TSX Ends On Upbeat Note

(RTTNews) - The Canadian market ended on a buoyant note on Monday, led by gains in energy, industrials, technology and materials sectors.

Several stocks from communications, consumer, financials and healthcare sectors too posted impressive gains.

Stocks rallied due largely to hectic bargain hunting in stocks that had seen heavy battering in recent sessions.

The benchmark S&P/TSX Composite Index, which climbed to 18,966.90, ended with a gain of 436.97 points or 2.37% at 18,881.19.

The Energy Capped Index surged 5.78%. Baytex Energy (BTE.TO), Suncor Energy (SU.TO), Crescent Point Energy (CPG.TO), Precision Drilling (PD.TO), Athabasca Oil Corp (ATH.TO) climbed 7 to 8%.

Endeavour Silver Corp (EDR.TO), up 12.75%, was the top gainer in the Materials index. Hudbay Minerals (HBM.TO), Ivanhoe Mines (IVN.TO), First Majestic Silver (FR.TO), Eldorado Gold (ELD.TO), Iamgold Corp (IMG.TO) and Fortuna Silver Mines (FVI.TO) surged 7 to 9%.

Technology stocks Hut 8 Mining (HUT.TO), Magnet Forensics (MAGT.TO), Converge Technology Solutions (CTS.TO), Payfare (PAY.TO) and Constellation Software (CSU.TO) gained 2.5 to 6%.

Ats Automation (ATA.TO), up 9.4%, was the top gainer in the industrials section. CargoJet (CJT.TO), Nfi Group (NFI.TO), Bombardier Inc (BBD.B.TO) and Badger Infrastructure (BDGI.TO) gained 5 to 7.4%.

Canadian Western Bank (CWB.TO), Toronto-Dominion Bank (TD.TO), Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO), National Bank of Canada (NA.TO), Laurentian Bank (LB.TO), Manulife FInancial (MFC.TO) and Royal Bank of Canada (RY.TO) were among the prominent gainers in the financials sector.

On the economic front, the S&P Global Canada Manufacturing PMI was at 49.8 in September of 2022, edging higher from the 48.7 in the prior month., but marking the second consecutive month of contraction in Canadian factory activity.