logo
Plus   Neg
Share
Email

TSX Snaps 3-day Losing Streak, Ends Higher On Trade Deal Hopes

Canadian stocks ended on a firm note on Tuesday, as worries about U.S.-China trade conflict eased a bit after comments from both the countries suggested that they will eventually reach a trade deal despite the retaliatory tariffs announced by China.

A rebound in crude oil prices and bargain hunting after three successive days of losses too contributed to the market's positive close.

The benchmark S&P/TSX Composite Index ended up 91.12 points, or 0.56%, at 16,284.53, after scaling a low of 16,206.22 and a high of 16,320.89 in the session.

Energy and cannabis stocks were the most prominent gainers. Shares from consumer staples, consumer discretionary, industrial, financial and information technology sections too had a good outing.

The Capped Energy Index rose 2.08%. Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO), Cenovus Energy (CVE.TO), Tourmaline Oil Corp. (TOU.TO), Imperial Oil (IMO.TO), Husky Energy (HSE.TO), PrairieSky Royalty (PSK.TO) and Parex Resources (PXT.TO) gained 1 to 3%.

Crescent Point Energy (CPG.TO) advanced 3.3% and Encana Corporation (ECA.TO) ended 4.4% up. ARC Resources (ARX.TO), Whitecap Resources (WCP.TO) and TC Energy Corporation (TRP.TO) also ended with strong gains.

The Capped Healthcare Index gained 3.07%, riding on strong gains posted by cannabis shares. Canopy Growth Corporation (WEED.TO) gained 3.5%, Aurora Cannabis Inc. (ACB.TO) advanced 4.5%, Cronos Group Inc. (CRON.TO) jumped 6.2% and Aphria Inc. (APHA.TO) gained 2.3%.

CannTrust Holdings Inc. (TRST.TO) ended 6.7% up on turnaround results.

Among bank stocks, Bank of Montreal (BMO.TO) gained nearly 0.5%, while the rest ended modestly higher.

Manulife Financial Corporation (MFC.TO) gained 2.1% and Sun Life Financial Inc. (SLF.TO) ended 0.8% up, while Fairfax Financial Holdings (FFH.TO) declined marginally.

In the industrials space, Canadian Pacific Railway (CP.TO) and Air Canada (AC.TO) posted notable gains.

Among the stocks in the materials space, Barrick Gold Corporation (ABX.TO) and First Quantum Minerals (FM.TO) gained 1.1% and 1.4%, respectively. Lundin Mining Corporation (LUN.TO) climbed up 5.4%.

U.S. stocks ended notably higher despite paring some gains. Bargain hunting and optimism about U.S.-China trade deal pushed up stock prices.

The Dow and the S&P 500 both climbed up 0.8%, while the Nasdaq ended stronger by 1.1%.

European stocks ended broadly higher on trade deal hopes. Asian markets ended weak on Tuesday, tracking losses posted by U.S. and European markets in the previous session.

In commodities, West Texas Intermediate Crude oil futures for June ended up $0.74, or 1.2%, at $61.78 a barrel, after climbing to a high of $62.11 intraday.

Gold futures for June ended down $5.50, or 0.4%, at $1,296.30 an ounce.

Silver futures for July ended up $0.035, at $14.812 an ounce, while Copper futures for July settled at $2.7250 per pound, up $0.0060 from previous close.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT