Canadian Market Surges on Sector Strength Ahead of Key Economic Releases

In the Canadian market on Monday afternoon, stocks across various sectors are experiencing robust gains driven by sustained buying interest ahead of significant economic data releases and speeches from Federal Reserve officials.

Energy stocks, buoyed by higher crude oil prices, are leading the rally. Other sectors showing notable gains include utilities, communications, real estate, financials, and consumer discretionary stocks.

The S&P/TSX Composite Index, a key benchmark, has surged by 228.60 points or 1.06% to reach 21,783.46.

Key movers include Precision Drilling Corporation (PD.TO), up 5%, and Tourmaline Oil Corp (TOU.TO), which has climbed 3.6%. Onex Corporation (ONEX.TO), Imperial Oil (IMO.TO), George Weston (WN.TO), and EQB Inc (EQB.TO) have also advanced, gaining between 2.5% to 3.1%.

Among notable gainers are 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).

However, Quebecor Inc (QBR.TO) has seen a decline of nearly 7%, while Celestica Inc (CLS.TO) is down approximately 4.7%. Bombardier Inc (BBD.B.TO), Shopify Inc (SHOP.TO), Cameco Corporation (CCO.TO), West Fraser Timber (WFG.TO), and goeasy (GSY.TO) are also trading lower, with losses ranging from 1.3% to 3%.