TSX Recovers On Late Buying, Ends Slightly Higher

(RTTNews) - After a weak start and a subsequent weak spell that lasted till about the penultimate hour of the session, the Canadian stock market ended on a slightly positive note on Thursday thanks to some brisk buying in the closing minutes.

While news about the spread of the coronavirus rendered the market weak early on in the session, the World Health Organization's (WHO) report that said it is still too early to declare the outbreak a Public Health Emergency of International Concern, calmed investors and resulted in the market regaining some lost ground.

"Make no mistake, this is an emergency in China. But it has not yet become a global health emergency," said WHO Director-General Tedros Adhanom Ghebreyesus.

The WHO noted an emergency committee stands ready to be reconvened to reconsider formally declaring the situation a PHEIC. "At this time, there is no evidence of human-to-human transmission outside China, but that doesn't mean it won't happen," Tedros said.

The benchmark S&P/TSX Composite Index ended up 21.92 points, or 0.12%, at 17,621.78, well off the day's low of 17,540.77.

A few shares from utilities, healthcare and consumer staples sections closed on a firm note. Energy stocks were mostly weak. Materials and industrial stocks turned in a mixed performance.

Aurora Cannabis (ACB.TO), AltaGas (ALA.TO), Crescent Point Energy (CPG.TO) and Yamana Gold (YRI.TO) gained 1.3 to 2%.

Baytex Eneregy (BTE.TO), Precision Drilling (PD.TO), Bombardier Inc. (BBD.B.TO) and Suncor Energy (SU.TO) ended lower by 1 to 6%.

U.S. stocks ended off the day's lows. The Dow ended slightly lower, while the S&P 500 and the Nasdaq edged up marginally.

The major European markets ended lower. Asian markets too ended mostly weak.

In commodities, West Texas Intermediate Crude Oil futures for March ended down $1.15, or about 2%, at $55.59 a barrel, the lowest settlement in about eight weeks.

Gold futures for February ended up $8.70, or about 0.6%, at $1,565.40 an ounce, the highest settlement since January 7.

Silver futures for March ended marginally up at $17.839 an ounce, while Copper futures for March settled at $2.7260 per pound, down $0.0390 from previous close.