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TSX Ends On Buoyant Note As Stocks Recover After Recent Losses

The Canadian stock market ended on a buoyant note on Wednesday, snapping a three-day losing streak, as shares rallied on hectic buying after U.S. technology stocks rebounded and lifted overall sentiment in the market.

A rebound in crude oil prices helped as well.
 
The market also digested the Bank of Canada's rate decision and its outlook for the economy.

The Bank of Canada, which left its benchmark rate unchanged at 0.25%, said it will leave it that way until economic slack is absorbed so that the 2% inflation target is "sustainably achieved."

The bank said it would keep rates at historic lows for several years, and retained a pledge to buy government bonds at the current pace and maintain extraordinary monetary policy stimulus throughout the recuperation phase of economic recovery.

The benchmark S&P/TSX Composite Index ended with a gain of 284.08 points or 1.76% at 16,383.60, about 50 points off the day's high of 16,432.74.

Materials, information technology and consumer staples shares were the star performers in the session. Several stocks from energy, industrial, financial and utilities sections too poster strong gains.

The Capped Materials Index surged up 3.69%. Kinross Gold Corp (K.TO) rallied 6.5%. Wheaton Precious Metals (WPM.TO), Pan American Silver Corp (PAAS.TO), Kirkland Lake Gold (KL.TO), Novagold (NG.TO), Ssr Mining (SSRM.TO), B2Gold Corp (BTO.TO), Alacer Gold (ASR.TO), Agnico Eagle Mines (AEM.TO), Barrick Gold (ABX.TO) and Yamana Gold (YRI.TO) moved up 3.75 to 6%.

In the information technology space, Docebo Inc. (DCBO.TO) gained nearly 6%. Enghouse Systems (ENGH.TO), CGI Group (GIB.A.TO), Descartes Systems Group (DSG.TO), Evertz Technologies (ET.TO), Shopify Inc. (SHOP.TO) and Constellation Software (CSU.TO) moved up 2.5 to 4%%. Kinaxis Inc (KXS.TO) and Open Text Corp (OTEX.TO) also ended sharply higher.

Consumer staples shares Alimentation Couche-Tard Inc. (ATD.B.TO), Metro Inc. (MRU.TO), Empire Company (EMP.A.TO), Loblaw (L.TO) and Saputo (SAP.TO) gained 2 to 5%.

Financial stocks Laurentian Bank (LB.TO), Manulife Financial (MFC.TO), Sun Life Financial (SLF.TO), Royal Bank of Canada (RY.TO), Bank of Nova Scotia (BNS.TO), National Bank of Canada (NA.TO) and Power Corporation of Canada (POW.TO) gained 1 to 2.1%.

Whitecap Resources (WCP.TO), Seven Generations Energy (VII.TO), Canadian Natural Resources (CNQ.TO), Tourmaline Oil Corp (TOU.TO), Arc Resources (ARX.TO) and Parex Resources (PXT.TO) were the prominent gainers in the energy space.

According to a report published by Canada Mortgage and Housing Corporation this morning, housing starts in Canada rose by 6.9% to 262,396 units in August 2020, up from 245,400 a month earlier. The increase was much more than an expected rise of 220,000 units.

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