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Materials, Energy Stocks Lift TSX

The Canadian stock market closed on a positive note on Monday, rebounding well after two successive days of losses, as firm commodity prices triggered strong buying in materials and energy sectors.

Several stocks from real estate and consumer discretionary stocks too moved higher, contributing to market's firm close.

Data showing continued expansion of Canada's manufacturing sector aided sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 104.83 points or 0.55% at 19,213.16, after scaling a low of 19,193.56 and a high of 19,276.09 intraday.

The Capped Materials Index surged up 3.61%. Silvercorp Metals (SVM.TO) soared nearly 12%. Endeavour Silver Corp (EDR.TO) climbed 10.8% and MAG Silver Corp (MAG.TO) spurted 10.4%. Eldorado Gold (ELD.TO), Torex Gold Resources (TXG.TO), Agnico Eagle Mines (AEM.TO), Alamos Gold (AGI.TO), Yamana Gold (YRI.TO), Pan American Silver Corp (PAAS.TO), Iamgold Corp (IMG.TO) and First Majestic Silver Corp (FR.TO) were among the other major gainers.

The Capped Energy Index climbed 3.15%. MEG Energy (MEG.TO) surged up nearly 8%. Imperial Oil (IMO.TO), Crescent Point Energy (CPG.TO), Crescent Point Energy (CPG.TO), Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO), Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Arc Resources (ARX.TO) and Tourmaline Oil Corp (TOU.TO) gained 2 to 5%.

Real estate stocks Cominar R E (CUF.UN.TO), WPT Industrial (WIR.UN.TO), Dream Office (D.UN.TO), Killam Apartment (KMP.UN.TO), Allied Properties (AP.UN.TO) and CDN Apartment (CAR.UN.TO) gained 2.5 to 5.5%.

In the consumer discretionary space, Gildan Activewear (GIL.TO), Restaurant Brands International (QSR.TO), Spin Master Corp (TOY.TO), Sleep Country Canada Holdings (ZZZ.TO) and Aritzia (ATZ.TO) posted strong gains.

Bank of Nova Scotia said it has agreed to increase ownership in its Chilean operations or "Scotiabank Chile" through acquisition of an additional 7.0% stake from the Said family. The transaction is valued at approximately C$500 million, and completion of the sale will impact Scotiabank's Common Equity Tier 1 capital ratio by approximately eight basis points. The stock moved up marginally.

Bombardier (BBD_B.TO) shares gained 2.6% after the company said it expects business jet revenues for the first quarter ended March 31, 202 to be $1.3 billion, an increase of 18% year-over-year. Business aircraft deliveries for the first quarter are expected to be 26 units.

On the economic front, the IHS Markit Canada Manufacturing PMI fell to 57.2 in April from a record high of 58.5 in the previous month. Still, the latest reading pointed to the 10th straight month of expansion in the country's factory activity and the third-strongest growth since available records began in October 2010.

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