Canadian Market Ends Higher For 5th Straight Day

(RTTNews) - The Canadian stock market ended on a firm note on Friday, extending gains to a fifth straight day, as continued optimism about recovery thanks to vaccine rollout and prospects of additional stimulus in the U.S. aided sentiment.

Higher crude oil and bullion prices, and encouraging earnings reports from some top name U.S. companies too contributed to market's gains.

The benchmark S&P/TSX Composite Index, which hit fresh intraday and closing highs today, ended with a gain of 93.93 points or 0.52% at 18,135.90, after advancing to 18,159.20. The index gained 4.6% in the week.

Materials, energy and technology stocks were the prominent gainers. A few stocks from the industrial section posted strong gains. Healthcare and consumer staples attracted profit taking. Financial, consumer discretionary and industrial shares closed mixed.

In the materials section, Eldorado Gold (ELD.TO) soared 12%. The company announced it has signed an amended investment agreement with the Hellenic Republic to govern the development, construction and operation of its mines and projects in Greece.

Hailed as a "new beginning" for Eldorado and its Kassandra Mines in Greece, the agreement will pave the way for the completion of the Skouries project, the expansion of Olympias to 650 000 t/y, upgrades to the port facilities at Stratoni and further investment in exploration.

New Gold Inc. (NG.TO) gained 6.3%, while Canfor Corp (NGD.TO), Interfor Corp (IFP.TO), First Quantum Minerals (FM.TO) and Torex Gold Reserves (TXG.TO) moved up 4 to 5.4%. Kinross Gold (K.TO), Hudbay Minerals (HBM.TO), Methanex Corp (MX.TO), Agnico Eagle Mines (AEM.TO), Yamana Gold (YRI.TO) and Lundin Mining Corp (LUN.TO) also rose sharply.

Energy stocks Seven Generations Energy (VII.TO), Tourmaline Oil Corp (TOU.TO), MEG Energy (MEG.TO), Canadian Natural Resources (CNQ.TO) and Enerplus Corp (ERF.TO) ended sharply higher.

In the financial section, Fairfax Financial Holdings (FFH.TO) surged up 2.2%. Laurentian Bank (LB.TO) and CDN Western Bank (CWB.TO) gained 1.6% and 1.4%, respectively.

Among technology stocks, BlackBerry (BB.TO) ended stronger by 8.3%, gaining for a third straight session. Docebo Inc. (DCBO.TO), Photon Control (PHO.TO), Shopify Inc. (SHOP.TO), Open Text Corp (OTEX.TO) and CGI Group (GIB.A.TO) and Quarterhill (QTRH.TO) gained 1 to 2.6%.

In economic news, the Canadian economy shed 213,000 jobs in January, well above market forecasts of a 47,500 decline and following 53,000 drop in the previous month. Losses were entirely in part-time work and were concentrated in Central Canada.

The unemployment rate in Canada rose 0.6 percentage points to 9.4% in January, the highest since August 2020.

Another data from Statistics Canada showed the country's trade deficit narrowed to C$ 1.7 billion in December from C$ 3.6 billion in November.