TSX Gains Over 5% Amid Signs Of Slowdown In Virus Spread

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The Canadian stock market ended on a high note on Monday on hectic buying at counters across the board after data showed the number of coronavirus cases and fatalities dropped down in several hot spots across Europe over the weekend. New York too reported a drop in new cases on Sunday.

The benchmark S&P/TSX Composite Index ended up 654.40 points, or 5.06%, at 13,592.70, slightly off the session’s high of 13,603.00.

Consumer discretionary stocks, which were among the most prominent losers in some of the recent sessions, rose sharply today. The Capped Consumer Discretionary Index spurted 9.23%.

The Capped Utilities index gained 7.36%, while Healthcare, Financial, Information Technology, Consumer Staples, Industrials, Materials, Real Estate and Telecom indices climbed up 4 to 6.2%. The Energy Index advanced nearly 3%.

Consumer discretionary shares Restaurant Brands International (QSR.TO), Canada Goose Holdings (GOOS.TO), Aritzia Inc. (ATZ.TO), Real Matters (REAL.TO), Magna International (MG.TO) and Brp Inc. (DOO.TO) gained 10.7 to 14%.

In the financial space, Canadian Imperial Bank of Commerce (CM.TO), Sun Life Financial (SLF.TO), Toronto-Dominion Bank (TD.TO), Bank of Montreal (BMO.TO), National Bank of Canada (NA.TO), Laurentian Bank (LB.TO) CDN Western Bank (CWB.TO) and Manulife Financial (MFC.TO) gained 3 to 7%.

Among information technology stocks, Lightspeed Pos (LSPD.TO) soared more than 23%. Shopify Inc. (SHOP.TO) ended nearly 10% up. Evertz Technologies (ET.TO) and Descartes Systems Group (DSG.TO) gained 9.5% and 9%, respectively. Open Text (OTEX.TO), Sierra Wireless (SW.TO), Enghouse Systems (ENGH.TO) and BlackBerry (BB.TO) also ended with sharp gains.

In the energy space, MEG Energy (MEG.TO), up nearly 20%, was the biggest gainer in the Energy Index. Cenovus Energy (CVE.TO) gained close to 10%. Husky Energy (HSE.TO), Vermilion Energy (VET.TO), Suncor Energy (SU.TO) and PrairieSky Royalty (PSK.TO) gained 3.7 to 5%.

Materials shares Alacer Gold (ASR.TO), B2Gold Corp (BTO.TO), Hudbay Minerals (HBM.TO), Eldorado Gold (ELD.TO), First Majestic Silver Corp (FR.TO), First Quantum Minerals (FM.TO), Teck Resources (TECK.B.TO), Yamana Gold (YRI.TO) and Nutrien (NTR.TO) gained 6 to 15%.

Industrial stocks Ballard Power Systems (BLDP.TO), Snc-Lavalin (SNC.TO), Cae Inc. (CAE.TO), Canadian National Railway (CNR.TO), Canadian Pacific Railway (CP.TO), Waste Connections (WCN.TO), Air Canada (AC.TO) and Stantec Inc. (STN.TO) ended with strong gains.

Healthcare shares Bausch Health Companies (BHC.TO), Canopy Growth Corp (WEED.TO), Aphria Inc. (APHA.TO), Sienna Senior Living (SIA.TO), Extendicare (EXE.TO), Knight Therapeutics (GUD.TO) and Cronos Group (CRON.TO) gained 4 to 10%.

The major U.S. averages reached new highs for the session going into the close. The Dow soared 7.7%, the Nasdaq spiked 7.3% and the S&P 500 surged up 7%.

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