The Canadian market concluded remarkably higher on Monday, with gains extended for a third successive day. This upbeat trend was largely influenced by stable commodity prices and a positive sentiment surrounding potential interest rate reductions by various central banks, including the Federal Reserve and the Bank of India, later in the second quarter or early in the third.
The widely followed S&P/TSX Composite Index closed with a significant gain of 312.06 points, or 1.42%, at 22,259.47, nearly matching the day's peak.
Shares in technology, materials, energy, and industrials were among the primary contributors to the surge. Several stocks from the utilities and financial sectors also registered substantial gains.
Tech stocks such as Hut 8 Corp and Bitfarms appreciated by 6.5% and 5.2% respectively. Other notable advancements included rises for Celestica Inc, Lightspeed Commerce, Shopify Inc, Constellation Software, Converge Technology Solutions, Tecsys Inc, BlackBerry, and Alithya, which saw increases ranging between 2.5% and 4.5%.
In the energy sector, Baytex Energy led with a 5.8% gain, followed by Birchcliff Energy which rose by 4.1%. Arc Resources, Tourmaline Oil Corp, Advantage Oil & Gas, MEG Energy, Whitecap Resources, Crescent Point Energy, and Africa Oil Corp all experienced gains between 2% and 3.5%.
Shares from the materials sector such as Capstone Mining Corp, Lundin Mining Corp, Iamgold Corp, Pan American Silver Corp, MAG Silver, and Eldorado Gold registered increases of 3% to 6%.
In the financial sector, Great-West Lifeco Inc saw a 2.6% rise. The company announced it was forming a strategic long-term partnership with Power Sustainable Manager, a Power Corp of Canada subsidiary. Power Corporation of Canada enjoyed a near 2% gain. Other financial entities, including the Bank of Montreal, Manulife Financial, goeasy, Sun Life Financial, and the Bank of Nova Scotia, witnessed increases of up to 2%.
Likewise, the utilities sector had significant gainers such as Brookfield Infra Partners, Brookfield Renewable Partners, Innergex Renewable Energy, Algonquin Power & Utilities, and Hydro One.