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TSX Gains Over 5% Amid Signs Of Slowdown In Virus Spread

The Canadian stock market ended on a high note on Monday on hectic buying at counters across the board after data showed the number of coronavirus cases and fatalities dropped down in several hot spots across Europe over the weekend. New York too reported a drop in new cases on Sunday.

The benchmark S&P/TSX Composite Index ended up 654.40 points, or 5.06%, at 13,592.70, slightly off the session's high of 13,603.00.

Consumer discretionary stocks, which were among the most prominent losers in some of the recent sessions, rose sharply today. The Capped Consumer Discretionary Index spurted 9.23%.

The Capped Utilities index gained 7.36%, while Healthcare, Financial, Information Technology, Consumer Staples, Industrials, Materials, Real Estate and Telecom indices climbed up 4 to 6.2%. The Energy Index advanced nearly 3%.

Consumer discretionary shares Restaurant Brands International (QSR.TO), Canada Goose Holdings (GOOS.TO), Aritzia Inc. (ATZ.TO), Real Matters (REAL.TO), Magna International (MG.TO) and Brp Inc. (DOO.TO) gained 10.7 to 14%.

In the financial space, Canadian Imperial Bank of Commerce (CM.TO), Sun Life Financial (SLF.TO), Toronto-Dominion Bank (TD.TO), Bank of Montreal (BMO.TO), National Bank of Canada (NA.TO), Laurentian Bank (LB.TO) CDN Western Bank (CWB.TO) and Manulife Financial (MFC.TO) gained 3 to 7%.

Among information technology stocks, Lightspeed Pos (LSPD.TO) soared more than 23%. Shopify Inc. (SHOP.TO) ended nearly 10% up. Evertz Technologies (ET.TO) and Descartes Systems Group (DSG.TO) gained 9.5% and 9%, respectively. Open Text (OTEX.TO), Sierra Wireless (SW.TO), Enghouse Systems (ENGH.TO) and BlackBerry (BB.TO) also ended with sharp gains.

In the energy space, MEG Energy (MEG.TO), up nearly 20%, was the biggest gainer in the Energy Index. Cenovus Energy (CVE.TO) gained close to 10%. Husky Energy (HSE.TO), Vermilion Energy (VET.TO), Suncor Energy (SU.TO) and PrairieSky Royalty (PSK.TO) gained 3.7 to 5%.

Materials shares Alacer Gold (ASR.TO), B2Gold Corp (BTO.TO), Hudbay Minerals (HBM.TO), Eldorado Gold (ELD.TO), First Majestic Silver Corp (FR.TO), First Quantum Minerals (FM.TO), Teck Resources (TECK.B.TO), Yamana Gold (YRI.TO) and Nutrien (NTR.TO) gained 6 to 15%.

Industrial stocks Ballard Power Systems (BLDP.TO), Snc-Lavalin (SNC.TO), Cae Inc. (CAE.TO), Canadian National Railway (CNR.TO), Canadian Pacific Railway (CP.TO), Waste Connections (WCN.TO), Air Canada (AC.TO) and Stantec Inc. (STN.TO) ended with strong gains.

Healthcare shares Bausch Health Companies (BHC.TO), Canopy Growth Corp (WEED.TO), Aphria Inc. (APHA.TO), Sienna Senior Living (SIA.TO), Extendicare (EXE.TO), Knight Therapeutics (GUD.TO) and Cronos Group (CRON.TO) gained 4 to 10%.

The major U.S. averages reached new highs for the session going into the close. The Dow soared 7.7%, the Nasdaq spiked 7.3% and the S&P 500 surged up 7%.

The rally on Wall Street came as the reported death tolls in some of the world's coronavirus hot spots showed signs of easing over the weekend.

The number of coronavirus-related deaths in New York State fell to 594 on Sunday from 630 on Saturday, reflecting the first daily decrease.

The major European markets closed sharply higher, while Asian stocks ended somewhat mixed.

In commodities, West Texas Intermediate crude oil futures for June ended down $2.26, or about 8%, at $26.08 a barrel.

Gold futures for June ended up $48.20, or about 2.9%, at $1,693.90 an ounce, the highest settlement price since December 17, 2012.

Silver futures for May ended up $0.675 at $15.193 an ounce, while Copper futures for May settled at $2.2175 per pound, gaining $0.0250 for the session.

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