Canadian equities surged Tuesday on expectations governments will introduce economic buffers to counter the impact from coronavirus, Oil rebounded from its worst loss since 1991.

Canada’s Prime Minister Justin Trudeau and Deputy Prime Minister Chrystia Freeland said the government will announce measures soon to help offset the drag from the coronavirus and oil-price shock. They join U.S. President Donald Trump and other governments around the world in promising fiscal stimulus.

The S&P/TSX Composite Index rose 3.1 per cent to 14,958.09 Tuesday in Toronto. That was the biggest jump since November 2011 but only partly erasing Monday’s 10.3 per cent dive. All eleven sectors rose, with information technology and industrials leading the way. Energy shares also rallied.

Also, Pattern Energy Group said its stockholders voted to approve the pending US$2.6 billion buyout by Canada Pension Plan Investment Board. The company’s Canadian-listed shares gained 2.9 per cent Tuesday.

Stocks

• Ballard Power gained 18 per cent
• MEG Energy rallied 17 per cent
• First Quantum rose 15 per cent
• Cenovus Energy advanced 12 per cent
• BlackBerry rose 9.3 per cent
• Shopify gained 8.3 per cent
• Seven Generations fell 7.8 per cent
• Inter Pipeline fell 5.5 per cent
• AltaGas dropped 4.7 per cent

Commodities

• Western Canada Select crude oil traded at a US$13 discount to West Texas Intermediate
• Spot gold fell 1.8 per cent to US$1,650.00 an ounce

FX/Bonds

• The Canadian dollar fell 0.3 per cent to $1.3746 per U.S. dollar
• The 10-year government bond yield climbed 11 basis points to 0.647 per cent