logo
Plus   Neg
Share
Email

TSX Snaps 3-day Losing Streak, Ends Modestly Higher

The Canadian stock market ended modestly higher on Tuesday, snapping a three-day losing streak, amid renewed optimism about U.S.-China trade talks and on slightly easing fears about another U.S. government shutdown.

A rally in European and U.S. markets and higher crude oil prices lifted sentiment. Energy, healthcare and financial shares posted strong gains.

Shares from industrials, information technology, telecommunications and consumer staples sections too moved higher.

The benchmark S&P/TSX Composite Index ended up 73.25 points, or 0.47%, at 15,642.10, slightly off the day's high of 15,654.82. The index touched a low of 15,583.38 in the session.

The Capped Financial Index advanced 0.69%. Toronto-Dominion Bank (TD.TO) and Bank of Montreal (BMO.TO) both gained about 0.9%, while Canadian Imperial Bank of Commerce (CM.TO) ended 1.25% up.

Manulife Financial Corporation (MFC.TO) surged up 1.75%, Sun Life Financial Inc. (SLF.TO) advanced 0.65% and Fairfax Financial Holdings (FFH.TO) ended nearly 1.5% up.

The Capped Energy Index gained 1.5%. Canadian Natural Resources (CNQ.TO) ended 2.8% up, Cenovus Energy (CVE.TO) gained nearly 4%, Tourmaline Oil Corp. (TOU.TO) surged up 2.7%, Husky Energy (HSE.TO) advanced 2.3% and ARC Resources (ARX.TO) gained 2.87%. MEG Energy (MEG.TO) ended stronger by 6.8% and Crescent Point Energy (CPG.TO) gained 5.8%.

In the healthcare space, Aphria (APHA.TO) jumped nearly 8%, Green Organic Dutchman Holdings (TGOD.TO) gained 4.1% and Hexo Corp. (HEXO.TO) ended 6.5% up.

Aurora Cannabis (ACB.TO) declined marginally. Aurora Cannabis Inc. (ACB.TO) reported net revenue of $54.2 million for the second quarter ended December 2018, up 83% sequentially, and up 363% compared to the same period in the previous year. However, the company posted net loss of $237.7 million for the quarter, as compared to net profit of $7.7 million in the year-ago quarter.

Among gold stocks, Yamana Gold (YRI.TO) declined 5.4%, Barrick Gold Corporation (ABX.TO) ended 1% down, Goldcorp (G.TO) eased 1.85% and Kinross Gold Corporation (K.TO) settled lower by about 3.85%.

In the U.S. market, the major averages reached their best closing levels in over two months, as stocks rose sharply amid optimism lawmakers will manage to avoid another government shutdown after negotiators reached a tentative agreement on border security.

The Dow and the Nasdaq, both ended higher by 1.5%. The S&P 500 gained 1.3%.

Markets in Asia and Europe too ended mostly higher on Tuesday, amid hopes about some progress in U.S.-China trade talks and easing concerns about border wall funding issue.

In commodities, crude oil futures for March West Texas Intermediate Crude oil futures for March ended up $0.69, or 1.3%, at $53.10 a barrel.

Gold futures for April ended up $2.10, or 0.2%, at $1,314.00 an ounce.

Silver futures for March settled at $15.690 an ounce, unchanged from previous close.

Copper futures for March ended down $0.0180, at $2.7720 per pound.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT