TSX Extends Winning Streak To Seventh Session

(RTTNews) - The Canadian market closed higher for a seventh straight session, as easing concerns about rate hikes, optimism about China's economic recovery following an announcement of additional stimulus, and easing of coronavirus restrictions in Shanghai lifted sentiment on Monday.

The benchmark S&P/TSX Composite Index ended with a gain of 170.82 points or 0.82% at 20,919.40. The index scaled a low of 20,817.52 and a high of 20,940.13 intraday. The seven-day winning run is the longest for the index since October 2021.

Energy, technology and consumer discretionary stocks moved up sharply. Financials and healthcare stocks were among the other major garners.

The Energy Capped Index gained nearly 2.5%. Advantage Oil & Gas (AAV.TO), Parex Resources (PXT.TO), Secure Energy Services (SES.TO), Tamarack Valley Energy (TVE.TO), Baytex Energy (BTE.TO), Paramount Resources (POU.TO), Cenovus Energy (CVE.TO), Baytex Energy (BTE.TO) and MEG Energy (MEG.TO) advanced 2.5 to 6.3%.

The Information Technology Capped Index climbed 1.92%. Hut 8 Mining (HUT.TO) soared 11.25%. Softchoice Corp (SFTC.TO), Tecsys Inc (TCS.TO), Converge Technology Solutions (CTS.TO), Shopify Inc (SHOP.TO), Nuvei Corp (NVEI.TO) and Dye & Durham (OCD.TO) gained 3.5 to 7%.

Consumer discretionay stocks Brp Inc (DOO.TO), Restaurant Brands International (QSR.TO), Linamar Corp (LNR.TO), Canada Goose Holdings (GOOS.TO) and Sleep Country Canada Holdings (ZZZ.TO) gained 2 to 3.1%.

Goeasy (GSY.TO), Canadian Western Bank (CWB.TO), Laurentian Bank (LB.TO), Fairfax Financial Holdings (FFH.TO), Canadian Imperial Bank of Commerce (CM.tO) and Manulife Financials (MF.TO) gained 1 to 3.5%. Toronto Dominian Bank (TD.TO) and Royal Bank of Canada (RY.TO) ended sharply lower.

Data released by Statistics Canada showed Canada recorded a current account of C$5.03 billion in the first quarter of 2022, from the downwardly revised gap of C$0.14 billion in the previous quarter.