The Canadian market ended on a firm note on Friday, lifted by strong gains in materials and energy sectors as commodity prices climbed higher amid rate cut bets and optimism about outlook for demand.
The benchmark S&P/TSX Composite Index ended with a gain of 165.54 points or 0.74% at 22,465.37, a few points off the day's high of 22,468.52. The index gained about 0.7% in the week.
The Materials Capped Index climbed 2.83%. New Gold Inc (NGD.TO) soared 13.3%. Ero Copper (ERO.TO), First Quantum Minerals (FM.TO), Fortuna Silver Mines (FVI.TO), First Majestic Silver Corp (FR.TO), Novagold (NG.TO), Ssr Mining Corp (SSRM.TO), Ivanhoe Mines (IVN.TO) and Hudbay Minerals (HBM.TO) gained 6 to 8%. Eldorado Gold (ELD.TO) rallied nearly 6%.
Energy stocks International Petroleum Corp (IPCO.TO), Tourmaline Oil Corp (TOU.TO), Kelt Exploration (KEL.TO) and Vermilion Energy (VET.TO) gained 2 to 3%. Canadian Natural Resources (CNQ.TO), Athabasca Oil Corp (ATH.TO), Secure Energy Services (SES.TO) and Baytex Energy Corp (BTE.TO) ended higher by 1.3 to 1.7%.
In the financials sector, Sprott Inc (SII.TO) climbed 3.25%. IA Financial Corp (IAG.TO), TMX Group (X.TO), Onex Corp (ONEX.TO), Brookfield Asset Management (BAM.TO) and Manulife Financial (MFC.TO) advanced 1 to 1.5%.
Healthcare stock Bausch Health Companies (BHC.TO) ended down by 4.4%. Tilray Inc (TLRY.TO) tanked 7.2% after the company announced that it may offer and sell shares of common stock having an aggregate offering price of up to $250 million.
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