TSX Rebounds After Recent Losses, Ends On Strong Note

(RTTNews) - The Canadian market ended on a strong note on Tuesday, as stocks rebounded on bargain hunting after two successive days of sharp losses.

Higher crude oil prices and a firm trend in the U.S. and European markets aided sentiment.

The benchmark S&P/TSX Composite Index, which edged down slightly to 19,714.67 in early trades, ended up by 216.26 points or 1.1% at 19,942.71, after hitting a high of 19,983.86.

Healthcare, consumer discretionary, information technology, real estate, industrials and energy stocks posted strong gains.

Healthcare shares Bausch Health Companies (BHC.TO), Tilray Inc (TLRY.TO) and Aurora Cannabis (ACB.TO) gained 3 to 4%. Canopy Growth Corp (WEED.TO), Aurinia Pharmaceuticals (AUP.TO), Trillium Therapeutics (TRIL.TO), Chartwell Retirement Residences (CSH.UN.TO), Organigram Holdings (OGI.TO) and Sierra Wireless (SW.TO) moved up 1.7 to 2.3%.

Consumer discretionary shares Spin Master Corp (TOY.TO), Brp Inc (DOO.TO), Magna International (MG.TO) and Canada Goose Holdings (GOOS.TO) gained 3.4 to 4.1%.

Among information technology stocks, BlackBerry (BB.TO) climbed 6.6%. Tecsys Inc. (TCS.TO) gained 5.7% and Lightspeed Pos (LSPD.TO) moved up nearly 5%. Alithya Group (ALYA.TO), Shopify Inc (SHOP.TO), Descartes Systems (DSG.TO) and Sierra Wireless (SW.TO) also rallied sharply.

Industrials shares Westport Fuel Systems (WPRT.TO) and Air Canada (AC.TO) both ended stronger by about 6.5%.

Real estate share Tricon Capital Group (TCN.TO) gained 3.75%. First Capital (FCR.UN.TO), Summit Industrial Income (SMU.UN.TO), H&R Real Estate (HR.UN.TO), Dream Industrial (DIR.UN.TO) and Dream Office (D.UN.TO) gained 2.4 to 3%.

Energy stock PrairieSky Royalty (PSK.TO) gained 2.85% on strong results. The company announced after trading hours on Monday that it posted a net profit of $27.5 million or $0.12 per share in the second quarter of this financial year, as against net loss of $0.4 million in the year-ago quarter. In the first quarter, the company posted a net profit of $18.4 million or $0.08 per share.

Arc Resources (ARX.TO) gained 2.5%, while Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Whitecap Resources (WCP.TO), Enerplus Corp (ERF.TO), Vermilion Energy (VET.TO) and Tourmaline Oil Corp (TOU.TO) also ended with sharp gains.