TSX Ends Modestly Higher
(RTTNews) - After opening on a weak note Tuesday morning, the Canadian stock market recovered by mid morning and then stayed in positive territory right till the end of the session.
Weak commodity prices, political uncertainty in the U.K. and some doubts about the U.S. and China signing an interim trade deal by mid-November rendered the market weak early on in the session.
Traders also awaited interest rate decisions from the U.S. Federal Reserve and Bank of Canada, due on Wednesday.
The benchmark S&P/TSX Composite Index ended up 30.61 points, or 0.19%, at 16,418.14, after scaling a low of 16,315.57 and a high of 16,454.11 intraday.
Materials, industrials and energy shares were among the prominent gainers. Financial and telecommunications shares turned in a mixed performance, while healthcare and information technology shares were weak.
Alacer Gold Corp (ASR.TO) ended nearly 6% up. B2Gold Corp (BTO.TO) gained about 4.5%, while Detour Gold Corp (DGC.TO), Novagold (NG.TO) and First Quantum Minerals (FM.TO) gained 3.7 - 4%.
Iamgold Corp (IMG.TO), Kinross Gold Corp (K.TO), Torex Gold Resources (TXG.TO), Canfor Corp (CFP.TO), Agnico Eagle Mines (AEM.TO) and Hudbay Minerals (HBM.TO) also rose sharply.
In the energy section, Encana Corp (ECA.TO) gained more than 4%, Enerplus Corp (ERF.TO) ended 3.5% up, while Tourmaline Oil Corp (TOU.TO), Cenovus Energy (CVE.TO), ARC Resources (ARX.TO), Crescent Point Energy (CPG.TO), MEG Energy (MEG.TO), Canadian Natural Resources (CNQ.TO) and Husky Energy (HSE.TO) gained 1.3 to 2.5%.
Air Canada (AC.TO) gained 3.75% on strong results. Waste Connections (WTE.TO), Cargojet Inc. (CJT.TO), Thomson Reuters (TRI.TO), Chorus Aviation Inc. (CHR.TO) and Finning International (FTT.TO) ended stronger by 1 to 3%.
PrairieSky Royalty (PSK.TO) plunged more than 11% on disappointing quarter results.
Hexo Corp (HEXO.TO) ended nearly 3% down. Bombardier Inc. (BBD.B.TO) closed down 1.26%.
U.S. stocks ended slightly weak as traders seemed reluctant to make significant moves ahead of the Federal Reserve's highly anticipated monetary policy announcement.
A report from Reuters suggesting a phase one trade deal between the U.S. and China may not be signed by mid-November weighed on sentiment.
Stock markets across the Asia-Pacific region turned in a mixed performance. European markets ended mostly lower.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.