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TSX Ends Higher For 3rd Straight Day

The Canadian market turned in another firm performance with investors picking up stocks from across several sectors on Thursday.

The benchmark S&P/TSX Composite Index ended with a gain of 148.88 points or 0.71% at 21,218.93, extending gains to a third straight session. The index climbed to a high of 21,265.76 in the session.

The mood remained quite positive as concerns about Omicron variant of the coronavirus faded a bit after separate studies indicated the new strain poses a lower risk of severe disease and hospitalization than the Delta variant.

However, experts such as the World Health Organization have cautioned that it is too early to draw conclusions on the new variant’s severity.

Encouraging economic data contributed as well to the market’s uptick. The Canadian economy expanded 0.8% month-over-month in October of 2021, following a 0.2% growth in September and in line with market expectations, data from Statistics Canada showed. It was the fifth consecutive monthly expansion.

Meanwhile, preliminary data showed that the economy expanded 0.3% in November.

Average weekly earnings of non-farm payroll employees in Canada rose 2.7% year-on-year to C$ 1,133.93 in October of 2021, and little changed from the previous month.

Technology and healthcare stocks were among the most prominent gainers. Consumer discretionary and financials shares also fared well.

Boyd Group Services (BYD.TO), Shopify Inc (SHOP.TO), Nuvei Corporation (NVEI.TO), Brp Inc (DOO.TO) and Goeasy (GSY.TO) gained 2 to 3.7%.

TFI International (TFII.TO), Kinaxis Inc (KXS.TO), Constellation Software (CSU.TO) and Canadian Tire Corporation (CTC.A.TO) also closed notably higher.

Dye & Durham (DND.TO) declined 4.8% on profit taking after recent strong gains. Tourmaline Oil Corp (TOU.TO) ended lower by 3.3%, while Stelco Holdings (STLC.TO), Kirkland Lake Gold (KL.TO), Agnico Eagle Mines (AEM.TO) and Rogers Communications (RCI.A.TO) shed 1.4 to 2.25%.

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Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on a mixed note Wednesday morning with investors tracking a mixed trend in the commodities market and muted cues from Europe.

Worries about the surge in Omicron variant of the coronavirus, and a lack of positive triggers could result in sluggish movements for much of the day’s session.

Dye & Durham Limited (DND.TO) announced on Tuesday that it agreed to acquire Link Administration Holdings Limited. As part of the transaction, Dye & Durham will also indirectly acquire Link Group’s approximate 43% ownership stake in PEXA Group Limited, which operates Australia’s leading digital property exchange network.

The Canadian market ended on a buoyant note on Tuesday, led by strong gains in stocks from across several sectors as firm global markets, higher crude oil prices, encouraging retail sales data, and a report from Moderna Inc about the effectiveness of a booster dose of its Covid-19 vaccine against the Omicron variant lifted sentiment.

The benchmark S&P/TSX Composite Index, which opened with a big positive gap of about 180 points at 20,718.55, rallied to a high of 20,953.88 and finally ended the session with a gain of 386.65 points or 1.88% at 20,924.87.

Asian stocks closed higher on Wednesday after Wall Street’s main indexes ended sharply higher overnight, led by gains in tech and travel shares. The upside, however, was limited as a jump in coronavirus cases globally threatened economic activity, just days before Christmas and New Year holidays.

European stocks are a bit subdued a little past noon amid cautious moves by investors, who continue to closely follow the updates about the rapid spread of the Omicron variant and the various containment measures taken by governments across the world.

In commodities, West Texas Intermediate Crude oil futures are up marginally at $71.20 a barrel.

Gold futures are gaining $4.30 or 0.25% at $1,793.00 an ounce, while Silver futures are up $0.136 or 0.6% at $22.665 an ounce.