Canadian Market Ends On Buoyant Note; TSX Gains Over 1%

(RTTNews) - The Canadian market closed on a buoyant note on Wednesday, lifted by strong gains in technology, energy and financials sectors.

Stocks from consumer staples and industrials sectors too posted impressive gains, as investors largely cheered Donald Trump's victory in the U.S. Presidential Election.

Healthcare, materials, communications and utilities sectors traded weak.

The benchmark S&P/TSX Composite Index closed with a gain of 249.55 points or 1.02% at 24,637.45, just a few points off the day's high.

The Information Technology Capped Index climbed 3.01%. Bitfarms (BITF.TO) ended with a hefty gain of 17.8%. Celestica Inc (CLS.TO) rallied nearly 8%, while Quarterhill (QTRH.TO), Computer Modelling (CMG.TO), Converge Technology (CTS.TO) and Descartes Systems Group (DSG.TO) climbed 5.3 to 7%.

Shopify Inc (SHOP.TO), Kinaxis Inc (KXS.TO), Docebo Inc (DCBO.TO) and Constellation Software (CSU.TO) gained 2 to 4%.

The Energy Capped Index moved up 2.02%. Pason Systems (PSI.TO) and Parex Resources (PXT.TO) gained 7.5% and 5.6%, respectively. Precision Drilling Corp (PD.TO), Mattr Corp (MATR.TO), Ces Energy Solutions (CEU.TO), Vermilion Energy (VET.TO), Imperial Oil (IMO.TO), MEG Energy Corp (MEG.TO) and PrairieSky Royalty (PSK.TO) climbed 3 to 4.2%. Suncor Energy (SU.TO) and Baytex Energy (BTE.TO) too closed sharply higher.

The Financials Capped Index climbed 1.64%, with IA Financial Corp (IAG.TO) topping the list with a 16.2% jump after reporting a whopping 414% jump in net inome to $288 million in the third-quarter of current financial year, from a year ago.

Manulife Financial (MFC.TO) rallied 5%. Onex Corp (ONEX.TO) gained 4.5%, while Brookfield Asset Management (BAM.TO), CI Financial Corp (CIX.TO), Brookfield Corporation (BN.TO), Trisura Group (TSU.TO), Bank of Montreal (BMO.TO), Sun Life Financial (SLF.TO), EQB Inc (EQB.TO), Power Corporation of Canada (POW.TO), Toronto-Dominion Bank (TD.TO) and Laurentian Bank (LB.TO) gained 2.1 to 3.25%.

In economic news, the Ivey Purchasing Managers Index in Canada eased to 52 in October 2024, down from 53.1 in the prior month and missing market estimates of 54.2., according to a report from the Ivey Business School.