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Nov 9, 2020

Canada stocks surge on vaccine breakthrough, led by energy

BNN Bloomberg's mid-morning market update: November 9, 2020

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Canadian stocks jumped on Monday with global equity markets after Pfizer Inc. said its COVID-19 vaccine prevented more than 90 per cent of infections in a large-scale study.

The S&P/TSX Composite Index climbed 1.2 per cent in Toronto, paring some an early gain of as much as much as 2.7 per cent. 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 per cent today. Suncor Energy Inc. and Canadian Natural Resources Ltd., the largest Canadian oil producers, rose more than 20 per cent 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 per cent.

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 per cent to $1.3010 per U.S. dollar.

Air Canada soared 29 per cent 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 per cent 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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