Canada Stocks Close 75 Points Higher, Back Over 17,000 as Materials Post Strong Gains

Monday, November 23, 2020 4:14 PM | MT Newswires

Canada's main stock market, the Toronto Stock Exchange closed 75 points higher with energy (+7.17%) and miners (+2.37%) posting the strongest gains, as investors cheer the third week of positive COVID-19 vaccine news. Despite its gains, the energy sector is still down 31% YTD.

Financials is down 3.9% YTD.

Today, the market heard from AstraZeneca saying their vaccine candidate has an effectiveness rate of "up to 90%", depending on the dosing regime. The vaccine also does not require ultra-cold refrigeration, implying a lower cost of distribution. The Bank of Canada also said it sees no signs of broad stress across the financial system in Canada.

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