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TSX Snaps 6-session Losing Streak, Ends On Strong Note

The Canadian stock market ended on a strong note on Friday with investors indulging in hectic bargain hunting after six successive days of losses.

Although worries about inflation and interest rates continued to linger, a rally in global stock markets after Fed Chair Powell's reaffirmation that the central bank isn't "actively considering" a 75 basis points hike helped lift sentiment.

The benchmark S&P/TSX Composite Index ended with a gain of 400.76 points or 2.03% at 20,099.81 nearly 100 points off the day's high of 20,196.60.

Information technology, healthcare, energy, consumer and real estate stocks posted strong gains. Several stocks from financials, materials and communications sectors too moved up sharply.

The Information Technology Capped Index climbed more than 6%. Lightspeed Commerce (LSPD.TO) soared 31.3%, while Dye & Durham (DND.TO), BlackBerry (BB.TO), Shopify Inc (SHOP.TO), Hut 8 Mining (HUT.TO) and Nuvei Corp (NVEI.TO) gained 10 to 14.4%.

The Health Care Capped Index surged up 4.35%. Aurora Cannabis (ACB.TO) zoomed 16%. Canopy Growth Corp (WEED.TO) spurted more than 9%. Cronos Group (CRON.TO) and Sienna Senior Living (SIA.TO) gained 6.2% and 5.2%, respectively.

The Energy Capped Index moved up nearly 4%. Headwater Exploration (HWX.TO) rallied 12.6%. Nuvista Energy (NVA.TO) and Secure Energy (SES.TO) gained 8.2% and 6.4%, respectively. Vermilion Energy (VET.TO), Prairiesky Royalty (PSK.TO) and Enerplus Corp (ERF.TO) were among the other major gainers in the section.

Consumer discretionary shares Canada Goose Holdings (GOOS.TO), Spin Master Corp (TOY.TO), Linamar Corp (LNR.TO), Magna International (MG.TO), Mty Food Group (MTY.TO), Martinrea International (MRE.TO) and Sleep Country Canada Holdings (ZZZ.TO) gained 5 to 8%.

Financials shares Manulife Financial (MFC.TO), CDN Western Bank (CWB.TO), Onex Corp (ONEX.TO), Fairfax Financial Holdings (FFH.TO), Canadian Imperial Bank of Commerce (CM.TO), Royal Bank of Canada (RY.TO) and Laurentian Bank (LB.TO) ended with impressive gains.

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