TSX Ends Marginally Up

(RTTNews) - Despite opening on a weak note and suffering a setback after a modest recovery, the Canadian stock market gradually edged higher to close marginally up on Thursday.

Gains in energy shares lifted the market to a positive close. Technology, healthcare and real estate stocks found modest support, while consumer staples, consumer discretionary, materials and telecom stocks were weak.

The mood was cautious despite Health Canada approving Prizer/BioNTech's Covid-19 vaccine and paving the way for the federal government to begin its vaccination campaign.

The government announced that initial shots will be delivered and administered across the country starting next week and added that every Canadian will be able to be inoculated as early as the end of September.

The benchmark S&P/TSX Composite Index ended with a gain of 33.48 points or 0.19% at 17,593.34, after scaling a low of 17,452.90 and a high of 17,603.66.

The Capped Energy Index surged up nearly 4%. Enerplus Corp (ERF.TO) ended almost 10% up. Vermilion Energy (VET.TO) gained 8.5%, while Whitecap Resources (WCP.TO), MEG Energy (MEG.TO) and PrairieSky Royalty (PSK.TO) moved up 6 to 7%.

Crescent Point Energy (CPG.TO), Husky Energy (HSE.TO), Cenovus Energy (CVE.TO), Tourmaline Oil Corp (TOU.TO), Arc Resources (ARX.TO), Suncor Energy (SU.TO) and Imperial Oil (IMO.TO) gained 3 to 6%.

Franco-Nevada Corporation (FNV.TO), Barrick Gold Corporation (ABX.TO), Alimentation Couche-Tard (ATD.B.TO), Canadian National Railway (CNR.TO), Kinaxis Inc. (KXS.TO), Nutrien (NTR.TO) and George Weston (WN.TO) declined sharply.

Empire Company (EMP.A.TO) declined more than 3%. Empire reported a net profit of $161.4 million or 60 cents per share for the quarter ended Oct. 31, compared with net profit of $154.6 million or 57 cents per share a year earlier when the results were boosted by unusually large property disposals by Crombie Real Estate Investment Trust that added six cents per share.