TSX Recovers From Early Weakness, Ends Marginally Up

(RTTNews) - After weak start and a subsequent fall to lower levels, the Canadian market languished in negative territory till about an hour past noon on Monday, but recovered gradually to settle with a marginal gain.

With some crucial data from the U.S., including consumer and producer price inflation, retail sales, and industrial production, due this week, the mood remained largely cautious.

The benchmark S&P/TSX Composite Index, which dropped to 21,633.91 in early trades, ended the day's session with a gain of 19.41 points or 0.1% at 21,758.48.

Materials shares gained as metal prices extended recent gains. Stronger than expected quarterly earnings from a few companies in the sector helped as well.

SilverCrest Metals (SIL.TO) soared 10.6%. The company reported net income of $35.9 million for the fourth quarter of 2023, compared to net income of $5.23 million in the year-ago quarter.

Endeavour Silver Corp (EDR.TO) zoomed 14.5% after the company reported full-year (2023) net income of $6.1 million, compared to $6.2 million in 2022.

Lithium Americas Corp (LAC.TO) climbed about 10%. New Gold (NGD.TO) rallied nearly 9.5%. Equinox Gold Corp (EQX.TO), Fortuna Silver Mines (FVI.TO), Interfor Corp (IFP.TO), Canfor Corp (CFP.TO), Novagod NG.TO) and Kinross Gold Corp (K.TO) gained 3.5 to 4.7%.

AutoCanada (ACQ.TO) gained 11.6%. Molson Coors Canada (TPX.B.TO), Newmont Corporation (NGT.TO), West Fraser Timber (WFG.TO) and DayForce Inc (DAY.TO) climbed 2 to 4%.

Imperial Oil (IMO.TO), Fairfax Financial Holdings (FFH.TO), Boyd Group Services (BYD.TO) and Intact Financial Corporation (IFC.TO) ended higher by 1 to 2%.

Hut 8 Corp (HUT.TO) tanked 10.7%. Softchoice Corporation (SFTC.TO) ended nearly 7% down. Celestica Inc (CLS.TO) closed lower by about 5.4%. ATS Corporation (ATS.TO), Tourmaline Oil Corp (TOU.TO), Shopify Inc (SHOP.TO) and Stantec Inc (STN.TO) declined 1.6 to 2.2%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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