TSX Ends Flat After Choppy Session

(RTTNews) - The Canadian stock market ended flat on Tuesday after a choppy session, as investors appeared none too keen on building up positions ahead of the Federal Reserve's monetary policy announcement and due to lingering uncertainty about a U.S.-China trade deal before this weekend.

A report from the Wall Street Journal said the U.S. plans to delay imposing additional tariffs on Chinese goods.

An earlier report from the South China Morning Post (SCMP) said a trade deal between the U.S. and China is unlikely to be completed this week.

However, the SCMP said sources close to the talks do not expect the tariffs planned for December 15th to take effect, adding to a growing chorus on both sides who expect de-escalation this week.

Meanwhile, House Democrats announced an agreement on President Donald Trump's trade deal with Canada and Mexico.

The deal will allow the United States-Mexico-Canada Agreement, or the USMCA, Trump's replacement for the North American Free Trade Agreement, or NAFTA, to move forward in the House.

House Speaker Nancy Pelosi, D-Calif., called the new agreement "much better than NAFTA" and argued changes negotiated by Democrats make the deal "infinitely better than what was initially proposed by the administration."

The benchmark S&P/TSX Composite Index ended at 16,950.70, down 0.15 points from previous close, after moving between 16,906.60 and 16,967.49.

On Monday, the index ended down 46.12 points, or 0.27%, at 16,950.85, after a lackluster session.

Energy and materials shares found some supportd. Consumer discretionary, financial and consumer staples shares turned in a mixed performance.

Cannabis shares declined sharply. Telecommunications and information technology shares too were weak.

In the energy space, Crescent Point Energy (CPG.TO) gained 4.6%, ARC Resources (ARX.TO) and MEG Energy Corp (MEG.TO) ended higher by 3.3% and 2.9%, respectively.

Cenovus Energy (CVE.TO) gained about 2.2%. The company said it plans to invest between C$1.3 billion and C$1.5 billion in 2020, about 70% of which is sustaining capital primarily to maintain base production at its Foster Creek and Christina Lake oil sands operations.

Among the stocks in the Capped Materials Index, Hudbay Minerals (HBM.TO) gained 3.65%. Barrick Gold Corp (ABX.TO), Oceanagold (OGC.TO), Seabridge Gold Inc. (SEA.TO), Franco-Nevada Corp (FNV.TO), Wheaton Precious Metals (WCP.TO) and Kirkland Lake Gold (KL.TO) gained 1.3 to 2%.

Semafo (SMF.TO), First Quantum Minerals (FM.TO), Iamgold Corp (IMG.TO) and Eldorado Gold (ELD.TO) shed 1 to 4%.

Cannabis shares Canopy Growth Corp (WEED.TO), Hexo Corp (HEXO.TO) and Aurora Cannabis (ACB.TO) ended lower by 5.5%, 5% and 4.05%, respectively. Aphria Inc. (APHA.TO) declined 2.1% and Cronos Group (CRON.TO) eased 1.6%.

U.S. stocks ended slightly lower after a lackluster session. The Dow, the S&P 500 and the Nasdaq all ended lower by 0.1%.

Markets in Europe ended mostly lower, while those across the Asia-Pacific region turned in a mixed performance.

In commodities, West Texas Intermediate Crude Oil futures for January ended up $0.22, or about 0.4%, at $59.24 a barrel.

Gold futures for February ended up $3.20, or about 0.2%, at $1,468.10 an ounce.

Silver futures for March ended up $0.060 at $16.702 an ounce, while Copper futures for March settled at $2.7655 per pound, up $0.0070 from previous close.