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TSX Records Fresh Closing High

The Canadian stock market turned in another solid performance, as slightly fading worries about the economic impact of the coronavirus rendered the mood positive on Wednesday.

Positive comments by the Federal Reserve Chairman Jerome Powell about the strength of the U.S. economy contributed as well to market's gains.

The benchmark S&P/TSX Composite Index, which recorded a fresh high at 17,873.13, ended the session with a gain of 55.74 points, or 0.31%, at 17,832.85.

Information technology stocks had a good session. Energy and industrial shares were among the other notable gainers. Telecommunications, consumer discretionary and financial shares ended mixed, while healthcare, materials and consumer staples shares ended weak.

Shopify Inc. (SHOP.TO) rallied 7.7% on strong results. The company reported net income of $4.1 million for the fourth quarter of 2019, as against loss of $12.0 million a year ago.

Shopify also said it expects revenues for the first quarter in a range of $440 million to $446 million and for fiscal 2020 in a range of $2.130 billion to $2.160 billion.

Lightspeed Pos Inc (LSPD.TO) gained 4% and Exfo Inc. (EXF.TO) surged up 3.3%, while Celestica Inc. (CLS.TO) and Photon Control (PHO.TO) gained 2.4% and 2.3%, respectively. Kinaxis Inc. (KXS.TO) and Absolute Software (ABT.TO) also ended sharply higher.

Among energy stocks, Baytex Energy (BTE.TO) climbed 5.8% and Arc Resources (ARX.TO) gained 3.75%. MEG Energy (MEG.TO), Enerplus Corp (ERF.TO), Crescent Point Energy (CPG.TO), Imperial Oil (IMO.TO) and Whitecap Resources (WCP.TO) gained 2 to 3%.

Seven Generations Energy (VII.TO), Canadian Natural Resources (CNQ.TO), Vermilion Energy (VET.TO), Cenovus Energy (CVE.TO) and Husky Energy (HSE.TO) also closed with solid gains.

Bombardier Inc. (BBD.B.TO) shares soared 10.5% on reports that French train maker Alstom's board will meet to decide on a possible offer for Bombardier's rail business.

U.S. stocks ended notably higher as a recent slowdown in the rate of growth in new virus infections led to optimism the outbreak is being contained.

The major averages recorded new closing highs. The Dow and the Nasdaq, both jumped 0.9%, while the S&P 500 climbed 0.7%.

The major European markets moved higher, and stock markets across the Asia-Pacific region too ended mostly higher.

In commodities, West Texas Intermediate Crude oil futures for March ended up $1.23, or about 2.5%, at $51.17 a barrel.

Gold futures for April ended up $1.50, or about 0.1%, at $1,571.60 an ounce.

Silver futures for March ended down $0.100 at $17.497 an ounce, while Copper futures for March settled at $2.6000 per pound, gaining $0.0170 for the session.

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