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TSX Ends On Firm Note

The Canadian stock market ended on an upbeat note on Monday, led by gains in energy stocks after crude oil prices climbed higher.

Despite a surge in new coronavirus cases in several states across the U.S. and in many other countries, the market moved up, riding on news about Gilead Sciences' plans to fix prices for its coronavirus drug remdesivir, and stronger than expected economic data from China and Eurozone.

The benchmark S&P/TSX Composite Index ended with a gain of 200.74 points or 1.32% at 15,389.72, after scaling a high of 15,425.00. The index touched a low of 15,182.82 in early trades.

Among the big gainers in the session, SNC-Lavalin soared more than 9%, Enerplus (ERF.TO) surged up 6.35%, Aphria Inc. (APHA.TO) rallied nearly 6%, Shawcor (SCL.TO), Norbord (OSB.TO) and Cenovus Energy (CVE.TO) gained 5 to 5.7%, and Restaurant Brands International (QSR.TO) climbed up nearly 5%.

Air Canada (AC.TO), Tourmaline Oil (TOU.TO), Husky Energy (HSE.TO), Whitecap Resources (WCP.TO), Gildan Activewear (GIL.TO), Suncor Energy (SU.TO), Pembina Pipeline (PPL.TO), Crescent Point Energy (CPG.TO), West Fraser Timber (WFT.TO) and Aecon (ARE.TO) gained 3 to 4.3%.

Bank of Nova Scotia (BNS.TO), Canadian Natural Resources (CNQ.TO), Royal Bank of Canada (RY.TO), Bank of Montreal (BMO.TO) and Toronto-Dominion Bank (TD.TO) also ended notably higher.

In economic news, producer prices in Canada fell 4.9% in the month of May 2020, over the same month in the previous year.

The industrial product price index increased 1.2% month-over-month in May of 2020, after falling 2.3% in the previous month which was the largest decrease since December of 2008.

The raw materials price index in Canada rose 16.4% on a monthly basis in May of 2020, after four straight months of decline,

Meanwhile, the value of building permits in Canada jumped 20.2% from a month earlier to C$ 7.4 billion in May 2020, following a 15.4% plunge in the previous month.

A report from Johns Hopkins University showed the number of coronavirus cases worldwide has surpassed 10 million, while the global death toll from the pandemic rose to more than 500,000.

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