TSX Ends Higher For 5th Straight Session

(RTTNews) - The Canadian market closed higher on Monday, extending gains to a sixth straight session, reacting to news that the Trump administration will hold off on imposing trade tariffs for now.

According to reports, Donald Trump will direct federal agencies to assess trade relations with China, Canada and other trade partners but will hold off on imposing new tariffs on his first day in office.

The benchmark S&P/TSX Composite Index, which climbed to 25,245.78, ended with a gain of 103.66 points or 0.41% at 25,171.58.

Energy and materials shares moved higher, contributing significantly to market's upmove.

The Energy Capped Index climbed 2.32%. MEG Energy Corp (MEG.TO) rallied 6.3%. Terravest Capital (TVK.TO), Athabasca Oil Corp (ATH.TO), Canadian Natural Resources (CNQ.TO), Headwater Exploration (HWX.TO) and Birchcliff Energy (BIR.TO) gained 3 to 5.2%. Whitecap Resources (WCP.TO), Kelt Exploration (KEL.TO), Nuvista Energy (NVA.TO) and Baytex Energy (BTE.TO) also closed sharply higher.

The Materials Capped Index moved up 1.17%. First Quantum Minerals (FM.TO), Lundin Mining Corp (LUN.TO), Teck Resources (TECK.B.TO), Hudbay Minerals (HBM.TO), k92 Mining (KNT.TO), Ivanhoe Mines (IVN.TO), Calibre Mining (CXB.TO) and Capstone Mining Corp (CS.TO) gained 3 to 4.7%.

Bombardier Inc (BBD.B.TO) gained 7.3% thanks to reports that Trump will hold off on imposing tariffs on Canada for now.

Bausch + Lomb (BLCO.TO) rallied 6.3%. MTY Food Group (MTY.TO), Cargojet (CJT.TO), Rogers Communications (RCI.A.TO), Propel Holdings (PRL.TO), Hut 8 Corp (HUT.TO), EQB Inc (EQB.TO), BRP Inc (DOO.TO) and Boyd Group Services (BYD.TO) gained 2 to 4.3%.

Telesat Corporation (TSAT.TO), Kinaxis Inc (KXS.TO), Toronto-Dominion Bank (TD.TO) and Lessonade Industries (LAS.A.TO) closed notably lower.