TSX Rises For 7th Straight Session, Ends 0.9% Up

(RTTNews) - The Canadian market ended on a strong note on Monday, lifted by gains in energy and materials shares.

Energy stocks were in demand as oil prices rose sharply today after the Organization of the Petroleum Exporting Countries and allies' decided to cut crude output by 1.16 million barrels from May.

West Texas Intermediate Crude oil futures for May ended higher by $4.75 or about 6.3% at $80.42 a barrel.

Materials shares climbed higher, tracking firm gold prices.

The benchmark S&P/TSX Composite Index ended with a gain of 178.39 points or 0.89% at 20,278.28, extending gains to a seventh straight session.

On the economic front, data released by Markit Economic showed the S&P Global Canada Manufacturing PMI dropped to 48.6 in March 2023 from a seven-month high of 52.4 in February. The latest reading indicated a renewed contraction in the country's factory sector that was the steepest since June 2020 after two consecutive months of expansion.

The Energy Capped Index surged 5.37%. International Petroleum Corp (IPCO.TO) rallied more than 9%. MEG Energy Corp (MEG.TO) gained nearly 9% and Cenovus Energy (CVE.TO) climbed 8.2%. Baytex Energy (BTE.TO), Crescent Point Energy (CPG.TO), Paramount Resources (POU.TO), Enerplus Corp (ERF.TO), Nuvista Energy (NVA.TO), Canadian Natural Resources (CNQ.TO) and Imperial Oil (IMO.TO) gained 6 to 7%.

The Materials Capped Index climbed 2.2%. Teck Resources (TECK.B.TO) soared nearly 19%. The company has rejected unsolicited acquisition proposal from Glencore Plc, stating rival's all-stock offer is inferior to its own planner separation.

First Quantum Minerals (FM.TO), Lundin Gold (LUG.TO), Iamgold (IMG.TO), Dundee Precious Metals (DPM.TO), Eldorado Gold (ELD.TO) and Franco-Nevada Corp (FNV.TO) gained 2.5 to 4%.

Bank stocks Toronto-Dominion Bank (TD.TO), Royal Bank of Canada (RY.TO), Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO) and National Bank of Canada (NA.TO) ended with sharp to moderate gains.