The Canadian market is experiencing strong gains on Monday afternoon, with stocks across various sectors seeing significant increases due to continuous buying interest ahead of critical economic data releases and speeches from Federal Reserve officials.
Energy stocks are at the forefront, bolstered by rising crude oil prices. Other notable gainers include utilities, communications, real estate, financials, and consumer discretionary stocks.
The benchmark S&P/TSX Composite Index has surged 228.60 points, or 1.06%, to 21,783.46.
Precision Drilling Corporation (PD.TO) has risen by 5%. Tourmaline Oil Corp (TOU.TO) is up 3.6%, while Onex Corporation (ONEX.TO), Imperial Oil (IMO.TO), George Weston (WN.TO), and EQB Inc (EQB.TO) have increased by 2.5% to 3.1%.
Intact Financial Corporation (IFC.TO), Royal Bank of Canada (RY.TO), Franco-Nevada Corporation (FNV.TO), Fairfax Financial Holdings (FFH.TO), and TFI International (TFII.TO) are also showing notable gains.
Conversely, Quebecor Inc (QBR.TO) has dropped nearly 7%. Celestica Inc (CLS.TO) is experiencing a loss of approximately 4.7%. Additionally, Bombardier Inc (BBD.B.TO), Shopify Inc (SHOP.TO), Cameco Corporation (CCO.TO), West Fraser Timber (WFG.TO), and goeasy (GSY.TO) have declined by 1.3% to 3%.
