TSX Ends On Buoyant Note As BoE's Bond Market Intervention Lifts Sentiment

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(RTTNews) - After opening modestly lower, the Canadian market swiftly emerged into positive territory on Wednesday and kept surging higher as the session progressed to eventually close on a buoyant note.

Positive reaction to the Bank of England's plans to begin purchases of long-dated U.K. government bonds to address dysfunction in the gilt market lifted Canadian stocks to sharply higher levels.

The BoE said today that the purchases would be carried out on "whatever scale is necessary" to restore orderly market conditions.

In addition, the BoE postponed the selling of bonds held under the quantitative easing program to October 31. The sale was initially due to commence next week.

After the British central bank's announcement, the dollar started drifting lower and bond yields fell, contributing substantially to the recovery in the U.S., European and Canadian markets.

The benchmark S&P/TSX Composite Index, which dropped to 18,247.90 in early trades, rallied to 18,703.89 before settling at 18,648.92, recording a gain of 341.01 points or 1.86%.

Materials and energy stocks rose sharply, tracking higher bullion and crude oil prices.

The Materials Capped Index surged 4.36% and the Energy Capped Index climbed 4.05%.

Healthcare and technology stocks too posted sharp gains. Several stocks from real estate, consumer discretionary, financials and industrials sectors recorded impressive gains.

Tamarack Valley Energy (TVE.TO) soared more than 9% on huge volumes. Kinross Gold Corporation (K.TO), Baytex Energy (BTE.TO), Crescent Point Energy (CPG.TO), Lundin Mining (LUN.TO), Barrick Gold Corporation (ABX.TO) and Whitecap Resources (WCP.TO) surged 5 to 6.5%.

Suncor Energy (SU.TO), Cenovus Energy (CVE.TO), Shopify Inc (SHOP.TO), Canadian Natural Resources (CNQ.TO) and Canadian Imperial Bank of Commerce (CM.TO) also rose sharply on strong volumes.

Agnico Eagle Mines (AEM.TO) climbed 7.4%. Tourmaline Oil Corp (TOU.TO), Franco-Nevada Corporation (FNV.TO), BRP Inc (DOO.TO), WSP Global (WSP.TO), CGI Inc (GIB.A.TO), goeasy (GSY.TO), Fairfax Financial Holdings (FFH.TO) and Canadian National Railway (CNR.TO) posted impressive gains.

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