Materials, Technology Shares Lift TSX

(RTTNews) - The Canadian stock market ended higher on Tuesday, extending gains from previous session, despite slightly fading optimism about resumption of U.S.-China trade talks. Higher gold prices pushed up materials shares and contributed notably to market's rise.

The benchmark S&P/TSX Composite Index ended up 84.80 points, or 0.53%, at 16,183.59. The index scaled a low of 16,125.15 and a high of 16,193.28 in the session.

With several key stocks from the materials section rallying sharply, the Capped Materials Index surged up 2.56%. Information technology stocks were the other prominent gainers.

Shares from consumer staples, utilities, consumer discretionary, industrials and real estate sections too were in demand.

Financial, energy and telecommunications shares turned in a mixed performance, while healthcare stocks were weak. The Capped Healthcare Index shed as much as 3.23%.

Bank of Nova Scotia (BNS.TO) gained about 1.2%. The bank reported adjusted earnings of $2.455 billion or $1.88 per diluted share in the third quarter of this year, compared with $2.26 billion or $1.76 during the same period in 2018. The bank raised its dividend by three cents to 90 cents per share for the third quarter.

Bank of Montreal (BMO.TO) shares declined 3.4% as results fell short of expectations. The BMO group reported net income of $1,557 million and adjusted net income of $1,582 million, both up 1% compared to last year. Earnings per share also rose 1% to $2.34.

In the materials section, Pan American Silver Corp. (PAAS.TO), MAG Silver (MAG.TO), Iamgold Corp (IMG.TO) and Centerra Gold Inc. (CG.TO) gained 7.5 to 8%. B2Gold Corp (BTO.TO) gained about 6.5%.

Oceanagold Corp (OGC.TO), Novagold (NG.TO), Kirkland Lake Gold (KL.TO), Detour Gold (DGC.TO), Ssr Mining (SSRM.TO), Alamos Gold (AGI.TO), Alacer Gold (ASR.TO), Kinross Gold (K.TO), Yamana Gold (YRI.TO), Eldorado Gold (ELD.TO) and Agnico Eagle Mines (AEM.TO) gained 3.5 to 6%.

Information technology shares Shopify Inc. (SHOP.TO), Constellation Software (CSU.TO) and CGI Group Inc. (GIB.A.TO) ended with strong gains.

Among energy stocks, Precision Drilling Corp (PD.TO) and Encana Corp (ECA.TO) gained 3.6% and 2.3%, respectively.

Baytex Energy (BTE.TO), Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO), ARC Resources (ARX.TO) and Enerflex (EFX.TO) declined sharply.

In the healthcare space, Canopy Growth Corp (WEED.TO) declined 6%, Aphria Inc. (APHA.TO) shed 5.7% and Cronos Group (CRON.TO) ended 4.2% down.

Hexo Corp (HEXO.TO), Canntrust Holdings (TRST.TO), Aurora Cannabis (ACB.TO) and Bausch Health Companies (BHC.TO) lost 2 to 4%.

U.S. stocks failed to hold early gains and ended notably lower as buying interst waned amid uncertainty about the escalating U.S.-China trade war.

The Dow declined 0.5%, while the Nasdaq and S&P 500, both ended lower by about 0.3%.

Markets in Europe and Asia-Pacific region ended mostly higher.

In commodities, West Texas Intermediate Crude oil futures for October ended up $1.29, or 2.4%, at $54.93 a barrel.

Gold futures for December ended up $14.60, or about 1%, at $1,551.80 an ounce, the highest settlement since April 2013.

Silver futures for September ended up $0.512, or 2.9%, at $18.153 an ounce, the best close since April 2017. Copper futures for September settled at $2.5475 per pound, gaining $0.0040.