TSX Ends Flat As Traders Stay Cautious Ahead Of G20

(RTTNews) - The Canadian stock market, which tumbled in late morning trades after a flat start, steadily regained lost ground as the session progressed and even managed a brief spell in positive territory towards the fag end of the session.

The mood was cautious right through the session as investors looked ahead to the upcoming G20 summit. The U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to meet on the sidelines of the summit, and markets across the global are expecting that the meeting will help kick-start the stalled trade negotiations between the two countries.

The benchmark S&P/TSX Composite Index ended down 4.49 points, or 0.03%, at 16,307.73. The index, which dropped to a low of 16,268.16 around mid morning, advanced to 16,319.63 a few minutes before the closing bell.

On the economic front, data from Statistics Canada showed that average weekly earnings of non-farm payroll employees were $1,023 in April, up 0.7% from March. Year-on-year, earnings were up 2.9%.

Energy stocks Whitecap Resources (WCP.TO), Cenovus Energy (CVE.TO), MEG Energy (MEG.TO), Crescent Point Energy (CPG.TO), Baytex Energy (BTE.TO), Suncor Energy (SU.TO) and Canadian Natural Resources (CNQ.TO) declined by 1.5 to 4.5%. Encana Corporation (ECA.TO) eased by about 1.3%, while Enbridge Inc. (ENB.TO) gained 1.25%.

In the materials space, Iamgold Corporation (IMG.TO), B2Gold Corp. (BTO.TO), Oceana Gold Corporation (OGC.TO) and Barrick Gold Corporation (ABX.TO) declined sharply on fairly strong volumes. Kinross Gold Corporation (K.TO) ended nearly 1% up.

In the banking space, Bank of Nova Scotia (BNS.TO) edged down marginally. Canadian Imperial Bank of Commerce (CM.TO) ended nearly 2% down.

Cannabis stock Hexo Corp. (HEXO.TO) spurted nearly 7%. Aurora Cannabis (ACB.TO) and Canopy Growth Corporation (WEED.TO) gained 2.2% and 2.5%, respectively.

Information technology stocks Shopify Inc. (SHOP.TO) and Kinaxis Inc. (KXS.TO) gained 4% and 2%, respectively. Constellation Software (CSU.TO), Enghouse Systems (ENGH.TO) and Descartes Systems Group (DSG.TO) ended higher by 1 to 1.6%.

In the consumer discretionary space, The Stars Group (TSGI.TO) gained 4.7%, Canada Goose Holdings (GOOS.TO) advanced 3.2%, Dollarama Inc (DOL.TO) surged 2.2%, Restaurant Brands International (QSR.TO) gained 1.2% and Martinrea International (MG.TO) closed higher by about 1.1%.

Shares of Shaw Communications Inc. edged up by 0.3%. The company reported that its net income for the third quarter was C$229 million or C$0.44 per share, compared to a net loss of C$99 million or C$0.20 per share in the prior year.

Bombardier Inc. (BBD.B.TO) ended lower by 1.75%.

The U.S. market ended on a mixed note. While the Dow ended lower by less than a tenth of a percent, the Nasdaq gained 0.7% and the S&P 500 edged up by 0.4%.

Stock markets across the Asia-Pacific region moved mostly higher, while those in Europe turned in a mixed performance.

In commodities, West Texas Intermediate Crude oil futures for August ended up $0.05 at $59.43 a barrel, recovering from an early low of $58.61 a barrel.

Gold futures for August ended down $3.40, or 0.2%, at $1,412.00 an ounce.

Silver futures for September, the most active contracts, ended down $0.084, at $15.251 an ounce, while Copper futures for September settled at $2.7165 per pound, up $0.0010 from previous close.