Energy Stocks Lift TSX

(RTTNews) - The Canadian stock market ended on a firm note on Thursday, led by gains in energy shares after crude oil prices rose amid prospects of a supply shortage post sanctions on Iran in November.

Buying interest in other sectors were a bit subdued.

The benchmark S&P/TSX Composite Index ended up 35.34 points, or 0.22% at 16,204.62. The index scaled a low of 16,193.04 and a high of 16,262.84 intraday.

In economic news, Statistics Canada reported that average weekly earnings of non-farm payroll employees were $997 in July, a decrease of 0.4% from the previous month. Earnings were up 3%, when compared with earnings in the last 12 months.

The Capped Energy Index climbed up 1.77%. Cenovus Energy (CVE.TO) jumped 9% after the company announced that it has signed three-year contracts with Canadian National Railway and Canadian Pacific Railway to transport crude.

Tourmaline Oil Corp. (TOU.TO) spurted 8.1% and ARC Resources (ARX.TO) gained 3.3%, while Suncor Energy Inc. (SU.TO), Encana Corporation (ECA.TO), Imperial Oil and Husky Energy Inc. (HSE.TO) moved up by 1 to 1.7%.

In the materials space, Wheaton Precious Metals Corp. (WPM.TO) surged up 3.5%, Barrick Gold Corporation (ABX.TO) gained 3.15%, Agnico Eagle Mines (AEM.TO) ended nearly 1% up, Wheaton Precious Metals Corp. (CCL.B.TO) advanced by 1.35% and Methanex Corporation (MX.TO) gained 1.85%, while First Quantum Minerals (FM.TO) declined by 3.7%.

Information technology stocks Shopify Inc. (SHOP.TO), Constellation Software Inc. (CSU.TO), Open Text Corporation (OTEX.TO) gained 1.5 to 3%.

The Capped Healthcare Index ended more than 3% down. Aurora Cannabis Inc. (ACB.TO) declined by 4.1%, Canopy Growth Corporation (WEED.TO) ended nearly 5% down, Aphria Inc. (APH.TO) declined by 6.4% and Extendicare Inc. (EXE.TO) edged down by 1.5%.

Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) edged up marginally and National Bank of Canada (NA.TO) edged down marginally. Canadian Imperial Bank Of Commerce (CM.TO) declined by 1.1%.

A favorable court ruling from the Tax Court of Canada lifted shares of Cameco Corp. by nearly 16%. The company announced that the Tax Court of Canada has ruled unequivocally in favour of the company in its dispute of the reassessments issued by Canada Revenue Agency for the 2003, 2005 and 2006 tax years.

The U.S. market ended higher thanks to some upbeat economic data. European markets ended mostly higher despite the Italian government's announcement of a delay of the country's budget. Asian markets ended mixed.

In commodities, crude oil futures for November delivery ended up $0.55, or 0.8%, at $72.12 a barrel.

Gold futures for December ended down $11.70, or 1%, at $1,187.40 an ounce, the lowest close since August 17.

Silver futures for December ended lower by $0.111, at $14.290 an ounce, while Copper futures settled at $2.7830 per pound, losing $0.0450 for the session.