TSX Extends Gains To 3rd Straight Day, Ends 1.84% Up
(RTTNews) - The Canadian market ended on a buoyant note on Tuesday, extending gains to a third straight session, in line with global markets amid fading concerns about an aggressive rate hike by the Federal Reserve at its upcoming meeting later this month.
The benchmark S&P/TSX Composite Index ended with a gain of 342.09 points or 1.84% at 18,937.71, a few points down from the day's high of 18,944.12.
Buying was so broadbased that all the sectoral indices ended in positive territory. Technology, energy, consumer discretionary, industrials and financials shares moved up sharply, lifting the respective sectoral indices up by 2.2 to 2.52%.
The Real Estate index and the Health Care Index both gained nearly 2%. The Materials Capped Index climbed 1.57%.
Hut 8 Mining Corp (HUT.TO) soared 11.5% on strong volumes. Tilray Brands (TLRY.TO) gained about 5.2%. Baytex Energy (BTE.TO), Air Canada (AC.TO), Oceanagold Corporation (OGC.TO), Cenovus Energy (CVE.TO), Suncor Energy (SU.TO) and Crescent Point Energy (CPG.TO) gained 3 to 4.2%.
West Fraser Timber Co. (WFG.TO) shares zoomed 12.5%. West Fraser said it has not received any takeover offer after a report that Kronospan, an exisiting shareholder, and CVC Capital Partners were interested in making a bit for the company. The company said it is focused on "executing on its business strategy to create shareholder value."
Nuvei Corp (NVEI.TO), Magna International (MG.TO), Boyd Group Services (BYD.TO), Tucows (TC.TO), Imperial Oil (IMO.TO), goeasy (GSY.TO), TFI International (TFII.TO), Brookfield Asset Management (BAM.A.TO), Nutrien (NTR.TO), Precision Drilling (PD.TO), Toronto-Dominion Bank (TD.TO) and National Bank of Canada (NA.TO) gained 3 to 6.5%.
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