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TSX Ends On Positive Note Despite Paring Most Of Early Gains

The Canadian stock market ended on a positive note despite giving up a substantial part of its early gains on Monday, led by gains healthcare, materials, financial and consumer discretionary sections.

The mood was positive right through the session amid optimism about economic recovery despite a record surge in new cases of coronavirus infections across the globe, and in the U.S., in particular.

A rally in global markets after Chinese stocks rose sharply amid positive commentary on the market from state media set up the stage for Canadian stocks this morning. China's Securities Times said fostering a "healthy" bull market after the coronavirus pandemic is now more important to the economy than ever.

Fairly buoyant U.S. jobs data, stronger than expected data from the euro area further aided sentiment.

The benchmark S&P/TSX Composite Index, which jumped about 200 points to 15,797.01 in early trades, ended the day with a gain of 72.92 points or 0.47% at 15,669.67.

In the healthcare section, Bausch Health Companies (BHC.TO) surged up 5.5% and Cronos Group Inc. (CRON.TO) rallied 5.1%, while Canopy Growth Corp (WEED.TO) moved up nearly 4%. Aphria Inc. (APHA.TO) and Aurinia Pharmaceuticals (AUP.TO) both ended higher by 1.7%.

Among consumer discretionary stocks, Aritzia Inc. (ATZ.TO) climbed up more than 6%. Spin Master Corp (TOY.TO), Magna International (MG.TO) and Restaurant Brands International (QSR.TO) gained 2.5 to 3.1%, while BRP Inc. (DOO.TO), Great Canadian Gaming Corp (GC.TO), Canadian Tire Corporation (CTC.A.TO), Gildan Activewear (GIL.TO) and Canada Goose Holdings (GOOS.TO) gained 1.4 to 2%.

In the materials section, Methanex Corp (MX.TO) surged up 8.4%. First Quantum Minerals (FM.TO), Lundin Mining (LUN.TO), Teck Resources (TECK.B.TO), Osisko Gold Royalties (OR.TO), Hudbay Minerals (HBM.TO), Eldorado Gold (ELD.TO) and Wheaton Precious Metals (WPM.TO) moved up 2.5 to 5%.

Among financial stocks, Manulife Financial (MFC.TO), Onex Corp (ONEX.TO), Sun Life Financial (SLF.TO), Bank of Montreal (BMO.TO), Royal Bank of Canada (RY.TO) and Canadian Imperial Bank of Commerce (CM.TO) gained 1 to 3.2%.

Bombardier Inc. (BBD.B.TO), Kinross Gold Corp (K.TO), B2Gold Corp (BTO.TO), Franco-Nevad Corporation (FNV.TO), Kinaxis Inc. (KXS.TO), Enghouse Systems (ENGH.TO), Descartes Systems Group (DSG.TO) and Constellation Software (CSU.TO) also ended with strong gains.

Shopify Inc. (SHOP.TO), Maxar Technologies (MAXR.TO) and Fairfax Financial Holdings (FFH.TO) were among the notable losers.

U.S. stocks ended on a high note on recovery hopes. The Nasdaq soared 2.2% to a record closing high. The Dow surged up 1.8% and the S&P 500 jumped 1.6%.

Stock markets across Europe and the Asia-Pacific region also ended notably higher.

In commodities, West Texas Intermediate crude oil futures for August ended flat at $40.63 a barrel.

Gold futures Gold futures for August ended up $3.50 or about 0.2% at $1,793.50 an ounce, the highest settlement after its finish above the $1,800 an ounce mark last Tuesday.

Silver futures for September moved up $0.260 or 1.4% to $18.582 an ounce, while Copper futures for September closed up nearly $0.0260 or nearly 1% at $2.7745 per pound.

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