TSX Ends At 2-year High; Materials, Energy Stocks Rise Sharply

(RTTNews) - The Canadian market extended gains to a third straight session and ended at a 2-year high on Wednesday as energy and materials shares rallied on firm commodity prices.

The benchmark S&P/TSX Composite Index, which opened flat 21,838.07, climbed to 22,008.04 around late morning, and stayed firm right till the end of the day's session to settle with a gain of 139.09 points or 0.64% at 21,970.11, the highest close since April 2022.

The Materials Capped Index climbed 2.95%. First Quantum Minerals (FM.TO) soared 12.5%. Lundin Mining Corp (LUN.TO) zoomed 9.65%. Teck Resources (TECK.B.TO) and Capstone Mining Corp (CS.TO) ended higher by 8% and 7.9%, respectively. Ero Copper (ERO.TO), Ivanhoe Mines (IVN.TO), Hudbay Minerals (HBM.TO), Equinox Gold Corp (EQX.TO), Silvercrest Metals (SIL.TO) and Osisko Mining (OSK.TO) gained 5.5 to 7%.

The Energy Capped Index moved up 1.7%. International Petroleum Corp (IPCO.TO), Tamarack Valley Energy (TVE.TO), MEG Energy Corp (MEG.TO), Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO), Baytex Energy (BTE.TO) and Nuvista Energy (NVA.TO) gained 2 to 3%.

Technology stocks Hut 8 Corp (HUT.TO) rallied more than 8%. Copperleaf Technology Solutions (CPLF.TO) gained about 3.4%, while Converge Technology Solutions (CTS.TO) and Shopify Inc (SHOP.TO) advanced 3% and 2.86%, respectively. Open Text Corp (OTEX.TO) and BlackBerry (BB.TO) also posted strong gains.

Consumer discretionary stocks Aritzia Inc (ATZ.TO), Gildan Activewear (GIL.TO) and Mty Food Group (MTY.TO) ended higher by 3.7%, 3.5% and 2.35%, respectively.

Communications shares Quebecor Inc (QBR.B.TO) ended down 2.6%. BCE Inc (BCE.TO) and Telus Corp (T.TO), both ended lower by about 1.25%.