TSX Extends Gains To 3rd Straight Session, Ends On Strong Note

(RTTNews) - The Canadian stock market ended on a bright note on Tuesday after staying in firm right through the session.

Positive reaction to the Federal Reserve's decision to expand its bond-buying program, the reported move of the Trump administration to plan a big infrastructure proposal and news about discovery of potential drug to treat seriously ill coronavirus infected patients.

Healthcare shares, especially cannabis stocks, rose sharply. Energy, financial and industrial shares were the other prominent gainers. Telecommunications and consumer staples shares also closed on a firm note. Materials shares declined.

The benchmark S&P/TSX Composite Index, which spurted nearly 350 points in early trades, ended the session with a gain of 156.17 points or 1.02% at 15,515.83.

Among the stocks that moved on strong volumes, Bombardier Inc. (BBD.B.TO) gained about 7.6%. Cenvous Energy (CVE.TO) and First Quantum Minerals (FM.TO) gained 5.6% and 5.4%, respectively.

Air Canada (AC.TO) advanced 3.75%, MEG Energy (MEG.TO) gained 3.65% and BCE (BCE.TO) ended 2.3% up, while Suncor Energy (SU.TO), Husky Energy (HSE.TO), Canadian Natural Resources (CNQ.TO) and Manulife Financial Services (MFC.TO) gained 1.2 to 2%.

Bank of Montreal (BMO.TO), Enbridge (ENB.TO), TC Energy (TRP.TO), National Bank of Canada (NA.TO), Nutrien (NTR.TO), Royal Bank of Canada (RY.TO) and Sun Life Financial (SLF.TO) ended higher by 1.4 to 3%.

Hexo Corp (HEXO.TO), Kinross Gold Corporation (K.TO), B2Gold Corp (BTO.TO) and Barrick Gold Corporation (ABX.TO) declined by 2 to 6%.

According to data released by Statistics Canada this morning, foreign investors bought a record C$ 49.0 billion of Canadian securities in April 2020, after selling an upwardly revised C$ 9.82 billion in March. Foreign investors acquired C$ 54.0 billion of Canadian debt securities, following a C$ 39.1 billion investment in the first quarter. April's record foreign investment occurred against the backdrop of a surge in borrowing activities, the data showed.

U.S. stocks rose sharply thanks to stronger than expected retail sales data and on reports that the Trump administration is preparing a nearly $1 trillion infrastructure proposal as part of an effort to support the economy following the coronavirus pandemic.

The Dow vaulted 2%, the Nasdaq jumped 1.8% and the S&P 500 surged up 1.9%.

European markets ended on a buoyant note and most of the stocks across the Asia-Pacific region also closed on a high note.

In commodities, West Texas Intermediate Crude oil futures for July ended up $1.26 or about 3.4% at $38.38 a barrel.

Gold futures for August ended up $9.30 or about 0.5% at $1,736.50 an ounce, recovering from the day's low of $1,721.80 an ounce.

Silver futures for July moved up $0.250 or 1.5% to $17.652 an ounce, while Copper futures for July edged down marginally to $2.5645 per pound.