TSX Ends Modestly Higher

(RTTNews) - The Canadian market ended modestly higher on Tuesday as stocks managed to stay above the unchanged line right from the start of the session, despite seeing a couple of sluggish spells during the day.

The focus was on U.S. President Donald Trump's speech at The Economic Club of New York this afternoon, as investors were hoping Trump's speech would throw some light on the progress of U.S.-China trade talks.

However, Trump did not provide any significant details on the state of trade talks between the world's two largest economies. He spent the bulk of his remarks touting the strength of the U.S. economy, crediting his policies cutting taxes and regulation for the strong growth seen in recent years.

Trump claimed the Chinese are "dying to make a deal" and an agreement is "close." The president said a significant phase one trade deal with China "could happen soon" but stressed that he would only accept an agreement that is good for U.S. companies and workers.

Trump later denied that his trade war with China is hurting industry or causing uncertainty and threatened further increases in tariffs if a deal is not reached.

The Canadian benchmark S&P/TSX Composite Index ended up 26.62 points, or 0.16%, at 16,909.38, a record closing high. The index touched a high of 16,927.46 in the session, nearly 20 points off a record high of 16,947.23 set in September 20, 2019.

Materials shares were among the prominent gainers. Semafo (SMF.TO) gained nearly 5%. Kinross Gold Corp (K.TO), Iamgold Corp (IMG.TO), First Majestic Silver Corp (FR.TO), Endevaour Mining Corp (EDV.TO) and Centerra Gold (CG.TO) moved up 3 to 4%.

Yamana Gold (YRI.TO), Franco-Nevada Corp (FNV.TO), Sandstorm Gold (SSL.TO), Oceanagold Corp (OGC.TO), Osisko Gold Royalties (OR.TO), Detour Gold (DGC.TO) and Nutrien (NTR.TO) gained 1 to 2.6%.

Enbridge Inc. (ENB.TO) and Manulife Financial Corporation (MFC.TO) gained about 1.5% and 1.2%, respectively, on strong volumes.

Organigram Holdings shares plunged almost 20% after the company warned that its fourth quarter revenue would be less than the revenue recored in the third-quarter.

Hudbay Minerals (HBM.To) and Bombardier Inc. (BBD.B.TO) declined 8.4% and 6.25%, respectively. Encana Corporation (ECA.TO), Frist Quantum Minerals (FM.TO), Aurora Cannabis (ACB.TO) and ARC Resources (ARX.TO) ended lower by 1.5 to 2.3%.

U.S. stocks ended little changed after showing a lack of direction over the course of the trading session. The Nasdaq rose 0.3% to record a new closing high. The Dow ended flat, while the S&P 500 edged up 0.2%.

Stock markets across the Asia-Pacific region moved higher. The major European markets too moved up.

In commodities, West Texas Intermediate crude oil futures for December ended down $0.06 at $56.80 a barrel.

Gold futures for December ended down $3.40, or about 0.2%, at $1,453.70 an ounce, after declining to a low of $1,446.20, the lowest level in more than 3 months.

On Monday, gold futures for December ended down $5.80, or 0.4%, at $1,457.10 an ounce.

Silver futures for December ended down $0.110, at $16.692 an ounce, while Copper futures for December settled at $2.6455 per pound, down $0.0185 from previous close.