TSX Fails To Hold Early Gains, Ends Flat

(RTTNews) - After a bright start and a subsequent fall into negative territory, the Canadian stock market struggled to find support and despite managing another brief spell above the unchanged line towards the closing minutes, ended flat on Wednesday.

The initial strength was due to some brisk buying in energy shares after crude oil prices rebounded after twelve successive days of declines. Materials stocks moved up as well, tracking higher gold prices. However, the mood turned cautious soon due to worries about outlook for global economic growth and the market turned quite sluggish.

The benchmark S&P/TSX Composite Index ended up 1.34 points, or 0.01%, at 15,133.12. The index scaled a high of 15,258.01 and a low of 15,046.76 in the session.

The Capped Energy Index ended up 1.03%. Suncor Energy Inc. (SU.TO) gained 2.75%, Imperial Oil (IMO.TO) moved up 2.35%, Husky Energy Inc. (HSE.TO) ended nearly 1% up, Vermilion Energy Inc. (VET.TO) climbed up 4.1%, Tourmaline Oil Corp. (TOU.TO) jumped 4.4%, BayTex Energy Corp. (BTE.TO) gained 2.7% and ARC Resources (ARX.TO) gained 3%.

Encana Corporation (ECA.TO) declined by about 4%, Cenovus Energy Inc. (CVE.TO) ended 2.3% down and PrairieSky Royalty (PSK.TO) eased 1.3%.

The Capped Materials Index ended nearly 1% up. Barrick Gold Corporation (ABX.TO) ended 2.5% up, Franco-Nevada Corporation (FNV.TO) advanced by 2.6%, Teck Resources (TECK.B.TO) gained nearly 2%, Agnico Eagle Mines (AEM.TO) climbed up nearly 4%, Goldcorp Inc. (G.TO) ended 3.25% up, Wheaton Precious Metals Corp. (WPM.TO) gained 2.3%, First Quantum Minerals (FM.TO) ended 1.35% up and CCL Industries Inc. (CCL.B.TO) gained about 1%.

Among bank stocks, Royal Bank of Canada (RY.TO), Toronto-Dominion Bank (TD.TOO) and National Bank of Canada (NA.TO) gained 0.3 to 0.6%, while Bank of Nova Scotia (BNS.TO) ended marginally down.

The Capped Healthcare Index ended 5% down. Canopy Growth Corporation (WEED.TO) tumbled more than 11%. The company reported second quarter revenue of $23.3 million, an increase of 33% over the prior year's quarter in which revenue was $17.6 million.

Aurora Cannabis Inc. (ACB.TO) declined by 6.6%, Aphria Inc. (APHA.TO) ended 7.2% down and Extendicare Inc. (EXE.TO) shed about 2%.

Loblaw Companies Limited (L.TO) reported net earnings of $106 million for the third quarter, a decrease of $777 million, or 88.0%, compared to the third quarter of 2017. Net earnings were negatively impacted year-over-year by the charge related to Glenhuron Bank Limited in the third quarter of 2018 and the prior year gain on disposition of gas bars operations, the company said in its filing. The stock ended marginally up.

Concordia International Corp. (CXR.TO) shares declined by 3.2% after the company reported third quarter revenue of $127.7 million, compared to $154.6 million for the third quarter of 2017, and $139.5 million for the second quarter of 2018.

Uni-Select Inc. (UNS.TO) ended 2.5% up. The company reported third quarter net earnings of $10.6 million, as compared to earnings of $11.2 million in the year-ago quarter.

Bombardier Inc. (BBD.B.TO), The Green Organic Dutchman Holdings (TGOD.TO) and Enbridge Inc. (ENB.TO) declined sharply.

On Wall Street, stocks fluctuated wildly over the course of the trading session on Wednesday after failing to sustain an initial move to the downside. The major averages ended notably lower despite staging a rebound of sorts in afternoon.

Data released by the Labor Department today showed consumer prices in U.S. increased in line with economist estimates in the month of October, with its consumer price index rising by 0.3% in the month, after inching up by 0.1% in September. Economists had expected prices to climb by 0.3%.

Major European markets ended on a negative note despite paring some early losses. Asian markets ended mostly lower on Wednesday amid concerns about global economic growth.

In commodities, crude oil futures for December edged higher, gaining $0.56, or 1%, settling at $56.25 a barrel.

Gold futures for December ended up $8.70, or 0.7%, at $1,210.10 an ounce, after rising to a high of $1,215.40.

On Tuesday, gold futures ended down $2.10, or 0.2%, at $1,201.40 an ounce, the lowest settlement in about five weeks.

Silver futures for December ended up $0.103, at $14.080 an ounce.

Copper futures for December settled at $2.7100 per pound, gaining $0.0230 for the session.