(RTTNews) – The Canadian market closed on a buoyant note on Wednesday as stocks from across several sectors moved higher on sustained buying support amid renewed optimism about a U.S. stimulus deal.
After asking his administration’s negotiators to halt discussions with Democrats over a coronavirus relief plan earlier on Tuesday, U.S. President Donald Trump tweeted later that night that he would support individual stimulus measures.
“The House & Senate should IMMEDIATELY Approve 25 Billion Dollars for Airline Payroll Support, & 135 Billion Dollars for Paycheck Protection Program for Small Business. Both of these will be fully paid for with unused funds from the Cares Act. Have this money. I will sign now!” Trump tweeted.
He later added, “If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now.”
Stocks in Canadian and U.S. markets rallied on Trump’s backtrack.
The benchmark S&P/TSX Composite Index ended stronger by 192.17 points or 1.18% at 16,428.30. The index touched a high of 16,443.91.
Healthcare stocks were the top gainers. The Capped Healthcare Index surged up 3.85%. Canopy Growth Corp (WEED.TO) spurted nearly 8%. Cronos Group (CRON.TO) gained a little over 5% and Bausch Health Companies (BHC.TO) moved up 4.7%, while Aphria Inc. (APHA.TO) and Aurora Cannabis (ACB.TO) gained 4% and 2.7%, respectively.
The Consumer Discretionary Index climbed 2.59%. Sleep Country Canada Holdings (ZZZ.TO), up 7.5%, was the top gainer in the section. Aritzia (ATZ.TO) and Magna International (MG.TO) gained 6.3% and 5.5%, respectively. Gildan Activewear (GIL.TO), Martinrea International (MRE.TO), Great Canadian Gaming Corp (GC) and Canada Goose Holdings (GOOS.TO) also rose sharply.
The Capped Energy Index gained 2.06%, riding on Seven Generations Energy (VII.TO), Crescent Point Energy (CPG.TO), Vermilion Energy (VET.TO), Whitecap Resources (WCP.TO), Canadian Natural Resources