11.06.2019 23:36:35

TSX Ends Modestly Higher

(RTTNews) - Despite giving up a good portion of its gains due to lack of support at higher levels, the Canadian stock market ended on a firm note on Tuesday, thanks to a fairly solid performance by shares in energy and mining sections.

A few stocks from the industrial space moved up as well. Select shares from information technology and consumer discretionary sections edged higher, while financial and consumer staples ended flat. Healthcare stocks were mostly weak.

A positive trend across Asia and Europe after China announced fresh stimulus to support its economy, set up a firm start for the market. Higher crude oil prices helped as well.

However, investors stayed a bit wary of holding positions at higher levels, as they awaited more clarity on trade issues and looked ahead to some crucial economic data due this week.

Investors largely shrugged off U.S. President Donald Trump's threat that he will slap fresh tariffs on Chinese goods if his counterpart Xi Jinping doesn't turn up for the upcoming G20 summit.

The benchmark S&P/TSX Composite Index ended up 32.50 points, or 0.2%, at 16,248.76. The index scaled a low of 16,228.24 and a high of 16,301.97 in the session.

Among the top gainers in the materials space, New Gold Inc. (NGD.TO) soared nearly 11%. Ero Copper (ERO.TO) jumped 6.7% and Interfor Corp. (IFP.TO) surged up 5.5%.

Canfor Corp. (CFP.TO) ended stronger by 7.4% after the company announced that it is curtailing operations at all of its British Columbia sawmills, except its WynnWood operations, due to poor lumber markets.

West Fraser Timber (WFT.TO), Teck Resources (TECK.B.TO), Lundin Mining (LUN.TO), Torex Gold Resources (TXG.TO) and Hudbay Minerals (HBM.TO) gained 3.4 to 5%.

First Quantum Minerals (FM.TO), Methanex Corp. (MX.TO), Novagold (NG.TO), Iamgold Corp. (IMG.TO), Yamana Gold (YRI.TO), Eldorado Gold (ELD.TO) and Pan American Silver Corp. (PASS.TO) also rose sharply.

In the energy space, MEG Energy (MEG.TO) jumped 6.8%. Cenovus Energy (CVE.TO), Canadian Natural Gas (CNQ.TO), Encana Corporation (ECA.TO), Precision Drilling (PD.TO) and Baytex Energy (BTE.TO) ended higher by 1 to 1.75%.

Technology stocks Blackberry (BB.TO), Kinaxis (KXS.TO), Descartes Systems Group (DSG.TO), Celestica Inc. (CLS.TO) posted strong gains.

Among consumer discretionary shares, BRP Inc. (BRP.TO) gained 7%, Marinrea International (MRE.TO) moved up 4.5%, Aritzia Inc. (ATZ.TO) gained 2.8% and Canada Goose Holdings (GOOS.TO) ended 3.2% up. Hudsons Bay Company (HBC.TO), Magna International (MG.TO) and Uni Select Inc. (UNS.TO) also ended notably higher.

U.S. stocks failed to sustain an initial move. The major averages ended with small losses, snapping a six-session winning streak.

In U.S. economic news, data from the Labor Department showed producer price index for the final demand inched up by 0.2% in May after rising by 0.2% in April. The uptick was in line with economist estimates.

Meanwhile, the annual rate of growth in producer prices slowed to 1.8% from 2.2% in April, coming below estimates for an increase of 2%.

The major European markets ended notably higher and markets across the Asia-Pacific region too closed on a firm note on Tuesday.

In commodities, West Texas Intermediate Crude oil futures for July ended up $53.27 a barrel, up a penny from Monday's close of $53.26.

Gold futures for August ended up $1.90, or 0.1%, at $1,331.20 an ounce, off the day's low of $1,323.60.

Silver futures for July ended up $0.101, at $14.740 an ounce, while Copper futures for July settled at $2.6715 per pound, up $0.0100 from previous close.

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