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TSX Ends Modestly Lower

Despite hitting a new high early on in the session, the Canadian stock market ended weak on Monday, as losses posted by consumer discretionary and materials shares offset gains in energy and cannabis stocks.

The mood was cautious with investors looking ahead to a slew of earnings reports from top ranking companies and the central bank's monetary policy.

Also, with markets in Europe shut for the Easter Monday holiday, the market lacked significant catalysts.

The benchmark S&P/TSX Composite Index ended down 35.53 points, or 0.21%, at 16,577.28, after scaling a new high at 16,616.28.

The Capped Energy Index advanced 1.55%, lifted by strong gains in the section after the U.S. decided to end the waivers it had offered to major importers of Iranian oil in November last year.

Suncor Energy (SU.TO), Encana Corporation (ECA.TO), Cenovus Energy (CVE.TO), Tourmailine Oil Corp. (TOU.TO), Vermilion Energy (VET.TO), Husky Energy (HSE.TO), PrairieSky Royalty (PSK.TO) and Parex Resources (PXT.TO) gained 1 to 3.5%.

Among the stocks in the healthcare space, Aurora Cannabis (ACB.TO) gained nearly 2.5%, Aphria Inc. (APHA.TO) advanced 2% and Hexo Corp. (HEXO.TO) climbed up 4.7%, while Canopy Growth Corporation (WEED.TO) and Cronos Group Inc. (CRON.TO) gained nearly 7% each.

Green Organic Dutchman Holdings (TGOD.TO) too ended stronger by about 7%. The company announced that it has received its oil sales licence from Health Canada pursuant to the Cannabis Act for its Hamilton, Ontario facility.

CannTrust Holdings (TRST.TO) ended more than 1% up, shrugging off early weakness. CannTrust announced today that it is planning a secondary offering of $200 million of its common shares to raise finance for cultivation and facility expansion and for upgrading its extraction capacity.

Materials shares Barrick Gold Corporation (ABX.TO), Franco-Nevada Corporation (FNV.TO), Teck Resources (TECK.B.TO) and First Quantum Minerals (FM.TO) declined sharply.

Restaurant Brands International (QSR.TO), Magna International (MG.TO), Stars Group (TSGI.TO), Linamar Corporation (LNR.TO) and Canada Goose Holdings (GOOS.TO) lost 1 to 3.2%.

Among bank stocks, Bank of Nova Scotia (BNS.TO) declined 0.77%, while Toronto-Dominion Bank (TD.TO) and Canadian Imperial Bank of Commerce (CM.TO) ended lower by about 0.3%.

U.S. stocks recovered from an initial move to the downside but showed a lack of direction over the remainder of the trading session on Monday as traders seemed reluctant to make significant moves ahead of the release of a slew of earnings news from big-name companies in the coming days.

The major averages ended the session mixed. While the Dow dipped 0.2%, the Nasdaq rose 0.2% and the S&P 500 inched up 0.1%.

European markets were shut for Easter Monday holiday, while Asian markets turned in a mixed performance.

In commodities, West Texas Intermediate Crude oil futures soared to $65.91 a barrel at one stage, gaining more than 3%, before cooling a bit and eventually settling at $65.70 on the expiration day, up $1.70, or 2.66% from previous close.

Gold futures for June settled at $1,277.60 an ounce, up $1.60, or 0.13%, from previous close.

Silver futures for May settled at $14.975 an ounce, up $0.020 from Thursday's close, while Copper futures for May ended down $0.0185, at $2.9015 per pound.

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