TSX Ends Higher For 6th Straight Day, Moves Closer To Record High

(RTTNews) - The Canadian stock market ended on a bright note on Thursday, extending gains to a sixth successive day, on rising gold and oil prices and hopes about U.S. interest rate cuts.

Energy, materials and healthcare shares rose sharply, while stocks from most of the other sectors turned in a mixed performance. Telecom stocks were weak.

The benchmark S&P/TSX Composite Index ended up 63.04 points, or 0.38%, at 16,574.83, off the day's high of 16,603.84. The index hit a record high of 16,672.71 earlier this year.

The Capped Materials Index surged up 2.31%. Eldorado Gold (ELD.TO), the top gainer in the index, soared 12%. Yamana Gold (YRI.TO) jumped 9.5%. Ero Copper Corp (ERO.TO), Fortuna Silver Mines (FVI.TO), Iamgold Corp. (IMG.TO), First Majestic Silver Company (FR.TO), Alamos Gold (AGI.TO), Alacer Gold (ASR.TO), First Quantume Minerals (FM.TO), Pan American Silver Corp. (PAAS.TO) and Endeavour Mining Corp. (EDV.TO) gained 5 to 8%.

Detour Gold (DGC.TO), Novagold (NG.TO), Kinross Gold Corp. (K.TO), Kirkland Lake Gold (KL.TO), Wheaton Precious Metals (WPM.TO), Agnico Eagle Mines (AEM.TO), Hudbay Minerals (HBM.TO) and Franco Nevada (FNV.TO) also ended with handsome gains.

The Capped Energy Index moved up 1.88%. Crescent Point Energy (CPG.TO) jumped 8.7%. Precision Drilling Corp. (PD.TO) climbed up 8.3% and MEG Energy (MEG.TO) gained nearly 6%. Baytex Energy (BTE.TO) spurted nearly 5%.

Tourmaline Oil (TOU.TO), Whitecap Resources (WCP.TO), Parex Resources (PXT.TO), PrairieSky Royalty (PSK.TO), Vermilion Energy (VET.TO), Canadian Natural Gas (CNQ.TO) and Husky Energy (HSE.TO) ended stronger by 2 to 4%.

The Capped Healthcare Index ended 1.4% up. Bausch Health Companies (BHC.TO) gained 5.3%, Cronos Group (CRON.TO) moved up 3.4% and Extendicare Inc. (EXE.TO) ended 1.7% up.

Canopy Growth Corporation (WEED.TO) gained nearly 1.5%. The company said that its shareholders have approved its proposed $3.4 billion acquisition of U.S. cannabis chain Acreage Holdings Inc. (ACRGF).

U.S. stocks ended on a strong note as traders continued to react positively to the Federal Reserve's monetary policy announcement on Wednesday.

The Dow and the S&P 500 reached new highs for the session. The Dow jumped 0.9% and the S&P 500 gained 1%, while the Nasdaq ended higher by 0.8%.

The major European markets and most of the markets in Asia ended higher on Thursday.

In commodities, West Texas Intermediate Crude oil futures for July ended up $2.89, or 5.4%, at $56.65 a barrel on expiration day.

Meanwhile, WTI crude for August futures, advanced by $3.10, or 5.7%, to $57.07 a barrel.

Oil futures logged their biggest single-session gains today, amid an escalation in geopolitical tensions after Iran shot down a U.S. drone over the Strait of Hormuz.

Gold futures for August ended up $48.10, or about 3.6%, at $1,396.90 an ounce, recording their biggest single-session gain in absolute terms and on percentage basis as well, in three years.

Silver futures for July ended up $0.534, at $15.492 an ounce, while Copper futures for July settled at $2.7120 per pound, gaining $0.0315 for the session.