples section, Empire Co (EMP.A.TO) rallied 5.8% and Primo Water Corporation (PRMW.TO) climbed 3.5%.

Air Canada (AC.TO), Manulife Financial Corporation (MFC.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO), Canadian National Railway (CNR.TO) and Rogers Communications (RCI.B.TO) moved up sharply on strong volumes.