TSX Ends Sharply Higher

(RTTNews) - The Canadian market opened with a strong positive gap on Monday and stayed firm right through the session thanks to sustained buying across the board.

A positive trend in European markets, Wall Street's gains after Bank of America reported strong quarterly earnings, and bargain hunting at several counters after recent steep losses, all contributed to Canadian market's buoyant close.

The benchmark S&P/TSX Composite Index, which climbed to 18,756.68, ended the session with a gain of 294.67 points or 1.61% at 18,621.02.

Healthcare, technology, utilities and industrials shares rose sharply. Several stocks from real estate, consumer discretionary and financials sectors too posted sharp gains.

Cameco Corporation (CCO.TO) climbed 5.3% on strong volumes. Canadian Imperial Bank of Commerce (CM.TO), Power Corporation of Canada (POW.TO), Fortis Inc (FTS.TO) and Barrick Gold Corporation (ABX.TO) gained 2 to 2.6% on huge volumes.

Enbridge Inc (ENB.TO), TC Energy Corporation (TRP.TO), Royal Bank of Canada (RY.TO), Manulife Financial Corporation (MFC.TO), Cenovus Energy (CVE.TO) and Bank of Nova Scotia (BNS.TO) also posted strong gains.

Docebo Inc (DCBO.TO) soared more than 8%. Rogers Communications (RCI.A.TO) climbed 5.6% and BRP Inc (DOO.TO) surged 4.3%.

Descartes Systems Group (DSG.TO), while Kinaxis (KXS.TO), TFI International (TFII.TO), CargoJet (CJT.TO), goeasy (GSY.TO), Boyd Group Services (BYD.TO), Canadian National Railway (CNR.TO), Colliers International Group (CIGI.TO), Thomson Reuters (TRI.TO) and Franco-Nevada Corporation (FNV.TO) gained 2.3 to 4%.

Data released by Statistics Canada this morning showed car registrations in Canada increased to 135,988 units in August of 2022 from 135,177 units in July of 2022.