Canadian Stocks Move Sharply Higher Amid Jumping Commodities Prices

(RTTNews) - After ending the previous session roughly flat, Canadian stocks showed a strong move to the upside during trading on Thursday.

The benchmark S&P/TSX Composite Index moved steadily higher throughout the session before closing up 289.65 points or 1.5 percent at 18,990.32 a new record closing high.

Energy stocks helped to lead the way higher on the day, with the S&P/TSX Capped Energy Index spiking by 3.2 percent.

The rally by energy stocks came as the price of crude oil soared $2.29 to $61.45 a barrel after OPEC and its allies agreed to incremental increases in production.

Significant strength was also visible among materials stocks, as reflected by the 3.2 percent jump by the S&P/TSX Capped Materials Index.

The strength in the sector came as price of gold for June delivery climbed $12.80 to $1,728.40 an ounce, extending the rebound seen in the previous session.

Information technology stocks also showed a strong upward move on the day, driving the S&P/TSX Capped Information Technology Index up by 2.6 percent.

Most of the other major sectors also moved to the upside, with healthcare stocks among the few groups to buck the uptrend.