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TSX Ends On Positive Note As Energy, Materials Stocks Rise Sharply

Despite opening on a weak note, the Canadian stock market ended higher on Monday, riding on strong gains in energy and materials sections.

However, losses posted by stocks from healthcare, technology, utilities, industrials and consumer staples sector limited market's upside.

Although the surge in gold and crude oil prices triggered heavy buying in materials and energy sectors, the mood was somewhat cautious right through the sessions amid concerns the aggressive vaccine rollouts and imminent additional stimulus measures by central banks might stoke inflation.

The benchmark S&P/TSX Composite Index, which slid to 18,336.20 at the start, ended the session with a gain of 32.47 points or 0.18% at 18,416.74 after hitting a high of 18,467.33.

The Capped Energy Index surged up more than 5% as crue oil prices rose sharply. MEG Energy (MEG.TO) and Vermilion Energy (VET.TO) both climbed nearly 13.5%. Enerplus Corp (ERF.TO) gained 10.5% and Suncor Energy (SU.TO) rallied 8.2%. Imperial Oil gained nearly 7% and Crescent Point Energy (CPG.TO) spurted 6.1%.

Several other stocks, including Parex Resources (PXT.TO), Whitecap Resources (WCP.TO), Cenovus Energy (CVE.TO) and Canadian Natural Resources (CNQ.TO) also posted strong gains.

The Capped Materials Index rose 3.31%. Among the gainers in the section, New Gold (NGD.TO) surged up 13%, First Majestic Silver Corp (FR.TO) rallied 12% and Fortuna Silver Mines (FVI.TO) ended 10.6% up. Centerra Gold (CG.TO), Silvercorp Metals (SVM.TO), Torex Gold Resources (TXG.TO), Dundee Precious Metals (DPM.TO), B2Gold Corp (BTO.TO) and MAG Silver Corp (MAG.TO) also ended with impressive gains.

Technology stocks Docebo Inc. (DCBO.TO), Sierra Wireless (SW.TO), Enghouse Systems (ENGH.TO), Shopify Inc. (SHOP.TO) and Kinaxis Inc. (KXS.TO) lost 3 to 6%.

Healthcare stocks Aphria Inc. (APHA.TO), Cronos Group (CRON.TO), Aurinia Pharmaceuticals (AUP.TO), Canopy Growth Corporation (WEED.TO), Trillium Therapeutics (TRIL.TO) and Aurora Cannabis (ACB.TO) ended lower by 3.7 to 5%.

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