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TSX Ends On High Note Again

RTTNews | 835 days ago

TSX Ends On High Note Again

(RTTNews) - The Canadian market rallied sharply for a second straight day, as the mood remained upbeat on Tuesday amid rising hopes the Fed will be less aggressive with interest rate hikes after data on U.S. manufacturing activity, construction spending and job openings came in weaker than expected.

Higher crude oil and bullion prices triggered strong buying in energy and materials shares.

The benchmark S&P/TSX Composite Index ended with a gain of 489.80 points or 2.59% at 19,370.99.

Technology stocks were in demand. Healthcare, financials, industrials, consumer discretionary and real estate stocks moved up sharply. Buying was so broad-based that all the sectoral indices ended in positive territory.

Shopify Inc (SHOP.TO) soared nearly 13% on huge volumes. Athabasca Oil Corp (ATH.TO), Baytex Energy (BTE.TO), Canadian Natural Resources (CNQ.TO), Crescent Point Energy (CPG.TO) and Cenovus Energy (CVE.TO) gained 4.7 to 7.5% on strong volumes.

Manulife Financial Corporation (MFC.TO), Royal Bank of Canada (RY.TO), Power Corporation of Canada (POW.TO), Suncor Energy (SU.TO), Bank of Nova Scotia (BNS.TO) and Toronto-Dominion Bank (TD.TO) also rose sharply on huge volumes.

Teck Resources (TECK.A.TO), Nuvei Corporation (NVEI.TO), Colliers International (CIGI.TO), FirstService Corporation (FSV.TO), Descartes Systems Group (DSG.TO) and Fairfax Financial Holdings (FFH.TO) gained 5 to 10%.

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