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TSX Closes Higher Again

The Canadian stock market extended gains to a third consecutive session, as the mood remained somewhat positive on Thursday despite lingering worries about rising coronavirus cases.

Some encouraging earnings reports from Canadian and U.S. companies, gold's continued uptick, and better than expected U.S. jobless claims data kept the market up in positive territory almost the entire duration of the session.

The benchmark S&P/TSX Composite Index ended with a gain of 77.49 points or 0.47% at 16,579.10, after scaling a low of 16,496.81 and a high of 16,593.44 intraday. With today's gains, the index has added about 2.5% in three sessions.

Industrial and energy stocks moved up sharply. Several stocks from information technology, consumer staples and telecom sections posted notable gains. A few stocks from the financial space firmed up as well. Healthcare stocks declined sharply. Materials and consumer discretionary stocks too were weak.

Manulife Financial Corporation (MFC.TO) and Canadian Natural Resources (CNQ.TO) moved up 3.2% and 3%, respectively, on strong volumes. Air Canada (AC.TO), Enbridge Inc. (ENB.TO), Baytex Energy (BTE.TO), Sun Life Financial (SLF.TO) and MEG Energy (MEG.TO) gained 0.75% - 1.5%.

Canadian National Railway (CNR.TO), Agnico Eagle Mines (AEM.TO), Kinaxis Inc. (KXS.TO), Constellation Software (CSU.TO), Thomson Reuters (TRI.TO), Onex Corporation (ONEX.TO), Canadian Pacific Railway (CP.TO) and Premium Brands Corporation (PBH.TO) and Colliers International (CIGI.TO) also ended with impressive gains.

Cargojet Inc. (CJT.TO) shares soared 15.6% after the company reported that revenues soared 65% to $196.1 million in the second quarter of 2019 as e-commerce activity was driven by work-from-home activity during the COVID-19 lockdowns.

Badger Daylighting (BAD.TO) ended nearly 13% up after the company said that despite the severe economic impact resulting from COVID-19, second quarter revenue was 83% of the revenue level achieved in the same period in 2019. Net profit per share dropped to $0.05 in the second quarter, from $0.33 a year ago.

WSP Global (WSP.TO) gained about 1.6%. The company said it posted net earnings of $88.3 million or 83 cents per share in the quarter ended June 2020, little changed from $89.2 million or 84 cents in the same period a year ago. In its updated guidance, WSP says it expects adjusted earnings of between $1 billion and $1.05 billion this year on net revenues of between $6.7 billion and $7.0 billion.

U.S. stocks ended on a firm note, reacting positively to jobless claims data. The Dow advanced 0.7%, the Nasdaq surged up 1% and the S&P 500 climbed 0.6%.

Markets across the Asia-Pacific region turned in a mixed performance, while the major markets in Europe closed weak.

In commodities, West Texas Intermediate Crude oil futures for September ended down $0.24 or nearly 0.6% at $41.95 a barrel.

Gold futures for December ended up $20.10 or about 1% at $2,069.40, a fresh closing higher.

Silver futures for September ended up $1.510 at $28.40 an ounce, while Copper futures for September settled at $2.9105 per pound, down $0.0065 from previous close.

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