TSX Pares Gains After Hitting New High, Ends Flat

(RTTNews) - Despite hitting a new record high at the stroke of the opening bell, the Canadian stock market turned in a lackluster performance and ended flat on Wednesday.

Investors largely refrained from building up positions, choosing to wait for crucial jobs data from Canada and the U.S.

The benchmark S&P/TSX Composite Index, which opened at 20,043.08 (a new high), ended the session at 19,971.15, posting a small loss of 4.86 points or 0.02%. The index touched a low of 19,940.37 in the session.

Healthcare stocks moved up sharply. The Capped Healthcare Index climbed 4.28%. Tilray Inc (TLRY.TO) soared 11.25%.

Cronos Group (CRON.TO) gained 8.35% and Organigram Holdings (OGI.TO) surged up 8.2%. Aurora cannabis (ACB.TO) climbed 7.15% and Canopy Growth Corp (WEED.TO) rallied nearly 5%, while Trillium Therapeutics (TRIL.TO) ended higher by about 1%.

Energy stocks moved higher tracking the surge in crude oil prices. Crescent Point Energy (CPG.TO) and Vermilion Energy (VET.TO) gained 6.1% and 5.4%, respectively. Cenovus Energy (CVE.TO), Enerplus Corp (ERF.TO), Suncor Energy (SU.TO) and Canadian Natural Resources (CNQ.TO) gained 1.7 to 3.2%, and MEG Energy (MEG.TO) ended higher by about 1.3%.

Information technology stock BlackBerry (BB.TO) zoomed more than 31%. Hut 8 Mining (HUT.TO) and Sierra Wireless (SW.TO) gained 5.8% and 3.4%, respectively.

Laurentian Bank (LB.TO) gained more than 3%. The bank reported adjusted net income of $56.7 million or $1.23 per share in the second quarter, compared with $11.9 million or $0.20 per share in the year-ago quarter.

On the economic front, data released by Statistics Canada showed the value of building permits in Canada edged down 0.5% month-on-month to C$11.1 billion in April.