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TSX Ends On Positive Note

The Canadian market ended on a firm note on Tuesday as optimism about a potential coronavirus vaccine, and expectations that easing of lockdown measures and reopening of businesses will help economies to get back on to the recovery mode pushed up stock prices.

Hectic buying in the financial space contributed substantially to market's gains. Real estate, consumer discretionary, energy, telecom and utilities shares were among the other prominent gainers.

Materials shares tumbled as gold prices drifted lower amid improved sentiment. Information technology stocks posted sharp losses, and there were losses for several healthcare stocks as well.

The benchmark S&P/TSX Composite Index ended up 72.70 points, or 0.48%, at 15,148.12, after hitting a high of 15,185.07 intraday.

The Capped Financial Index climbed up 5.21%. Bank of Nova Scotia (BNS.TO) ended 7.5% up. The bank reported a second-quarter profit of $1.32 billion, down sharply from $2.26 billion a year ago, as its provisions for bad loans more than doubled in the latest quarter compared with a year ago. On an adjusted basis, the bank earned $1.04 per diluted share in the quarter compared with $1.70 per diluted share a year ago.

CDN Western Bank (CWB.TO) surged up 9.8%, Laurentian Bank (LB.TO) moved up 9.2%, Bank of Montreal (BMO.TO) gained 7.6%. Canadian Imperial Bank of Commerce (CM.TO), National Bank of Canada (NA.TO) and Toronto-Dominion Bank (TD.TO) gained 5 to 6.5%. Sun Life Financial (SLF.TO) and Fairfax Financial Holdings (FFH.TO) also closed sharply higher.

Air Canada (AC.TO) gained nearly 5.5%. Whitecap Resources (WCP.TO) moved up 2.3% and Cenovus Energy (CVE.TO) gained 1.5%.

Hexo Corp (HEXO.TO) declined 11% and Barrick Gold Corp (ABX.TO) tumbled 7.5%. B2Gold Corp (BTO.TO), Kinross Gold (K.TO) and Yamana Gold (YRI.TO) lost 7.5%, 5% and 4%, respectively.

U.S. biotech company Novavax said Monday it started the first human study of its experimental coronavirus vaccine and that it expects initial results on safety and immune responses in July.

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