Canada Stocks: Toronto market starts month strongly as pandemic threat fades

Westport Fuel Systems

01/11/2021 20:40

(Adds investor quotes and details throughout, updates prices)
    * TSX ends up 209.94 points, or 1%, at 21,247.01
    * Energy adds 1.9%; technology ends 2% higher
    * Westport Fuel Systems Inc jumps 15.7%
    * Cargojet Inc loses 5.5% 

    By Fergal Smith
    TORONTO, Nov 1 (Reuters) - Canada's main stock index rose on
Monday to near a record high as investors grew more optimistic
the global economy was moving past the coronavirus pandemic,
with the index adding to strong gains in October.
    The Toronto Stock Exchange's S&P/TSX composite index
 .GSPTSE  ended up 209.94 points, or 1%, at 21,247.01, just shy
of last Monday's record closing high at 21,284.84.
    The index advanced 4.8% in October, its biggest monthly gain
in 11 months.
    "COVID is starting to be in the rearview mirror and that is
giving people optimism," said Sadiq Adatia, chief investment
officer at BMO Asset Management.
    "It possibly means that all that pent-up savings will slowly
start to be spent. You are starting to see the (economic)
reopening, which means people are going back to work," Adatia
added.
    Canadian manufacturing activity grew in October at the
fastest pace in seven months as a pickup in new orders and
hiring offset mounting supply chain pressures, data showed.
 urn:newsml:reuters.com:*:nZON004DEQ
    Wall Street also rose as investors looked ahead to a major
Federal Reserve meeting later in the week.  urn:newsml:reuters.com:*:nL1N2RS1XQ 
    Among the strongest-performing sectors was energy. It ended
1.9% higher as oil prices jumped on expectations of strong
demand.  urn:newsml:reuters.com:*:nL1N2RS033
    U.S. crude oil futures  CLc1  settled 0.6% higher at $84.05
a barrel.
    Information technology advanced 2%, while healthcare ended
up 3.1%, helped by gains for cannabis stocks.
    Shares of alternative fuel systems manufacturer Westport
Fuel Systems Inc  WPRT.TO  jumped 15.7% to their highest in
nearly two months. Home Capital Group Inc  HCG.TO  ended 5.6%
higher after brokerage BMO raised its rating and price target.
    Cargojet Inc  CJT.TO  was among the biggest decliners,
ending 5.5% lower. The air cargo service provider reported a
surprise loss in the third quarter.  urn:newsml:reuters.com:*:nL8N2RS4BS

 (Reporting by Fergal Smith; Additional reporting by Amal S in
Bengaluru; Editing by Peter Cooney)
 ((fergal.smith@thomsonreuters.com; +1 647 480 7446;))