TSX Settles At Fresh Closing High

(RTTNews) - The Canadian stock market shrugged off a slightly flat start and ended on a firm note on Wednesday, with its benchmark posting fresh intraday and closing highs, riding on strong gains in energy and materials sections.

Reports showing a drop in the number of new coronavirus cases for a second consecutive day, and firm crude oil and energy prices lifted the market.

The benchmark S&P/TSX Composite Index ended up 67.02 points, or 0.38%, at 17,925.36, slightly off a new all-time high of 17,933.21.

The Capped Energy Index gained 2.18%. Whitecap Resources (WCP.TO) gained 5.7%, while Crescent Point Energy (CPG.TO), MEG Energy (MEG.TO), Baytex Energy (BTE.TO) and Canadian Natural Resources (CNQ.TO) gained 3 to 4.1%.

Seven Generations Energy (VII.TO), ARC Resources (ARX.TO), Enerplus Corp (ERF.TO), PrairieSky Royalty (PSK.TO), Tourmaline Oil Corp (TOU.TO), Husky Energy (HSE.TO), Cenovus Energy (CVE.TO), Suncor Energy (SU.TO), Parex Resources (PXT.TO) and Vermilion Energy (VET.TO) also rose sharply.

The Capped Materials Index advanced 1.1%, led by Torex Gold Resources (TXG.TO), which soared 9.5%. Ero Copper (ERO.TO), Kinross Gold (K.TO), Silvercorp Metals (SVM.TO), Hudbay Minerals (HBM.TO), Eldorado Gold (ELD.TO), Pan American Silver Corp (PAAS.TO), Alamos Gold (AGI.TO), Lundin Mining (LUN.TO) and Wheaton Precious Metals (WPM.TO) gained 2 to 5%.

Among other top gainers in the session, Ballard Power Systems Inc. (BLDP.TO) soared 13%. Aurora Cannabis (ACB.TO) gained about 3.7% and Manulife Financial Corporation (MFC.TO) climbed 1.3%.

On the economic front, data from Statistics Canada showed Canada's consumer price index rose 2.4% on a year-over-year basis in January, up from a 2.2% increase in December. On a seasonally-adjusted monthly basis, the CPI rose 0.1% in January, the data showed.

U.S. stocks moved mostly higher amid easing concerns about the coronavirus outbreak after Chinese official reported the lowest number of newly confirmed cases since late January.

The Dow rose 0.4%, the Nasdaq advanced 0.9% and the S&P 500 climbed 0.5% in the session.

Most of the markets across Europe ended with strong gains on Wednesday. Asian markets ended firm as well.

In commodities, West Texas Intermediate Crude oil futures for March ended up $1.24, or about 2.4%, at $53.29 a barrel.

Gold futures for April ended up $8.20, or about 0.5%, at $1,611.80 an ounce, a fresh high since end March 2013.

Silver futures for March ended up $0.167 at $18.311 an ounce, while Copper futures for March settled at $2.6060 per pound, gaining $0.0020 for the session.