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TSX Ends Higher For 4th Straight Session

The Canadian stock market ended on a positive note on Wednesday, after holding firm right through the session, amid optimism the reopening of businesses in several parts across the globe will help revive the economies.

Higher crude oil prices pushed up energy stocks, contributing significantly to market's uptick. West Texas Intermediate Crude oil futures for July ended up $1.53, or about 4.8%, at $33.49 a barrel, the highest close since March 10.

Investors largely shrugged off a report that doubted the claim of U.S. biotechnology firm Moderna Inc about a positive outcome of the initial test of its coronavirus vaccine.

In addition to energy stocks, several stocks from indutrial, information technology, financial and consumer discretionary sections too posted strong gains.

Healthcare, materials and utilities shares drifted lower.

The benchmark S&P/TSX Composite Index ended up 112.15 points, or 0.7%, at 14,997.63, after rising to a high of 15,054.78 intraday.

Whitecap Resources (WCP.TO) soared 16.5% and Husky Energy (HSE.TO) gained 10.5%. MEG Energy (MEG.TO), Cenovus Energy (CVE.TO), Suncor Energy (SU.TO), Crescent Point Energy (CPG.TO), Baytex Energy (BTE.TO) and Canadian Natural Resources (CNQ.TO) ended stronger by 3 to 9%.

Bombardier Inc. (BBD.B.TO) ended 8.7% up. BRP Inc. (DOO.TO), Canadian Tire Corporation (CTC.TO), Canadian Pacific Railway (CP.TO), Constellation Software (CSU.TO), Royal Bank of Canada (RY.TO), Shopify Inc. (SHOP.TO), Canadian National Railway (CNR.TO), Fairfax Financial Holdings (FFH.TO) and Manulife Financial Corporation (MFC.TO) also ended with strong gains.

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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