Bay Street Bulls Show A Pulse After Brexit -- Canadian Commentary

(RTTNews) - Brexit-beaten Canadian stocks roared back to life Tuesday, with significant strength emerging in the heavyweight energy and financial sectors.

Calm was restored to global markets after a two-day tantrum brought on by the UK's vote to leave the European Union.

Traders are waiting to see whether the break-up actually takes place. The British parliament can nullify the results of the referendum, or the UK could negotiate some associate status.

Encouraging economic data from the US helped cushion the Brexit blow.

Economic activity in the U.S. increased faster than previously estimated in the first quarter of 2016.

The Commerce Department said the pace of growth in gross domestic product was upwardly revised to 1.1 percent from the previous estimate of 0.8 percent.

The S&P/TSX Composite Index was up 152.90 points, or 1.12 percent, to 13,842.69.

Financials rose 1.4 percent, while energy stocks added 2.4 percent.

WTI crude oil rose $1.52, or 3.3 percent, to settle at $47.85/bbl on Nymex.

Saputo (SAP.TO) apologized to customers for shrinking its milk bags to 3 liters from four.

Bombardier Inc. (BBD_B.TO) revealed an agreement with Air Canada (AC.A.TO) for purchase of Landmark C series for up to 75 aircraft.

Canexus Corporation (CUS.TO) said the Canadian Competition Bureau approved the proposed acquisition of Canexus by Superior Plus Corp. The US FTC is still challenging the merger.