TSX Ends Notably Higher On Optimism About Economic Recovery

(RTTNews) - The Canadian stock market ended on a bright note on Tuesday after trading firm right through the session amid optimism the reopening of businesses across the world will help put the economy back on track.

Worries about growing unrest in the U.S. due to protests after the killing of an unarmed black man by the police last Friday, and concerns about U.S.-China tensions weighed on sentiment, but expectations about economic recovery gaining some momentum kept the market up in positive territory.

Energy stocks rose sharply, lifted by higher crude oil prices amid expectations prices will stabilise thanks to production cuts. Consumer discretionary and financial shares were the other top gainers.

Telecommunications and information technology shares were also in demand. Materials and healthcare stocks drifted lower.

The benchmark S&P/TSX Composite Index ended up 158.15 points or 1.04% at 15,394.36.

The Capped Energy Index spurted 4.56%. Consumer Discretionary index gained 3.16% and the Capped Financial Index climbed up 2.21%.

The Telecommunications and Information Technology indices both gained about 1.3%.

Canadian Natural Resources (CNQ.TO) surged up 5.2%. Suncor Energy (SU.TO) climbed up 3.7%

Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO) moved up 2.6% and 2.1%, respectively. Canadian Imperial Bank of Commerce (CM.TO) and Bank of Nova Scotia (BNS.TO) gained 1.9% and 1.8%, respectively, while Toronto-Dominion Bank (TD.TO) advanced 1.25%.

Shopify Inc. (SHOP.TO) moved up 2.3% amd TC Energy Corp (TRP.TO) gained 1%.

Crescent Point Energy soared more than 11%. MEG Energy (MEG.TO) spurted 10.7% and BlackBerry (BBD.B.TO) climbed up 8.55%.

Whitecap Resources (WCP.TO) and Cenovus Energy (CVE.TO) ended stronger by 6.75% and 5.1%, respectively.

Lundin Mining Corporation (LUN.TO), Manulife Financial Corporation (MFC.TO) and Royal Bank of Canada (RY.TO) gained 2.6 to 4%.

Among the losers, Kinross Gold Corp (K.TO), Yamana Gold (YRI.TO), B2Gold Corp (BTO.TO) and Barrick Gold Corporation (ABX.TO) were down 2.5 to 6%.

Hexo Corp (HEXO.TO) declined more than 5%. The company said Monday that it's cannabis manufacturing and processing facility in Belleville, Ontario, has received a Health Canada licence amendment for the sale of dried and fresh cannabis, cannabis extracts, cannabis topicals and edible cannabis products. The company added that the license amendment will enable it to expand the licensed area for beverage production dedicated to the Truss/HEXO beverage division.

Investors were looking ahead to Bank of Canada's interest rate announcement, due on Wednesday.