The Canadian stock market concluded the week on a robust note, buoyed by significant gains in the materials and energy sectors as commodity prices surged due to rate cut speculations and an optimistic demand outlook.
The S&P/TSX Composite Index closed with an increase of 165.54 points, or 0.74%, reaching 22,465.37, just shy of the intraday high of 22,468.52. For the week, the index posted a gain of approximately 0.7%.
The Materials Capped Index experienced a substantial rise of 2.83%. Notably, New Gold Inc. (NGD.TO) skyrocketed by 13.3%. Other significant performers included Ero Copper (ERO.TO), First Quantum Minerals (FM.TO), Fortuna Silver Mines (FVI.TO), First Majestic Silver Corp. (FR.TO), Novagold (NG.TO), SSR Mining Corp. (SSRM.TO), Ivanhoe Mines (IVN.TO), and Hudbay Minerals (HBM.TO), all of which saw gains ranging from 6% to 8%. Additionally, Eldorado Gold (ELD.TO) surged nearly 6%.
In the energy sector, stocks such as International Petroleum Corp. (IPCO.TO), Tourmaline Oil Corp. (TOU.TO), Kelt Exploration (KEL.TO), and Vermilion Energy (VET.TO) advanced by 2% to 3%. Canadian Natural Resources (CNQ.TO), Athabasca Oil Corp. (ATH.TO), Secure Energy Services (SES.TO), and Baytex Energy Corp. (BTE.TO) ended higher by 1.3% to 1.7%.
Within the financials sector, Sprott Inc. (SII.TO) rose by 3.25%. Other notable gainers included IA Financial Corp. (IAG.TO), TMX Group (X.TO), Onex Corp. (ONEX.TO), Brookfield Asset Management (BAM.TO), and Manulife Financial (MFC.TO), with increases between 1% and 1.5%.
Conversely, in the healthcare sector, Bausch Health Companies (BHC.TO) dropped by 4.4%, and Tilray Inc. (TLRY.TO) plunged 7.2% following the company's announcement of a potential offering to sell common stock with an aggregate price of up to $250 million.