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TSX Ends Modestly Higher As Energy Stocks Rally

The Canadian stock market ended higher on Tuesday, led by gains in the energy section after crude oil prices firmed up on expectations of a drop in inventories.

The market stayed sluggish till an hour past of noon, but edged higher gradually thereafter even as the mood remained cautious amid concerns about rising coronavirus cases and on U.S.-China tensions.

The benchmark S&P/TSX Composite Index ended the day with a gain of 51.35 points or 0.29% at 17,985.80.

The Capped Energy Index climbed 2%. Arc Resources (ARX.TO) spurted more than 8%, Tourmaline Oil Corp (TOU.TO), Whitecap Resources (WCP.TO), Husky Energy (HSE.TO), Crescent Point Energy (CPG.TO), Enerplus Corp (ERF.TO), PrairieSky Royalty (PSK.TO) and Parex Resources (PXT.TO) gained 4 to 6%.

Suncor Energy (SU.TO), Canadian Natural Resources (CNQ.TO), Seven Generations Energy (VII.TO) and Baytex Energy (BTE.TO) also ended sharply higher.

Enbridge Inc. (ENB.TO) has rejected the State of Michigan's demand to shut down Line 5 dual pipelines. The company alleged that the State's Notice ignored scientific evidence and was based on inaccurate and outdated information. Enbridge shares gained about 1.2%.

Bombardier Inc. (BBD.B.TO), Bank of Nova Scotia (BNS.TO), Aphria Inc. (APHA.TO), Nutrien (NTR.TO), Ballard Power Systems (BLDP.TO), AutoCanada (ACQ.TO) and CargoJet (CJT.TO) were among the prominent gainers from other sectors.

Cenovus Energy (CVE.TO), B2Gold Corp (BTO.TO), Alimentation Couche-Tard (ATD.B.TO), Norbord (OSB.TO), Kinaxis Inc. (KXS.TO), BRP Inc. (DOO.TO) and Ritchie Bros Auctioneers (RBA.TO) were among the notable losers in the session.

U.S. stocks ended slightly higher after a cautious session with investors largely refraining from making significant moves. The focus was on the developments on the political front. The market was also awaiting updates on likely economic stimulus.

Most of the markets across Europe closed lower on persisting worries about rising coronavirus cases. Asian stocks turned in a mixed performance.

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