TSX Extends Gains To 3rd Day, Ends On Firm Note

(RTTNews) - The Canadian stock market ended higher on Monday, bucking the weak trend in global markets, as higher crude oil and bullion prices triggered some hectic buying in energy and materials sections.

Worries about inflation and reports showing a surge in coronavirus cases in Asian countries weighed on global stocks, but the Canadian market turned in a good performance.

The benchmark S&P/TSX Composite Index ended up by 107.96 points or 0.56% at 19,474.65, almost near the day's high.

The Capped Materials Index climbed more than 3%. Endeavour Silver Corp (EDR.TO) soared 11.6%. Equinox Gold (EQX.TO) gained about 9% and Pan American Silver Corp (PAAS.TO) zoomed 8.75%, while First Majestic Silver Corp (FR.TO), MAG Silver Corp (MAG.TO) and Iamgold (IMG.TO) gained 7.4 to 8%.

Silvercorp Metals (SVM.TO), Ssr Mining (SSRM.TO), Silvercrest Metals (SIL.TO), Kinross Gold (K.TO), New Gold (NGD.TO), Alamos Gold (AGI.TO) and Kirkland Lake Gold (KL.TO) were among the other major gainers in the materials section.

The Energy Index climbed 2.88%. Whitecap Resources (WCP.TO), MEG Energy Corp (MEG.TO), Vermilion Energy (VET.TO), Arc Resources (ARX.TO), Crescent Point Energy (CPG.TO), PrairieSky Royalty (PSK.TO), Enerplus Corp (ERF.TO), Tourmaline Oil Corp (TOU.TO) and Cenovus Energy (CVE.TO) gained 2.75 to 6%.

The Capped Healthcare Index surged up 2.58%. Organigram Holdings (OGI.TO) ended 6.5% up. Aurinia Pharmaceuticals (AUP.TO) and Aurora Cannabis (ACB.TO) both gained more than 2.5%, while Cronos Group (CRON.TO) gained 1.8%.

On the economic front, data released by Canada Mortgage and Housing Corporation showed housing starts in Canada decreased to 268,600 units in April from 334,800 units (revised) in March.

Data from Statistics Canada revealed Canadian investment in foreign securities totalled $21.2 billion in March, mainly from purchases of U.S. shares. Foreign investment in Canadian securities was $3.2 billion.

U.S. stocks ended weak on Monday weighed down by lingering concerns about inflation and the outlook for monetary policy ahead of the release of the minutes of the Federal Reserve's latest monetary policy meeting on Wednesday.

The Dow ended 0.2% down, the Nasdaq closed lower by 0.4% and the S&P 500 drifted down 0.3%.

The major European markets closed lower, while stock markets across the Asia-Pacific region turned in a mixed performance.

In commodities, West Texas Intermediate Crude oil futures ended up by $0.90 or about 1.4% at $66.27 a barrel, the highest close since April 23, 2019.

Gold futures for June ended up by $29.50 or about 1.6% at $1,867.60 an ounce, the highest close since January 7. Silver futures for July moved up $0.909 to settle at $28.274 an ounce, while Copper futures for July settled at $4.7115 per pound, gaining $0.0570.