TSX Ends On Firm Note Again

(RTTNews) - The Canadian stock market shrugged off a mild mid-morning setback that very nearly pushed it into the red after a positive start, to close higher on Monday.

Continued optimism about economic recovery following reopening of businesses in several parts across the globe, and expectations of additional stimulus from central banks and governments to help tide over the impact of the coronavirus outbreak pushed up stock prices.

Healthcare, real estate and energy stocks were in demand. Financial and telecommunications shares too had a good outing. A few top stocks from consumer discretionary, utilities and materials sections posted strong gains, while information technology and industrial shares turned in a mixed performance. Consumer staples shares were weak.

The benchmark S&P/TSX Composite Index ended up 120.84 points or 0.76% at 15,974.91, slightly off the session's high of 15,980.07. The index touched a low of 15,847.87 around mid morning. With today's gains, the index has closed higher in five of the last six sessions.

Air Canada (AC.TO) soared more than 15% on huge volumes. Husky Energy (HSE.TO) climbed up 12%. Baytex Energy (BTE.TO), Crescent Point Energy (CPG.TO) and Cenovus Energy (CVE.TO) also ended with big gains.

Manulife Financial Corporation (MFC.TO) gained about 3% and Bank of Montreal (BMO.TO) spurted 2.5%. TC Energy (TRP.TO) advanced 2.25%, while Canadian Natural Resources (CNQ.TO), Rogers Communications (RCI.B.TO), Enbridge Inc. (ENB.TO), Toronto-Dominion Bank (TD.TO) and Canadian Imperial Bank of Commerce (CM.TO) gained 1 to 1.4%.

Shares of oilfield services and equipment provider Shawcor Ltd. (SCL.TO) zoomed nearly 45%. Hexo Corp (HEXO.TO) and Surge Energy (SGY.TO) flared up by 44.5% and nearly 40%, respectively. Bombardier Inc. (BBD.B.TO) ended with a hefty gain of 23.4%.

Among the prominent losers in the session, Alimentation Couche-Tard (ATD.A.TO), Kinaxis Inc. (KXS.TO), Thomson Reuters (TRI.TO), Waste Connections (WCN.TO) and WSP Global (WSP.TO) ended lower by 2 to 4%.

Canadian Pacific Railway (CP.TO) declined 1.85%. Loblaw Companies (L.TO), Agnico Eagle Mines (AEM.TO) and Cogeco Communications (CCA.TO) also ended notably lower.

On the economic front, housing Starts in Canada increased to 193,500 units in May from 166,400 units a month earlier.