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TSX Ends On Buoyant Note As Stocks Climb Higher On Sustained Buying

The Canadian stock market, back after an extended weekend due to a holiday on Monday for Victoria Day, turned in a fine performance on Tuesday as investors indulged in some hectic buying at several counters from across various sectors.

The mood was bullish amid optimism about a potential coronavirus vaccine following the Massachusetts-based biotechnology company Moderna Inc.'s anouncement that its experimental coronavirus vaccine mRNA had produced antibodies in all 45 trial participants.

The company also said it is planning to begin additional trials soon and is aiming to be ready for potential emergency use of its vaccine this fall.

Higher crude oil prices amid slightly easing worries about outlook for energy demand, and output cuts by major oil producers, pushed up energy stocks and contributed significantly to market's sharp uptick.

Healthcare, real estate, consumer discretionary and industrial stocks were among the other big gainers. Several stocks from consumer staples, utilities and financial sections too closed on a strong note, while materials, information technology and telecom stocks turned in a mixed performance.

The benchmarmk S&P/TSX Composite Index ended up 246.58 points, or 1.68%, at 14,885.48.

On Friday, the index ended up 129.24 points, or 0.89%, at 14,638.90.

Aurora Cannabis (ACB.TO) ended nearly 33% up. The company reported net revenue of $78.4 million for the third quarter, up 18% from a year ago. Consumer cannabis net revenue, excluding provisions, increased 24% from the prior quarter to $41.5 million, while medical cannabis net revenue, both Canadian and international, showed growth of 13.5%.

Baytex Energy (BTE.TO) climbed up 15.3% and Air Canada (AC.TO) soared 14.5%. Crescent Point Energy (CPG.TO), Bombardier Inc. (BBD.B.TO) and Whitecap Resources (WCP.TO) gained 12 to 13%.

Cenovus Energy (CVE.TO), MEG Energy (MEG.TO), Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO) and Canadian Natural Resources (CNQ.TO) ended higher by 4.5 to 7.5%.

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