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Canada Stocks Surge on Vaccine Breakthrough, Led by Energy

Aoyon Ashraf
·1 min read

(Bloomberg) -- Canadian stocks jumped on Monday with global equity markets after Pfizer Inc. said its Covid-19 vaccine prevented more than 90% of infections in a large-scale study.

The S&P/TSX Composite Index climbed 1.2% in Toronto, paring some an early gain of as much as much as 2.7%. The index closed Monday session at its highest since Oct. 15.

The risk-on rally was fueled by traders piling into cyclical stocks, including energy, which as a group climbed almost 10% today. Suncor Energy Inc. and Canadian Natural Resources Ltd., the largest Canadian oil producers, rose more than 20% on Monday.

Real estate and financial stocks, two of the worst-performing sectors this year, also had a big day, with each rising more than 4%.

Some of the positive momentum was blunted by a selloff in technology stocks such Shopify Inc., which have benefited from stay-at-home orders in the pandemic, and gold miners. The loonie rose 0.3% to C$1.3010 per U.S. dollar.

Read more: Lockdown Winners Fade as Reopen Trade Roars After Covid Data

Air Canada soared 29% despite missing operating revenue estimates for the third quarter as the brighter prospect for a vaccine improved sentiment toward travel, and as the airline’s cash burn rate gained. The airline said it expects flight capacity in the fourth quarter will be 75% lower than in the same quarter last year.

The Canadian government said Sunday it will begin discussions on providing financial support to airlines, airports and the aerospace sector.

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