TSX Rebounds After Weak Start, Snaps 6-day Losing Streak

(RTTNews) - After a weak start, Canadian stocks edged higher to close on a positive note on Tuesday, as investors picked up shares after six successive days of declines.

Optimism about Canada and the U.S. reaching a deal that would help rescue the North American Free Trade Agreement, and higher crude oil prices lifted stocks. However, buying interest was subdued.

Meanwhile, according to reports, China is seeking World Trade Organization permission to impose trade sanctions on Washington. This follows U.S. President Donald Trump's recent remarks that he wants to impose tariffs on additional $267 billion worth of imports from China.

Investors also digested a report from Canada Mortgage and Housing that showed housing starts fell to an annualized rate of 200,986 units in August. Economists had expected a rate of 210,300 units.

The benchmark S&P/TSX Composite Index ended up 37.16 points, or 0.23%, at 16,094.25, after scaling a low of 15,975.75 and a high of 16,111.65 intraday. On Monday, the benchmark S&P/TSX Composite Index ended down 33.18 points, or 0.21%, at 16,057.09.

Information technology, healthcare and consumer staples stocks moved higher. Energy, materials, financials and industrials stocks ended on a mixed note.

Among the stocks in the healthcare index, Aurora Cannabis Inc. (ACB.TO) jumped 10%, building on recent gains. Extendicare Inc. (EXE.TO) and Knight Therapeutics Inc. (GUD.TO) gained 1% and 1.1%, respectively. Canopy Growth Corporation (WEED.TO) declined by about 2.5%. Hexo Corp. (HEXO.IT) jumped more than 10%.

In the information technology space, Shopify Inc. (SHOP.TO) gained nearly 3.5%, BlackBerry (BB.TO) advanced by 2.75%, Descartes Systems Group Inc. (DSG.TO) gained 2.1% and Kinaxis Inc. (KXS.TO) added nearly 1%.

Among bank stocks, Bank of Nova Scotia (BNS.TO) gained nearly 1% and Canadian Imperial Bank Of Commerce (CM.TO) added about 0.3%. National Bank of Canada and Toronto-Dominion Bank (TD.TO) ended slightly weak.

BayTex Energy (BTE.TO) gained 4.6%, The Green Organic Dutchman Holdings (TGOD.TO) rallied 8.15%, Yamana Gold Inc. (YRI.TO) gained nearly 2% and AltaGas Ltd. (ALA.TO) gained 3.5%.

Hudson's Bay Co. (HBC.TO) announced that it has formed a strategic partnership for its European retail and real estate assets, with Austria-based Signa Retail Holdings. The stock ended 1.85% down.

Centric Health Corporation (CHH.TO) announced today that it has bagged a new contract to service over 900 new beds with a multi-site regional operator. The stock declined by nearly 3.5%.

Asian stocks ended mixed on Tuesday. The mood was cautious due to the ongoing trade dispute between the U.S. and China. Reports that talks are underway over the possibility of a second summit between U.S. President Donald Trump and North Korean leader Kim Jong-un aided sentiment. Most of the market in Europe ended lower on Tuesday, with traders continuing to track trade issues.

The U.S. market ended higher with investors indulging in some bargain hunting after recent weakness. The Dow ended up 0.4% and the Nasdaq climbed 0.6%, while the S&P 500 advanced by 0.4%.

In economic news from eurozone, data from Eurostat showed Eurozone employment increased at a steady pace in

the second quarter, rising 0.4% sequentially, the same rate as seen in the first quarter. The annual growth also remained unchanged, at 1.5%.

A survey data from the Centre for European Economic Research, or ZEW, showed that German economic sentiment improved more-than-expected to a four-month high in September, despite trade war fears. The economic sentiment

indicator climbed to -10.6 from -13.7 in August, the Mannheim-based think tank said. Economists had expected a moderate improvement to -13.5. The score was the highest since May.

Meanwhile, France's payroll employment increased slightly in the second quarter, and the UK unemployment rate

remained unchanged at the lowest since 1975 and wages growth exceeded expectations amid record vacancies.

In commodities, crude oil futures for October ended up $1.70, or 2.5%, at $69.25 a barrel, the highest settlement price in a week.

Natural Gas futures for October, were nearly $0.025, or 0.89%, at $2.829 per million btu.

Gold futures for December ended up $2.40, or 0.20%, at $1,202.20 an ounce.

Silver futures for December settled at $14.153 an ounce, down $0.028 from previous close.

Copper futures for December ended down $0.0065, at $2.6215 per pound.