TSX Recovers On Late Buying, Extends Gains To 6th Day

(RTTNews) - The Canadian stock market started off on a weak note and stayed in negative territory till a few minutes before the closing bell, before finally emerging above the unchanged line to sign off with a marginal gain.

Profit taking after recent solid gains and caution ahead of results from major U.S. banks rendered the market weak for much of the session till noon.

The recovery that started little after noon, gradually gained momentum and stocks saw a steep climb up north in the final hour, lifting the benchmark to a positive close for a sixth successive session.

The S&P/TSX Composite Index ended up 11.14 points, or 0.07%, at 16,407.29, a new 7-month high. The index touched a low of 16,326.74 in the session.

On Friday, the index ended up 84.54 points, or 0.52%, at 16,396.15.

Energy shares led the market higher. The Capped Energy Index gained 1.54%. Healthcare stocks declined, while shares from rest of the sections turned in a highly lackluster performance.

Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO), Imperial Oil (IMO.TO), Tourmaline Oil Corp. (TOU.TO) and Husky Energy (HSE.TO) gained 1 to 2.5%.

Crescent Point Energy Corp. (CPG.TO) soared 12.15%. Baytex Energy (BTE.TO) gained 5%, MEG Energy Corp. (MEG.TO) jumped 6.3%, Whitecap Resources (WCP.TO) gained 4.5% and Surge Energy (SGY.TO) climbed 6.7%.

In the materials space, Teck Resources (TECK.B.TO) gained 2.2% and Wheaton Precious Metals Corp. (WPM.TO) advanced 1.1%. Yamana Gold (YRI.TO) gained 1.2%.

B2Gold Corp. (BTO.TO) declined nearly 3%. BCCL Industries (CCL.B.TO), Nutrien (NTR.TO) and Franco-Nevada Corporation (FNV.TO) ended notably lower.

In the banking space, National Bank of Canada (NA.TO) declined 0.3%, while others settled around previous closing levels.

Among the stocks in the healthcare index, Aurora Cannabis (ACB.TO) ended 2.3% down, Canopy Growth Corporation (WEED.TO) shed 1.9%, Cronos Group Inc. (CRON.TO) ended lower by 5.3%, Aphria Inc. (APHA.TO) lost 1%, Green Organic Dutchman Holdings (TGOD.TO) declined 2.2% and Hexo Corp. (HEXO.TO) shed 1.4%.

In markets elsewhere, U.S. stocks recovered after weak start. The major averages ended mixed. While the Dow ended 0.3% down, the Nasdaq and the S&P 500 edged up by 0.2% and 0.1%, respectively.

European markets ended mostly lower as investors stayed away on the sidelines, looking for directional clues.

Stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday.

In commodities, West Texas Intermediate Crude oil futures for May ended up $1.32, or 2.1%, at 64.40 a barrel, a more than 5-month high.

Gold futures for June ended up $6.30, or 0.5%, at $1,301.90, the first close above $1,300 since March 27.

Silver futures for May ended up $0.130, at $15.216 an ounce, while Copper futures for May closed at $2.9320 per pound, gaining $0.3750 for the session.