TSX Ends Lower Ahead Of Fed Policy, U.S.-China Trade Talks

(RTTNews) - Save for a very brief while at the start, the Canadian stock market was down in negative territory on Monday as investors stayed wary of creating positions ahead of crucial events like the Federal Reserve policy meeting and resumption of U.S.-China trade discussions.

Information technology and energy stocks were among the most prominent losers. Cannabis shares tumbled as well, while shares from mining, consumer staples and utilities sections found some support. Financial and industrial shares were mostly subdued.

The benchmark S&P/TSX Composite Index ended down 38.87 points, or 0.24%, at 16,492.17. The index touched a low of 16,476.29 after having edged up to 16,549.36 early on in the session.

On Friday, the index ended up 42.84 points, or 0.26%, at 16,531.04.

The Capped Energy Index shed about 1.75%. Vermilion Energy (VET.TO) declined as much as 7.3%.

Husky Energy (HSE.TO), Cenovus Energy (CVE.TO), Tourmaline Oil Corp. (TOU.TO) and Encana Corp. (ECA.TO) lost 2 to 4%. Suncor Energy (SU.TO), Parex Resources (PXT.TO), Canadian Natural Resources (CNQ.TO), ARC Resources (ARX.TO) and PrairieSky Royalty (PSK.TO) also ended notably lower.

The Information Technology Index ended down . Shopify Inc. (SHOP.TO) declined more than 5% and Quarterhill Inc. (QTRH.TO) eased by about 4.3%. Enghouse Systems (ENGH.TO) and Constellation Software (CSU.TO) ended lower by 3.85% and 2.7%, respectively.

Among cannabis shares, CannTrust Holdings (TRST.TO) tumbled 5%, after scoring a big gain in the previous session following the company's decision to sack its CEO and asking its Chairman to resign.

Cronos Group (CRON.TO) and Canopy Growth Corporation (WEED.TO) lost 4% and 3.8%, respectively. Aphria Inc. (APHA.TO) shed 3% and Aurora Cannabis Inc. (ACB.TO) lost 2.8%.

Hexo Corp. (HEXO.TO) soared more than 9%, rebounding after suffering some hefty losses in the previous week. Bausch Health Companies (BHC.TO) and Extendicare Inc. (EXE.TO) gained 2.6% and 1.03%, respectively.

Among miners, Detour Gold Corporation (DGC.TO), Kirkland Lake Gold (KL.TO), Novagold Resources (NG.TO), Ssr Mining (SSRM.TO), Oceanagold Corp. (OGC.TO), Torex Gold Resources (TXG.TO) and Osisko Gold Royalties (OR.TO) moved up 1.5 to 3%.

Lundin Mining (LUN.TO), Pan American Silver Corp. (PAAS.TO), Centerra Gold (CG.TO), Yamana Gold (YRI.TO) and Agnico Eagle Mines (AEM.TO) also closed on a firm note.

On the other hand, Methanex Corp. (MX.TO), Canfor Corp. (CFP.TO), First Quantum Minerals (FM.TO) and Norbord Inc. (OSB.TO) ended with sharp to moderate losses.

Consumer staples shares Metro Inc. (MRU.TO), Loblaw Co. (L.TO) and Premium Brands Holdings Corp. (PBH.TO) ended notably higher.

From the utilities space, Canadian Utilities (CU.TO) and Atco (ACO.X.TO) gained 1.4% and 1.15%, respectively. Hydro One (H.TO) and Emera Incorporated (EMA.TO) both ended nearly 1% up.

Among bank stocks, Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) and Toronto-Dominion Bank (TD.TO) posted modest gains, while CDN Western bank (CWB.TO), Laurentian Bank (LB.TO) and National Bank of Canada (NA.TO) declined marginally. Royal Bank of Canada (RY.TO) ended flat.

U.S. stocks ended mixed after a highly lackluster performance as traders stayed on the sideliness ahead of the Fed's monetary policy announcement and resumption of U.S.-China trade talks.

Stock markets across the Asia-Pacific region ended mostly lower. Among European markets, the U.K. rose sharply, while the other major markets ended mixed.

In commodities, West Texas Intermediate Crude oil futures for September settled at $56.87 a barrel, up $0.67, or about 1.2%, from previous close.

Gold futures for August settled at $1,420.40 an ounce, gaining $1.10, or 0.08%.

Silver futures for September ended up $0.043, at $16.440 an ounce, while Copper futures for September settled at $2.7175 per pound, gaining $0.0325 for the session.