Correction: TSX Ends Slightly Higher After Lackluster Session

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(RTTNews.com) - correction: corrects headline to say TSX ends higher

After opening weak and struggling for support till noon, the Canadian stock market moved higher on Monday, led by gains in healthcare and industrial shares.

The early struggle was due to weakness in Asian and European markets after data showed a shock contraction in Chinese exports in the month of December. Concerns over Brexit and the ongoing U.S. government shutdown weighed as well.

The benchmark S&P/TSX Composite Index ended up 36.35 points, or 0.24%, at 14,975.53, after scaling a low of 14,880.98 and a high of 14,997.86 intraday.

The Capped Healthcare Index gained 4.35%. Canopy Growth Corporation (WEED.TO) jumped 11.2%, after the company announced that it has been granted a licence by New York State to process and produce hemp.

Aurora Cannabis Inc. (ACB.TO) gained 6.25% after the company announced that it has entered into a letter of intent to acquire all the issued and outstanding shares of privately held Whistler Medical Marijuana Corporation, in an all-share transaction valued at up to approximately $175 million.

Extendicare Inc. (EXE.TO) gained 2.5%, while Aphria Inc. (APHA.TO) and Knight Therapeutics Inc. (GUD.TO) added 1.6% and 2%, respectively.

The Capped Industrials Index ended 1.17% up. Canadian National Railway (CNR.TO) and Canadian Pacific Railway (CP.TO) gained 2.1% and 2.5%, respectively. Air Canada (AC.TO) advanced by 1.3%.

Among bank stocks, Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO), Canadian Imperial Bank of Commerce (CM.TO) and National Bank of Canada (NA.TO) ended lower by 0.3 to 0.6%. Royal Bank of Canada (RY.TO) ended modestly higher, while Bank of Montreal (BMO.TO) ended flat.

Encana Corporation (ECA.TO), Shaw Communications Inc. (SJR.B.TO) and B2Gold Corp (BTO.TO) ended with strong gains.

BayTex Energy Corp. (BTE.TO), Cenovus Energy (CVE.TO), Kinross Gold Corporation (K.TO), Hexo Corp. (HEXO.TO), Bombardier Inc. (BBD.B.TO) declined by 1 to 2.3%.

U.S. stocks recovered well after early weakness but still ended in negative territory. The Dow declined by 0.4%, the Nasdaq slid 0.9% and the S&P 500 dropped 0.5%.

Concerns about the global economic outlook contributed to the initial weakness on Wall Street following the release of disappointing Chinese trade data.

European stocks drifted lower as traders chose to exit counters after disappointing trade data from China raised fresh concerns about global economic growth. Markets were also weighed down by concerns surrounding the ongoing U.S. government shutdown.

Meanwhile, markets were looking ahead to the vote on British Prime Minister Theresa May's Brexit deal on Tuesday. It is widely expected that May's Brexit proposal will face a certain defeat.

Asian stocks ended lower on Monday as a shock contraction in Chinese exports and concerns surrounding the ongoing U.S. government shutdown and the vote on Brexit this week kept investors on the sidelines.

Investors were also wary of making significant moved ahead of the U.S. earnings season.

China's exports and imports in December declined at the worst rates in two years, adding to evidence of a rapid slowdown in the economy amid the trade war with the US and weakening global activity.

Exports dropped 4.4% year-on-year in December, figures from the General Administration of Customs showed on Monday. That was in contrast to the 3% gain economists had predicted. Imports decreased 7.6% from a year ago, defying expectations for a 5% rise.

Both exports and imports outcome was the worst since 2016. In December, the trade surplus was $57.1 billion.

In commodities, crude oil futures for February ended down $1.08, or 2.1%, at $50.51 a barrel.

Gold futures for February ended up $1.80, or 0.2%, at $1,291.30 an ounce.

Silver futures for March settled at $15.686 an ounce, down $0.030 from previous close. Copper futures for March ended at $2.636, down $0.026 from Friday's close.

Read the original article on RTTNews (http://www.rttnews.com/2969407/correction-tsx-ends-slightly-higher-after-lackluster-session.aspx)

For comments and feedback: contact editorial@rttnews.com

This article appears in: World Markets , 401k , Insurance , Banking and Loans , Oil , Retirement
Referenced Symbols: ACB ,

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