TSX Ends On Buoyant Note

(RTTNews) - The Canadian market ended on a buoyant note on Friday thanks to sustained buying across the board after bond yields dropped amid uncertainty about the pace of interest rate hikes by the Federal Reserve at its upcoming meetings.

Data showing a bigger than expected increase in Canadian retail sales contributed as well to the positive mood in the market.

Materials and energy stocks surged higher, tracking firm bullion and crude oil prices. Healthcare, consumer staples, industrials and financials shares moved up sharply. Technology and communications stocks too found support.

The benchmark S&P/TSX Composite Index ended with a gain of 281.66 points or 1.52% at 18,860.95 about 20 points off the day's high of 18,880.76. The index gained about 2.9% in the week.

Data from Statistics Canada showed Canada's retail sales grew by 0.7% on a monthly basis in August following June's sharp contraction of 2.2%. This reading came in better than consensus estimates pointing to a modest rise of 0.4%.

First Quantum Minerals (FM.TO) soared 11.5% on huge volumes. Lundin Mining Corporation (LUN.TO) surged nearly 6%. Kinross Gold Corporation (K.TO), B2Gold Corp (BTO.TO) and Suncor Energy (SU.TO) gained 3.5 to 4.75% on strong volumes.

Barrick Gold Corporation (ABX.TO), Canadian Natural Resources (CNQ.TO), Crescent Point Energy (CPG.TO), Ballard Power Systems (BLDP.TO), Manulife Financial Corporation (MFC.TO), Royal Bank of Canada (RY.TO) and Toronto-Dominion Bank (TD.TO) gained 1.5 to 2.6%.

The market breadth was quite strong. As many as 1,275 stocks closed higher, while 505 stocks drifted lower, and 229 stocks settled flat.