TSX Rises Again, Scales New High

(RTTNews) - The Canadian stock market ended on a buoyant note on Wednesday, extending gains to a third successive session, riding on strong gains in energy, materials, financial and consumer discretionary sections.

The mood was positive right through the session thanks to some encouraging economic data from the U.S., and on reports that some breakthroughs have been made in developments of treatments for the coronavirus.

The benchmark S&P/TSX Composite Index hit a new all-time high of 17,674.04 and ended the session with a gain of 138.86 points, or 0.79%, at 17,651.59.

Hudbay Minerals (HBM.TO) and MEG Energy (MEG.TO) gained 9.8% and 9%, respectively. Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO), Baytex Energy (BTE.TO) and ARC Resources (ARX.TO) gained 4 to 8%.

Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO), Manulife Financial Corporation (MFC.TO) and Toronto-Dominion Bank (TD.TO) ended higher by 1 to 3%.

Methanex Corporation (MX.TO), West Fraser Timber (WFT.TO), Nutrien (NTR.TO), Domtar Corporation (UFS.TO) and Restaurant Brands International (QSR.TO) rose sharply.

In economic news, Canada's exports increased to C$49.3 billion in December from C$48.4 billion in November 2019. Imports were up 0.2% in December at C$ 49.7 billion, after an upwardly revised 2.7% decline in November.

Canada's trade deficit narrowed to C$0.4 billion in December 2019 from an upwardly revised C$1.2 billion in November.

A report from Reuters cites a Chinese TV report indicating a research team at Zhejiang University has found an effective drug to treat people with the new virus.

Sky News also reported that a leading British scientist has made a significant breakthrough in the race for a coronavirus vaccine by reducing a part of the normal development time from "two to three years to just fourteen days."

U.S. stocks ended sharply higher, on strong private sector jobs data, faster than expected pace of service sector activity, and on reports about some breakthroughs in the development of treatments for the coronavirus.

The Dow gained 1.7%, the Nasdaq advanced 0.4% and the S&P 500 jumped 1.1%.

Stock markets across the Asia-Pacific region moved mostly higher on Wednesday. The major European markets also ended higher.

In commodities, West Texas Intermediate Crude oil futures for March ended up $1.14, or about 2.3%, at $50.75 a barrel.

Gold futures for April ended up $7.30, or about 0.5%, at $1,562.80 an ounce.

Silver futures for March ended up $0.041 at $17.602 an ounce, while Copper futures for March settled at $2.5745 per pound, gaining $0.0325 for the session.