Canadian Market Ends On Firm Note

(RTTNews) - The Canadian market ended on a firm note on Monday, led by gains in energy, consumer staples and utilities sectors.

The mood remained positive right through the day's session amid easing concerns about global banking crisis following the latest developments in the sector.

U.S. Federal Deposit Insurance Corporation (FDIC) said First Citizens BancShares has entered into a loss-share transaction for all deposits and loans of Silicon Valley Bank (SVB).

Remarks by U.S. Fed officials that there is no indication that financial stress is worsening also contributed to the positive sentiment in the market.

The benchmark S&P/TSX Composite Index ended with a gain of 123.25 points or 0.63% at 19,624.74.

The Energy Capped Index surged 2.16%. Athabasca Oil Corp (ATH.TO) and Baytex Energy Corp (BTE.TO) climbed 7.2% and 6.3%, respectively. Cenovus Energy (CVE.TO) advanced 4.2% and MEG Energy Corp (MEG.TO) gained nearly 4%. Vermilion Energy (VET.TO), Crescent Point Energy (CPG.TO), Whitecap Resources (WCP.TO), Suncor Energy (SU.TO) and Imperial Oil (IMO.TO) also rallied sharply.

Consumer staples shares Maple Leaf Foods (MFI.TO), The North West Company Inc (NWC.TO), Weston George (WN.TO) and Loblaw (L.TO) gained 2 to 3.1%.

In the Utilities section, Hydro One (H.TO) gained 2.3% and Brookfield Renewable Partners (BEP.UN.TO) surged nearly 2%, while Altagas (ALA.TO), Canadian Utilties (CU.TO) and Superior Plus Corp (SPB.TO) climbed 1.5 to 1.6%.

Among financials shares, Toronto-Dominion Bank (TD.TO) gained nearly 2%, Laurentian Bank (LB.TO) surged 1.65%, National Bank of Canada (NA.TO) advanced 1.33%, and Sun Life Financial (SLF.TO) gained 1.1% and Bank of Nova Scotia (BNS.TO) moved up nearly 1%.