TSX Extends Gains To 3rd Session, Rises Nearly 4.5% In Month

(RTTNews) - The Canadian market extended its winning streak to a third straight session, led by strong gains in energy, materials, healthcare and industrials sectors.

Several stocks from financials, real estate and consumer discretionary sectors too posted notable gains.

Fairly strong earnings updates, firm commodity prices, and preliminary data showing a stronger than expected growth of the Canadian economy in the second quarter aided sentiment.

The benchmark S&P/TSX Composite Index, which climbed to 19,733.95, ended with a gain of 236.21 points or 1.21% at 19,692.92, a near 7-week closing high.

The index gained nearly 4.5% in the month.

First Quantum Minerals (FM.TO) soared nearly 10% on strong volumes. Athabasca Oil Corporation (ATH.TO) rallied 5.7%. Arc Resources (ARX.TO), Suncor Energy (SU.TO), Lundin Mining Corporation (LUN.TO), Baytex Energy (BTE.TO) and Crescent Point Energy (CPG.TO) ended higher by 2.5 to 4.5%a.

CCL Industries (CCL.A.TO) and Teck Resources (TECK.A.TO) rallied 7.4% and 7.3%, respectively. TFI International (TFII.TO) surged 5.4%.

Cargojet (CJT.TO), goeasy (GSY.TO), Toromont Industries (TIH.TO), Constellation Software (CSU.TO), Canadian Tire Corporation (CTC.TO) and Nutrien (NTR.TO) gained 2.4 to 4%. WSP Global (WSP.TO) and Canadian National Railway (CNR.TO) also rose sharply.

Data from Statistics Canada showed the nation's real Gross Domestic Product camed in unchanged in May. GDP increased 0.1% in June, the data showed.

According to a report released by the Canadian Federation of Independent Business, Canada's CFIB's Business Barometer long-term optimism index fell for a fourth consecutive month in July, dropping to 52.7, the lowest since May of 2020.