TSX Ends On Strong Note

(RTTNews) - The Canadian stock market ended on a firm note on Friday as investors built up positions amid optimism about potential Coronavirus treatment , and positive jobs data.

The benchmark S&P/TSX Composite Index ended up 145.18 points or 0.93% at 15,713.82, slightly off the day's high of 15,717.55. The index touched a low of 15,546.30 in early trades. The index gained 0.76% in the week.

Energy stocks moved up sharply after crude oil prices rose following an upward revision in demand forecast by the International Energy Agency. The Capped Energy index rose 3.28%.

Healthcare, financial and consumer discretionary stocks were the other major gainers. Telecom and utilities stocks too had a good outing. Select stocks from industrial, consumer staples and real estate sections moved up, while materials and information technology stocks turned in a mixed performance.

In the energy section, Enerplus Corp (ERF.TO) climbed up nearly 9%, Vermilion Energy (VET.TO) rose 8% and PrairieSky Royalty (PSK.TO) moved up nearly 6.5%. Whitecap Resources (WCP.TO), Seven Generations Energy (VII.TO), Arc Resources (ARX.TO), Tourmaline Oil Corp (TOU.TO) and Canadian Natural Resources (CNQ.TO) gained 4 to 5.2%.

Imperial Oil (IMO.TO), Husky Energy (HSE.TO), Suncor Energy (SU.TO) and Cenovus Energy (CVE.TO) also rose sharply.

In the financial section, Laurentian Bank (LB.TO), Bank of Montreal (BMO.TO), Power Corporation of Canada (POW.TO), Bank of Nova Scotia (BNS.TO), Manulife Financial (MFC.TO), Toronto-Dominion Bank (TD.TO), Royal Bank of Canada (RY.TO), National Bank of Canada (NA.TO), Sun Life Financial (SLF.TO) and Canadian Imperial Bank of Commerce (CM.TO) gained 1.5 to 3%.

Healthcare stock Canopy Growth Corp (WEED.TO) spurted more than 8%. Cronos Group (CRON.TO) gained 4.75%, while Aphria Inc. (APHA.TO), Knight Therapeutics (GUD.TO) and Aurora Cannabis (ACB.TO) gained 1.8 to 2.6%.

Among consumer discretionary shares, Martinrea International (MRE.TO), Gildan Activewear (GIL.TO), Magna International (MG.TO) and Linamar Corp (LNR.TO) moved up 2.4 to 3.4%.

Among other gainers, First Quantum Minerals (FM.TO) soared nearly 7%. Telus Corporation (T.TO) moved up 1.6%, Canadian Pacific Railway (CP.TO) gained 1% and Waste Connections (WCN.TO) gained 2.4%.

Kirkland Lake Gold (KL.TO), Agnico Eagle Mines (AEM.TO) and Cargojet (CJT.TO) lost 1.7 to 2%.

In economic news, data released by Statistics Canada showed employment in the country rose by 952,900 in June 2020, after rising 289,600 in May. Full-time employment was up by 488,100 in the month, compared to an increase of 219,400 a month earlier.

Meanwhile, unemployment rate fell to 12.3% in June 2020, from 13.7% a month earlier.

In virus vaccine news, Gilead Sciences said remdesivir showed a sharp mortality risk drop when used to treat patients suffering of coronavirus. BioNTech's CEO also told The Wall Street Journal the German biotechnology company's coronavirus vaccine candidate could be ready for approval by December.