TSX Ends Higher For 3rd Straight Day

(RTTNews) - Canadian stocks turned in another fine performance to extend gains to a third straight session, as positive global markets triggered strong buying in several sectors on Tuesday.

Global stocks surged higher on Tuesday amid some upbeat economic data and expectations of demand revival in China after Shanghai pledged to gradually ease its Covid lockdown in June.

Several stocks from healthcare, technology, industrials, materials, energy, financials and consumer discretionary sectors moved up sharply, contributing significantly to the market's surge.

The benchmark S&P/TSX Composite Index ended with a gain of 284.60 points or 1.41% at 20,491.01, slightly off the day's high of 20,514.61.

Bombardier Inc (BBD.B.TO) surged up 7.75% on strong volumes. Birchcliff Energy (BIR.TO), Air Canada (AC.TO) and Arc Resources (ARX.TO) also moved up on huge volumes, gaining 4.3 to 5.3%.

Manulife Financial (MFC.TO), Crescent Point Energy (CPG.TO), Suncor Energy (SU.TO), Cenovus Energy (CVE.TO), Kinross Gold Corp (K.TO) and Pembina Pipeline Corporation (PPL.TO) also moved up sharply.

Dye & Durham (DND.TO) soared 22.5%. Docebo Inc (DCBO.TO), Precision Drilling Corp (PD.TO), Linamar Corp (LNR.TO), TFI International (TFII.TO), Magna International (MG.TO), Boyd Group Services (BYD.TO), Cargojet (CJT.TO), Kinaxis Inc (KXS.TO), Shopify Inc (SHOP.TO), WSP Global (WSP.TO) and West Fraser Timber (WFG.TO) gained 3 to 8.5%.

On Wall Street, the major averages all ended with handsome gains. The Dow gained 1.34%, the S&P 500 ended 2.02% up and the Nasdaq climbed 2.76%.

The major European markets closed notably higher. The pan European Stoxx 600 climbed 1.22%. The U.K.'s FTSE 100 gained 0.72%, Germany's DAX surged up 1.59% and France's CAC 40 advanced 1.3%, while Switzerland's SMI ended 0.5% up.

Asian stocks finished broadly higher on Tuesday after reports that Shanghai was seeing a strong recovery from COVID cases, with plans in pace to ease lockdown restrictions in stages.