Energy, Materials Shares Lift TSX To Fresh Record Closing High

(RTTNews) - Despite rising concerns about the impact of the ongoing war in Ukraine, the Canadian market ended on a firm note on Monday as higher commodity prices triggered strong buying in energy and materials sectors.

Worries over the developments on the geopolitical front and reports about an emerging subvariant of omicron strain of the coronavirus in Europe weighed on sentiment, but did not result in any significant selling in the market.

The benchmark S&P/TSX Composite Index, which stayed positive right through the day's session, hit a new all-time high of 22,023.76 and eventually ended the session with a gain of 190.66 points or 0.87% at 22,009.13, a new closing high.

Energy stocks surged higher as crude oil prices rose sharply amid reports the EU is consider imposing a ban on Russian oil. The Energy Capped Index gained 4.3%.

Vermilion Energy (VET.TO), Advantage Oil & Gas (AAV.TO), MEG Energy (MEG.TO), Birchcliff Energy (BIR.TO), Whitecap Resources (WCP.TO), Arc Resources (ARX.TO), Baytex Energy (BTE.TO), Paramount Resources (POU.TO), Tourmaline Oil Corp (TOU.TO), Crescent Point Energy (CPG.TO), Enerplus Corp (ERF.TO), Cenovus Energy (CVE.TO) and Suncor Energy (SU.TO) gained 4 to 7.5%.

The Capped Materials Index moved up 2.52%. Lithium Americas Corp (LAC.TO) soared 8.1%. MAG Silver Corp (MAG.TO) surged up 6.65% and Nutrien (NTR.TO) gained nearly 6%, while Teck Resources (TECK.B.TO), Stelco Holdings (STLC.TO), Agnico Eagle Mines (AEM.TO), Ivanhoe Mines (IVN.TO), Methanex Corp (MX.TO) and Eldorado Gold (ELD.TO) ended higher by 3 to 4%.

Shares from the healthcare sector drifted lower. Well Health Technologies (WELL.TO) ended 5.5% down, Tilray Inc (TLRY.TO) and Aurora Cannabis (ACB.TO) ended lower by 3.6% and 3.3%, respectively. Bausch Health Companies (BHC.TO) and Cronos Group shed 2.3% and 2.2%, respectively, while Canopy Growth Corp (WEED.TO) shed 1.28%.

Consumer discretionary shares Aritzia Inc (ATZ.TO), Canadian Tire Corporation (CTC.A.TO), Brp Inc (DOO.TO), Linamar Corp (LNR.TO) and Spin Master Corp (TOY.TO) ended lower by 1 to 1.5%.