TSX Comes Off Day's Lows, Posts New Closing High

(RTTNews) - Despite spending much of the day's session in negative territory, the Canadian market posted a new closing high on Tuesday, riding on strong gains in information technology shares.

The benchmark S&P/TSX Composite Index ended up by 18.57 points or 0.09% at 20,300.03, recovering well from the day's low of 20,174.99.

Energy stocks declined sharply after crude oil prices plunged from a near 7-year high amid uncertainty about the major oil producing countries' stance on crude output. Healthcare and consumer staples shares were the other prominent losers.

The Capped Information Technology Index climbed 1.52%. Hut 8 Mining Corp (HUT.TO) rallied more than 6% and Shopify Inc (SHOP.TO) gained 5.6%, while Evertz Technologies (ET.TO), Sierra Wireless (SW.TO), Enghouse Systems (ENGH.TO) and Kinaxis Inc (KXS.TO) moved up 2.8 to 3.3%.

Real estate stocks H&R Real Estate Investment Trust (HR.UN.TO), CDN Apartment (CAR.UN.TO), Interrent Real Estate Investment (IIP.UN.TO) and Choice Properties (CHP.UN.TO) gained 2.3 to 4%.

The Capped Energy Index fell 2.95%. Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO), Vermilion Energy (VET.TO), Enerplus Corp (ERF.TO) and Arc Resources (ARX.TO) lost 4 to 6%. Imperial Oil (IMO.TO), Canadian Natural Resources (CNQ.TO) and Suncor Energy (SU.TO) also declined sharply.

Trillium Thereapeutics (TRIL.TO), Aurinia Pharmaceuticals (AUP.TO), Aurora Cannabis (ACB.TO), Tilray Inc (TLRY.TO) and Cronos Group (CRON.TO) were among the major losers in the healthcare section.

Consumer staples shares Sunopta Inc (SOY.TO) and Alimentation Couche-Tard (ATD.B.TO) shed nearly 3% and 2.3%, respectively.

In the U.S. market, the Dow ended 0.6% down and the S&P 500 settled 0.2% down despite climbing well off the day's lows. The Nasdaq ended at a new high, gaining about 0.2%.

The major European markets closed lower on weak economic data. Asian markets turned in a mixed performance on Tuesday.