Currency Hedger Trading Desk April 25, 2020
The Canadian stock market ended notably higher on Friday thanks largely to strong buying at several counters from across various sectors.
The benchmark S&P/TSX Composite Index ended up 169.27 points, or 1.19%, at 14,420.36, after scaling a low of 14,242.75 and a high of 14,433.65 intraday.
B2Gold Corp (BTO.TO) rose more than 4.5%. Kinross Gold Corp (K.TO) surged up 3.65% and Osisko Mining (OSK.TO) ended 2.3% up.
Interfor Corp. and First Quantum Minerals Ltd. shares gained more than 8%. Torex Gold Resources Inc shares ended stronger by about 7%.
Aurora Cannabis (ACB.TO), Canadian Natural Resources (CNQ.TO), Barrick Gold Corp (ABX.TO) and Enbridge (ENB.TO) gained 1.2 to 2%. Bank of Montreal (BMO.TO) and Yamana Gold (YRI.TO) also ended on a firm note. The mood was somewhat uncertain early on in the session as worries about the economic impact of the coronavirus pandemic weighed on sentiment.
Reports that a potential antiviral drug for the coronavirus failed in its first randomized clinical trial hurt sentiment earlier in the day. News that the European Union leaders have failed to reach an agreement over the structure of a recovery fund to tackle the impact of the virus pandemic hurt as well.
However, the signing of a bill $484 billion stimulus package by U.S. President Donald Trump that will replenish a fund for small-business lending and direct money to hospitals and efforts to ramp up U.S. testing capacity in the fight against COVID-19, lifted the mood on Wall Street and resulted in a firm trend in the Canadian market as well.