TSX Ends Slightly Lower

(RTTNews) - The Canadian stock market moved in a tight range on Monday, with investors treading cautiously and largely refraining from making significant moves amid persisting trade war concerns.

Data showing a jump in wholesale trade in May failed to lift sentiment and stocks mostly stayed sluggish right through the session.

Trade war fears are escalating following US President Donald Trump's threat that his administration will impose tariffs on all imports, totaling over $500 billion, from China.

Meanwhile, finance ministers and central bank governors of G20 nations, following their meeting in Buenos Aires, Argentina, over the weekend, have stepped up call to initiate dialogue and actions to mitigate risks and enhance confidence on international trade.

International Monetary Fund Managing Director Christine Lagarde has reportedly urged that trade conflicts be resolved via international cooperation without resort to exceptional measures. Macroeconomic policies should adapt to the changing outlook, taking individual circumstances into account, Lagarde said.

The benchmark S&P/TSX ended down 14.62 points or 0.09% at 16,420.84, after scaling a low of 16,389.35 and a high of 16,444.45 intraday. On Friday, the index ended down 107.55 points or 0.65% at 16,435.46.

Materials stocks were mostly lower, as gold prices weakened due to a stronger dollar. Energy stocks edged higher early on in the session after crude oil prices moved up, but gave up some gains later.

The capped materials index shed 1.37%. Barrick Gold Corporation (ABX.TO) declined by about 4.2%, Goldcorp Inc. (G.TO) ended 2.7% down, Agnico Eagle Mines (AEM.TO) lost 3.4%, Methanex Corporation (MX.TO) declined 2% and Franco-Nevada Corporation (FNV.TO) ended lower by about 1.1%.

Nutrien (NTR.TO) ended 0.7% down. The company has entered into a definitive agreement with SDIC Mining Investment Co. Ltd. to sell 23,294,614 common shares of Arab Potash Company for gross proceeds of $502 million.

Among energy stocks, Encana Corporation (ECA.TO) declined by 1.1% and Crescent Point Energy (CPG.TO) ended 1.7% down. Husky Energy Inc. (HSE.TO) climbed up 1.75%, while ARC Resources Ltd. (ARX.TO) added 1.1%.

In the industrials space, Bombardier Inc. (BBD.B.TO) lost 1.4%, Canadian National Railway (CNR.TO) ended nearly 1% down and CAE Inc. (CAE.TO) declined by 1.2%.

In the banking space, Royal Bank of Canada (RY.TO), Bank of Montreal (BMO.TO), Canadian Imperial Bank of Commerce (CM.TO) and National Bank of Canada (NA.TO) gained 0.3 to 0.6%.

Hydro One Limited (H.TO) ended nearly 1% down. On Saturday the company announced that it received notice from the Washington Utilities and Transportation Commission that it has extended the deadline for a decision on the proposed merger between Hydro One and Avista by four months to December 14, 2018.

Nuvo Pharmaceuticals Inc. (NRI.TO) ended 0.4% up after announcing that its wholly owned subsidiary, Nuvo Pharmaceuticals (Ireland) Limited has entered into a license and supply agreement with Fagron Belgium NV for the exclusive right to register, distribute, market and sell Resultz in Belgium, the Netherlands and Luxembourg.

Pizza Pizza Royalty Corp. (PZA.TO) gained 1.1% after the company announced its monthly cash dividend of $0.0713 per share for July 2018.

Pollard Banknote Limited (PBL.TO) jumped 2.7% after announcing that its subsidiary, International Gamco, Inc. and its Oasis Gaming division, have received a two-year contract extension from the Idaho Lottery Commission for their PullTabs program.

On the economic front, data released by Statistics Canada showed the value of Canadian wholesale trade to have risen 1.2% in May, over the previous month. Farm products, building materials and miscellaneous goods saw increased sales in the month, while sales of motor vehicles and parts declined.

In economic news from U.S., a report released by the National Association of Realtors on Monday showed existing home sales in the U.S. unexpectedly decreased for the third straight month in June, falling by 0.6% to an annual rate of 5.36 million, from a downwardly revised rate of 5.41 million in May. Economists had expected existing home sales to climb by 0.5%.

In commodities, crude oil futures for September were trading lower by $0.45 or 0.66% at $67.81 a barrel.

Natural gas for September was down $0.032 or 1.17% at $2.696 per million btu.

Gold futures for August were down $6.60 or 0.54% at $1,224.50 an ounce.

Silver for September was down is down $0.164 or 1,05% at $15.385 an ounce, while Copper futures were down $0.015 or 0.54% at $2.741 per pound.

Among global stock markets, U.S. closed on a mixed note after a lackluster session. Major European markets ended weak on trade concerns. Asian markets closed mostly lower, hurt by Trump's threat that his administration will slap punitive tariffs on all Chinese imports.