TSX Ends Higher For 3rd Straight Day

(RTTNews) - After a positive start and a subsequent firm display till a little past noon, the Canadian stock market faltered and very nearly slipped into the red before finding some support to eventually settle slightly higher on Tuesday.

Some upbeat corporate earnings reports and positive economic data out of the U.S. aided sentiment early on in the session. However, stocks pared most of their gains as the day progressed as the mood turned cautious and investors took profits at key counters.

The benchmark S&P/TSX Composite Index ended up 10.88 points, or 0.07%, at 16,067.91, after scaling a low of 16,050.97 and a high of 16,115.83 during the session.

On Monday, the index ended up 44.02 points, or 0.27%, at 16,057.03, its best close since 3 October 2018.

Strong gains in the healthcare section guided the market to a positive close. The Capped Healthcare Index rose 3.76%, led by gains in pot stocks.

Consumer staples stocks were the other notable gainers. Information technology, financial, consumer discretionary, energy, mining and industrial shares exhibited a mixed trend.

Canopy Growth Corporation (WEED.TO) gained 5.2%, Aurora Cannabis Inc. (ACB.TO) advanced 6.4%, Cronos Group Inc. (CRON.TO) moved up 6.7%, Aphria Inc. (APHA.TO) ended 6.1% up and Green Organic Dutchman Holdings (TGOD.TO) ended with a gain of 5.5%.

In the consumer staples section, Alimentation Couche-Tard Inc. (ATD.B.TO) gained 2.7%, Metro Inc. (MRU.TO) advanced 1.2%, Cott Corporation (BCB.TO) added 2.15%, Premium Brands Holdings Corporation (PBH.TO) ended 1.65% up and North West Company (NWC.TO) gained 2.25%.

George Weston (WN.TO) declined 3.2%. The company reported net earnings of $271 million or $1.86 per share, for the quarter ended December 31, 2018, as compared to profit of $34 million or 27 cents per share in the same period a year earlier.

Among bank stocks, Bank of Nova Scotia (BNS.TO) declined 3%. The bank entered into a non-binding memorandum of understanding with ING Groep N.V. (ING), Thanachart Capital Public Co. Ltd., Thanachart Bank Public Co. Ltd. (TBank) and TMB Bank Public Co. Ltd. (TMB) regarding its interest in TBank, and the merger of TBank and TMB.

The bank declared a 2% higher dividend of $0.87 per share on the outstanding Common Shares of the Bank.

Bank of Montreal (BMO.TO) gained 2.5% after announcing it plans to purchase for cancellation up to 15 million of its common shares under a normal course issuer bid. Upon regulatory approvals, the bid will commence on or around June 1, 2019 and will end on or around May 31, 2019, the bank said.

In the energy space, Crescent Point Energy (CPG.TO) climbed more than 6% and Cenovus Energy (CVE.TO) gained 2.6%.

Encana Corporation (ECA.TO) declined 1.1%. Husky Energy (HSE.TO) tumbled 7.5% on weak results. The company reported a profit of $216 million or 21 cents per share for the fourth quarter, as compared to profit of $672 million or 66 cents per share in the same quarter a year earlier.

On Wall Street, stocks turned lackluster after recovering from an initial move to the downside. The major averages spent much of the day bouncing back and forth across the unchanged line and eventually finished the session slightly lower.

The choppy trading on Wall Street came as Federal Reserve Chairman Jerome Powell delivered his semiannual monetary policy report to Congress, telling lawmakers the U.S. economy remains healthy but warning about potential headwinds.

European markets ended mostly higher, with investors reacting positively to the latest batch of U.S. economic data and on key political developments in the U.K.

Asian markets edged lower on Tuesday as optimism about U.S.-China trade talks faded and caution set in ahead of the second summit between U.S. President Donald Trump and North Korean leader Kim Jong Un.

In commodities, West Texas Intermediate Crude oil futures for April ended up $0.02, or about 0.04%, at $55.50 a barrel.

Gold futures for April ended down $1.00, or about 0.7%, at $1,328.50 an ounce.

Silver futures for March ended up $0.002, at $15.832 an ounce, while Copper futures for March settled at $2.9450 per pound, unchanged from previous close.