The Canadian stock market closed notably higher on Monday, lifted by strong gains in energy, materials and healthcare shares.
Firm commodity prices pushed up energy and materials shares, while healthcare stocks surged higher after Pfizer and Trillium Therapeutics signed an agreement as per which Pfizer will acquire Trillium.
The benchmark S&P/TSX Composite Index ended with a gain of 138.24 points or 0.68% at 20,477.26.
The Capped Energy Index climbed about 3.6%. Enerplus Corp (ERF.TO), MEG Energy (MEG.TO), Crescent Point Energy (CPG.TO) and Vermilion Energy (VET.TO) gained 6.5 to 7%. Cenovus Energy (CVE.TO) and Whitecap Resources (WCP.TO) moved up 5.2% and 5.1%, respectively.
The Capped Materials Index gained 2.86%. MAG Silver Corp (MAG.TO), New Gold (NGD.TO), Capstone Mining Corp (CS.TO), Hudbay Minerals (HBM.TO), First Quantum Minerals (FM.TO), Centerra Gold (CG.TO) and Fortuna Silver Mines (FVI.TO) moved up 6 to 8.5%.
The Healthcare Index climbed 6.15%. Trillium Therapeutics (TRIL.TO) zoomed 185%. Pfizer Inc. and Trillium Therapeutics Inc. today announced that the companies have entered into a definitive agreement under which Pfizer will acquire Trillium for an implied equity value of $2.26 billion, or $18.50 per share, in cash. This represents a 118% premium to the 60-day weighted average price for Trillium.
Organigram Holdings (OGI.TO) gained 5.6%, while Tilray Inc (TLRY.TO), Aurora Cannabis (ACB.TO), Cronos Group (CRON.TO) and Canopy Growth Corp (WEED.TO) gained 2 to 3%.
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