Canadian Stocks Close Roughly Flat After Seeing Early Strength

After failing to sustain an early move to the upside, Canadian stocks gave back ground over the course of the trading session on Thursday before closing roughly flat.

The benchmark S&P/TSX Composite Index ended the day down 4.03 points or less than a tenth of a percent at 19,969.19 after reaching an early high of 20,086.40.

The pullback from early highs came as energy stocks came under pressure after showing a strong move to the upside in early trading.

Energy stocks turned lower along with the price of crude oil, as crude for January delivery slid $0.55 or 0.8 percent to $71.46 a barrel after surging to a high of $75.44 a barrel early in the session.

Crude oil initially benefited from easing Chinese Covid restrictions well as news the Keystone Pipeline was shut down after an oil leak in Nebraska.

Buying interest waned over the course of the session, however, as traders remain concerns about the outlook for energy demand amid the possibility of a global recession.

Telecom stocks also showed a notable move to the downside on the day, while considerable strength remained visible among consumer stocks.

The roughly flat close came as traders look ahead to U.S. data on producer price inflation and inflation expectations.

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