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TSX Hits Fresh Intraday High, Extends Gains To 4th Day

The Canadian stock market hit a new all-time high Friday morning, but pared most of its gains as the session progressed before closing modestly higher, with some key shares from financial and energy sections holding firm.

Easing worries about U.S.-China trade and the European Central Bank's stimulus package to revive the euro area economy helped keep investor sentiment positive.

The benchmark S&P/TSX Composite Index, which scaled a new high at 16,756.11, ended the session at 16,682.42, with a gain of 39.14 points, or 0.24%.

The index gained 0.9% in the week.

Among the stocks in the Financial Index, Canadian Imperial Bank of Commerce (CM.TO), Sun Life Financial Inc. (SLF.TO), Royal Bank of Canada (RY.TO), Power Corporation of Canada (POW.TO) and Manulife Financial (MFC.TO) gained 1 to 1.2%. Bank of Nova Scotia (BNS.TO) ended nearly 1% up.

In the healthcare space, Canopy Growth Corp (WEED.TO) gained 3.8%. Hexo Corp (HEXO.TO) and Aphria (APHA.TO) ended higher by 2.4% and 2.1%, respectively. Cronos Group (CRON.TO), Aurora Cannabis (ACB.TO) and Knight Therapeutics (GUD.TO) and CannTrust Holdings (TRST.TO) also posted solid gains.

Among energy shares, ARC Resources (ARX.TO) gained 6.5%, while Seven Generations Energy (VII.TO), Parex Resources (PXT.TO), Kelt Exploration (KEL.TO) and Vermilion Energy (VET.TO) gained 3 to 4%.

Precision Drilling (PD.TO), Crescent Point Energy (CPG.TO), Whitecap Resources (WCP.TO) and Encana Corporation (ECA.TO) also rose sharply.

In the mining space, Detour Gold Corporation (DGC.TO), Eldorado Gold (ELD.TO), Kirkland Lake Gold (KL.TO), Wheaton Precious Metals (WPM.TO), Norbord (OSB.TO), Iamgold Corp (IMG.TO) and Ssr Mining (SSRM.TO) lost 2 to 4%.

Information technology share Shopify Inc. (SHOP.TO) declined 4.6%. Blackberry (BB.TO) ended with a gain of 1.3%. Kinaxis Inc. (KXS.TO) gained 4.6% after announcing that Honda has selected the company to streamline its supply chain planning and response process for its automobile business in Japan.

U.S. stocks started off on a firm note but pared gains due to stiff resistance at higher levels and ended mixed.

Most of the markets across Europe closed with solid gains. Asian markets too ended mostly firm.

In commodities, West Texas Intermediate Crude oil futures for October ended down $0.24, or 0.4%, at $54.85 a barrel.

Gold futures for December ended down $7.90, or about 0.5%, at $1,499.50 an ounce.

Silver futures for December ended down $0.608, at $17.569 an ounce, while Copper futures for December ended higher by $0.0590, at $2.6995 per pound.

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