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TSX Recovers After Weak Start, Ends Modestly Higher

Despite opening with a big negative gap, the Canadian stock market ended modestly higher on Thursday, even as most of the markets across the globe reeled under pressure and closed weak due to growth concerns amid a sharp surge in new coronavirus cases.

Shares from telecom, consumer discretionary, utilities and industrials sections found support. A few stocks from financial, technology, real estate and consumer staples sectors edged higher. Energy and materials stocks pared most of their losses and ended mixed, while healthcare stocks were weak.

The benchmark S&P/TSX Composite Index, which plunged to 16,289.96 in early trades, losing nearly 170 points in the process, ended the session with a gain of 45.63 points or 0.28% at 16,501.03. The index touched a high of 16,515.18.

Among the most actively traded stocks, Canadian Pacific Railway (CP.TO), TC Energy Corporation (TRP.TO), Nutrien (NTR.TO), BCE Inc. (BCE.TO) and Toronto-Dominion Bank (TD.TO) gained 0.8 to 1.6%.

Among other gainers, Aritzia Inc. (ATZ.TO) soared more than 13%. Docebo Inc. (DCBO.TO), Canada Goose Holdings (GOOS.TO), Canadian Tire Corporation (CTC.A.TO), BRP Inc. (DOO.TO), Magna International (MG.TO) and Toromont Industries (TIH.TO) moved up 1.6 to 3.5%.

Aphria Inc. (APHA.TO) shares plunged more than 17% after the company missed its first quarter revenue estimates. MTY Food Group (MTY.TO) shed 6.7% and Newcrest Mining (NCM.TO) lost about 3%. Maxar Technologies (MAXR.TO), Barrick Gold Corporation (ABX.TO) and Suncor Energy (SU.TO) also ended notably lower.

On the economic front, private businesses in Canada shed 240,800 jobs in the month of September, more than a loss of 205,000 jobs a month earlier.

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