TSX Ends On Strong Note

The Canadian stock market shrugged off a sluggish start on Tuesday and kept moving higher as the session progressed to eventually close on a strong note, led by gains in energy, materials, technology and financial sections.

Several stocks from healthcare sectors too closed sharply higher.

Higher crude oil prices triggered strong buying in energy and materials shares. Federal Reserve Chairman Jerome Powell's testimony before a Senate Banking Committee hearing on his nomination for another term also helped lift sentiment.

Powell highlighted elevated inflation as a result of supply chain issues and said the Fed would use all of its tools to prevent higher inflation from becoming entrenched. He said the central bank has not decided as yet on reducing its balance sheet and that it might take 2 to 4 meetings for the policymakers to decide on the approaches.

The benchmark S&P/TSX Composite Index ended with a gain of 202.49 points or 0.96% at 21,274.81.

The Capped Energy Index climbed 3.28%. Baytex Energy (BTE.TO), MEG Energy (MEG.TO), Vermilion Energy (VET.TO), Whitecap Resources (WCP.TO), Suncor Energy (SU.TO) and Arc Resources (ARX.TO) gained 4 to 7%.

Lithium Americas Corp (LAC.TO), up nearly 13%, was the biggest gainer in the Materials Index. K92 Mining (KNT.TO), Endeavour Silver Corp (EDR.TO), First Quantum Minerals (FM.TO) and Hudbay Minerals (HBM.TO) were among the other major gainers in the section.

Among technology stocks, Nuvei Corp (NVEI.TO) surged up 9%. Alithya Corp (ALYA.TO) gained 6.7%, Lightspeed Pos (LSPD.TO) moved up 5.5%, Docebo Inc (DCBO.TO) ended nearly 4% up, and BlackBerry (BB.TO), Descartes Systems (DSG.TO) and Celestica Inc (CLS.TO) gained 2.5 to 3.3%.

Canadian Imperial Bank of Commerce (CM.TO), Laurentian Bank (LB.TO), Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) were among the top gainers in the banking space.

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