The Canadian stock market is extending recent gains, as continued optimism about potential coronavirus vaccines help keep sentiment positive and trigger another round of buying in several top stocks from across various sectors.
The benchmark S&P/TSX Composite Index is up 144.99 points or 0.88% at 16,620.85 about half an hour before noon.
Telecom, financial and energy stocks are among the prominent gainers. Healthcare stocks are down on profit taking after a splendid run up north in the previous session. Technology and materials shares are among the other notable losers.
Among the most actively traded stocks, Enbridge Inc. (ENB.TO) is rising nearly 4.5%. Manulife Financial Corp (MFC.TO) is surging up 3.1%, Crescent Point Energy (CPG.TO) is up 2.1% and Canadian Natural Resources (CNQ.TO) is advancing nearly 2%. Bombardier Inc. (BBD.B.TO) and Cenovus Energy (CVE.TO) are up 1.7% and 1.1%, respectively.
Toronto-Dominion Bank (TD.TO) shares are up 1.75%. The TD Bank Group announced the availability of its refreshed portfolio of TD Aeroplan Visa Credit Cards. These cards deliver extensive travel perks and accelerated points at Air Canada and Starbucks amongst other offers, the group said.
TC Energy Corporation (TRP.TO), Canadian Imperial Bank of Commerce (CM.TO), BCE Inc. (BCE.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO), Royal Bank of Canada (RY.TO) and Canadian Pacific Railway (CP.TO) are gaining 1.5 to 4%.
Aurora Cannabis (ACB.TO) is down more than 23% on profit taking after closing with a hefty gain yesterday. B2Gold Corp (BTO.TO) is declining 5%, while Barrick Gold Corporation (ABX.TO), Aphria Inc (APHA.TO) and Hexo Corp (HEXO.TO) are down 2 to 2.2%.
Markets across the globe gained in strength on Monday and some are extending their gains in today's session, as investors continue to pick up stocks thanks to upbeat results from a phase 3 study of the coronavirus vaccine being developed by Pfizer and BioNTech.
Pfizer and BioNTech said an interim analysis of the results found the vaccine candidate to be more than 90% effective in preventing COVID-19 in participants without evidence of prior infection.
However, the surge in coronavirus cases in several states across America, and in many European countries continue cause concerns about global economic recovery.
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