TSX Ends On Strong Note Despite Coming Off Day's High

(RTTNews) - Despite coming off the day's high in late afternoon trades, the Canadian market finished on a strong note on Monday, led by strong gains in energy, healthcare, technology and materials sectors.

The mood remained quite positive thanks to a rally in global markets amid rising expectations the Federal Reserve will be less aggressive at its upcoming policy meeting later this month.

Sharply higher crude oil prices triggered hectic buying in the energy sectors. Materials shares climbed as bullion prices moved higher.

The benchmark S&P/TSX Composite Index, which rallied to 18,733.59 intraday, gaining about 340 points, ended the session with a gain of 201.17 points or 1.09% at 18,595.62.

According to a report released by the Canada Mortgage and Housing Corporation (CHMC), housing starts in Canada fell 3% over a month earlier to 273,841 units in June of 2022.

The Energy Capped Index surged 3.57%. Athabasca Oil Corp (ATH.TO), the biggest gainer in the index, soared nearly 13%. Precision Drilling Corp (PD.TO), Headwater Exploration (HWX.TO), Arc Resources (ARX.TO), Baytex Energy (BTE.TO), Nuvista Energy (NVA.TO), Tourmaline Oil Corp (TOU.TO), Vermilion Energy (VET.TO) and Prairiesky Royalty (PSK.TO) gained 6.5 to 9%.

The Health Care Capped Index climbed nearly 2%. Canopy Growth Corp (WEED.TO) zoomed as much as 15.5%. Aurora Cannabis (ACB.TO), Tilray Inc (TLRY.TO) and Cronos Group (CRON.TO) gained 5.6%, 3.3% and 2.9%, respectively.

Among real estate stocks, Colliers International Group (CIGI.TO) climbed 3.25%. Altus Group (AIF.TO) and Summit Industrial Income (SUM.UN.TO) both gained about 2.1%.

Hut 8 Mining Corp (HUT.TO), up 8.65%, was the biggest gainer in the technology section. Converge Technology Solutions (CTS.TO), Tecsys Inc (TCS.TO), Shopify Inc (SHOP.TO) and Magnet Forensics Inc (MAGT.TO) gained 3.6 to 4.8%.

Capstone Mining (CS.TO), First Quantum Minerals (FM.TO), Lundin Mining (LUN.TO), Filo Mining (FIL.TO), Stelco Holdings (STLC.TO), Kinross Gold (K.TO) and MAG Silver Corp (MAG.TO) were among the top gainers in the materials section.

In the financials sector, Laurentian Bank (LB.TO), Royal Bank of Canada (RY.TO), Manulife Financial (MFC.TO), National Bank of Canada (NA.TO), Canadian Imperial Bank of Commerce (CM.TO), Bank of Nova Scotia (BNS.TO), Toronto-Dominion Bank and Bank of Montreal (BMO.TO) gained 1 to 2.3%.