The Canadian stock market ended on a bright note on Tuesday, gaining for a second straight day, amid optimism about additional fiscal stimulus in the U.S. and on hopes the vaccination campaign will gather momentum across the world.
Easing worries about speculative trading contributed as well to the positive mood in the market.
The benchmark S&P/TSX Composite Index ended with a gain of 182.04 points or 1.03% at 17,874.49 after hitting a high of 17,895.27.
The index had ended with a gain of 355.43 points or 2.05% on Monday.
Healthcare and industrial shares were in demand. Several stocks from consumer discretionary, technology, telecom and financial sectors too closed on a strong note. There were sharp gains for select real estate and utilities stocks as well.
Energy stocks turned in a mixed performance, while materials slipped on weak bullion prices.
The Capped Healthcare Index surged up 5.56%. Aphria Inc. (APHA.TO) soared nearly 18%, Aurora Cannabis (ACB.TO) climbed 13.1% and Cronos Group (CRON.TO) surged up 10.25%. Bausch Health Companies (BHC.TO) and Canopy Growth Corp (WEED.TO) ended higher by 3.6% and 3.3%, respectively.
In the industrials section, Cae Inc. (CAE.TO) climbed 4.8%. The company announced it has signed a contract with The PYURE Company to assemble air sanitizers using PYURE's technology which can significantly destroy the COVID-19 virus in the air and on surfaces. Under the agreement, CAE expects to produce 55,000 units during the first year.
New Flyer Industries (NFI.TO) and Stantec Inc. (STN.TO) moved up 8.5% and 6.4%, respectively. Canadian Pacific Railway (CP.TO), Cargojet (CJT.TO), Air Canada (AC.TO) and Finning International (FTT.TO) also rose sharply.
Martinrea International (MRE.TO), Brp Inc. (DOO.TO), Linamar Corp (LNR.TO), Restaurant Brands International (QSR.TO) and Sleep Country Canada Holdings (ZZZ.TO) were among the major gainers in the consumer discretionary sector.
Telecom stocks BCE Inc. (BCE.TO), Corus Entertainment (CJR.B.TO), Rogers Communications (RCI.B.TO), Quebecor (QBR.B.TO) and Shaw Communications (SJR.B.TO) gained 1 to 2%.
Among financials, Sun Life Financial (SLF.TO), Great-West Lifeco (GWO.TO), Toronto-Dominion Bank (TD.TO), Poewr Corporation of Canada (POW.TO), Royal Bank of Canada (RY.TO), Manulife Financial (MFC.TO) and Canadian Imperial Bank of Commerce (CM.TO) gained 1 to 2%.
Imperial Oil (IMO.TO), down nearly 4%, was the biggest loser in the Energy Index. The stock fell due to weak results. Arc Resources (ARX.TO) and Canadian Natural Resources (CNQ.TO) gained 3.8% and 2.3%, respectively.
First Majestic Silver Corporation (FR.TO), which ended with a hefty gain on Monday, fell nearly 25% in today's session. Silvercorp Metals (SVM.TO) lost 17.2% and Fortuna Silver Mines (FVI.TO) slid 16%, while Pan American Silver Corp (PAAS.TO), MAG Silver Corp (MAG.TO) and Silvercrest Metals (SIL.TO) lost 12.5 to 14%.
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