TSX Ends Higher As Materials, Energy Stocks Rally

(RTTNews) - Canadian stocks closed on a firm note on Tuesday, led by gains in energy, materials and utilities sectors.

The benchmark S&P/TSX Composite Index, which recorded its biggest single-session gain in about four weeks, ended the day with a gain of 255.13 points or about 1.3% at 19,501.20, the highest close since September 29.

Worries about the outlook for interest rates eased a bit after comments from some Federal Reserve officials lowered expectations for further interest rate hikes for now.

The Energy Capped Index climbed 4.16%. Vermilion Energy (VET.TO), up 7.1%, was the top gainer in the sector. Canadian Natural Resources (CNQ.TO), MEG Energy (MEG.TO), Baytex Energy (BTE.TO), Suncor Energy (SU.TO), Imperial Oil (IMO.TO), Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO), International Petroleum Corp (IPCO.TO), Enerplus Corp (ERF.TO) and Precision Drilling Corporation (PD.TO) gained 3.7 to 5.6%.

The Materials capped Index surged 2.13%. Methanex Corp (MX.TO), Seabridge Gold (SEA.TO), Stella Jones (SJ.TO), Nutrien (NTR.TO), Kinross Gold Corp (K.TO), Novagold (NG.TO), B2Gold Corp (BTO.TO), Torex Gold Resources (TXG.TO), Lundin Mining Corp (LUN.TO) and Silvercrest Metals (SIL.TO) advanced 3 to 6%.

Among the stocks in the Utilities index, Brookfield Renewable Partners (BEP.UN.TO), Northland Power (NPI.TO), Capital Power Corp (CPX.TO), Altagas (ALA.TO), Hydro One (H.TO) and Brookfield Infra Partners (BIP.UN.TO) ended higher by 2 to 4%.

Ballard Power Systems Inc. (BLDP) shares gained about 3.5%. The company announced today that it has received multiple purchase orders for over 177 hydrogen fuel cell engines from Solaris Bus & Coach sp., a Polish maker of public transport vehicles.