Canadian Stocks Show Strong Move Back To The Upside

Canadian stocks moved notably higher over the course of the trading session on Monday, regaining ground following the steep drop seen in recent sessions.

The benchmark S&P/TSX Composite Index jumped 253.15 points or 1.3 percent to 19,183.63 after ending last Friday's trading at its lowest closing level in over a year.

The rebound by Canadian stocks came as traders went bargain hunting following the recent weakness, although trading activity was somewhat subdued amid the Juneteenth holiday in the U.S.

Telecom stocks showed a substantial move to the upside on the day, driving the S&P/TSX Capped Communication Services Index up by 3.7 percent.

Significant strength was also visible among energy stocks, as reflected by the 2.4 percent spike by the S&P/TSX Capped Energy Index.

Commercial real estate, financial and consumer discretionary stocks also saw considerable strength, while gold stocks moved to the downside.

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