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Canadian Shares Extending Recent Gains

The Canadian stock market gained in strength Wednesday morning, as rising optimism about economic recovery following reopening of businesses in several parts of the world outweighed news about a report questioning the validity of a Covid-19 vaccine trial.

Gains in energy stocks thanks to higher crude oil prices too contributed to market's strong uptick.

The benchmark S&P/TSX Composite Index was up 135.88 points, or 0.91%, at 15,021.36 a few minutes past noon.

The Capped Energy Index climbed up 5.2%. Whitecap Resources (WCP.TO) zoomed 16% and Seven Generations Energy (VII.TO) spurted 11%. Crescent Point Energy (CPG.TO), Vermilion Energy (VET.TO), PrairieSky Royalty (PSK.TO), Husky Energy (HSE.TO), Suncor Energy (SU.TO), MEG Energy (MEG.TO), Enerplus Corp (ERF.TO), Canadian Natural Resources (CNQ.TO) and Cenovus Energy (CVE.TO) gained 5 to 10%.

Industrial, financial and consumer discretionary shares are the other major gainers.

In the industrial section, Chorus Aviation (CHR.TO) soared nearly 8%. Ag Growth International (AFN.TO) moved up 6.2%, while Canadian Pacific Railway (CP.TO), Bombardier Inc. (BBD.B.TO), Air Canada (AC.TO), Canadian National Railway (CNR.TO), Tfi International (TFII.TO) and Ats Automation (ATA.TO) gained 3 to 4.5%.

Among the gainers in the financial space, Royal Bank of Canada (RY.TO), CDN Western Bank (CWB.TO), Bank of Montreal (BMO.TO), Sun Life Financial (SLF.TO), Toronto-Dominion Bank (TD.TO) and Bank of Nova Scotia (BNS.TO) were up 2 to 3.15%.

Consumer discretionary shares Sleep Country Canada Holdings (ZZZ.TO), Linamar Corp (LNR.TO), Spin Master Corp (TOY.TO), Martinrea International (MRE.TO), Brp Inc (DOO.TO), Magna International (MG.TO), Canadian Tire Corporation (CTC.A.TO) and Great Canadian Gaming Corporation (GC.TO) were up 2 to 6%.

In economic news, data from Statistics Canada showed consumer prices in the country fell in April. The Consumer Price Index decreased 0.7% in the month over the previous month.

Year-on-year, prices fell 0.2% in April 2020, after rising 0.9% in the previous month. Market had expected prices to drop by 0.1%. The decline in consumer prices was the first since September 2009.

Wholesale sales in Canada dropped 2.2% over a month earlier in March of 2020. Although it was lower than the expected decline, it was the biggest drop since January 2015.

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