TSX Retreats After Early Gains, Settles Flat

(RTTNews) - After a steady start and a subsequent smart uptick, the Canadian stock market started paring gains gradually and eventually ended Tuesday's session just marginally up, as traders largely stayed wary of holding positions at higher levels.

Mild optimism about a Brexit deal this week and some upbeat results from big-name U.S. companies including JP Morgan Chase, Citigroup and Johnson & Johnson aided sentiment.

Gold stocks drifted lower, tracking weak gold prices. Energy stocks turned in a mixed performance, while healthcare and information technology shares moved up.

The benchmark S&P/TSX Composite Index ended up 3.23 points, or 0.02%, at 16,418.39, almost at the day's low. The index touched a high of 16,510.65 around mid-morning.

Aphria Inc. (APHA.TO) shares soared 15.5% after the company reported net income to C$16.4 million, or 7 cents a share, for the first quarter. Although that was less than net income of C$21.2 million, or 9 cents a share in the year-ago quarter, the fact that the company posted profits, as against a forecast for a loss of 2 cents a share, triggered buying at the counter.

Cronos Group (CRON.TO) climbed up more than 6%, Bausch Health Companies (BHC.TO) and Canopy Growth Corp (WEED.TO) both gained about 3.35%, and Aurora Cannabis (ACB.TO) advanced 2.3%.

Shares of CannTrust Holdings (TRST.TO) soared nearly 52% after the company said it will destroy $77 million worth of pot plants and inventory as part of its effors to comply with regulations as authorized by Health Canada.

Information technology shares Shopify Inc. (SHOP.TO) and Kinaxis Inc. (KXS.TO) ended stronger by 5% and 3.4%, respectively. Enghouse Systems (ENGH.TO) gained 2.1%, while Photon Control (PHO.TO) and Constellation Software (CSU.TO) gained 1.1% and 1%, respectively.

In the financial space, Toronto-Dominion Bank (TD.TO), National Bank of Canada (NA.TO), Manulife Financial (MFC.TO), Laurentian Bank (LB.TO), Sun Life Financial (SLF.TO), Bank of Nova Scotia (BNS.TO) and Royal Bank of Canada (RY.TO) gained 0.5 to 0.8%.

Among other prominent gainers, Bombardier Inc. (BBD.B.TO) moved up nearly 4% on strong volumes. Canada Goose Holdings (GOOS.TO), Linamar Corporation (LNR.TO), Magna International (MG.TO), CargoJet (CJT.TO), Cogeco Communications (CCA.TO) and WSP Global (WSP.TO) gained 1.5 to 3%.

Oceanagold Corp (OGC.TO) shares plunged 12.5%. Encana Corporation (ECA.TO) and First Quantum Minerals (FM.TO) shed more than 3%, while Barrick Gold (ABX.TO), Yamana Gold Corp (YRI.TO) and Kinross Gold Corp (K.TO) declined 1.6 to 2%.

In economic news, home sales in Canada's big cities continued a rebound in September with a 15.5% increase in sales compared with a year ago, according to the Canadian Real Estate Association. Month-over-month, sales were up 0.6% in September, the data showed.

U.S. stocks ended notably higher with upbeat results from some big-name companies aiding sentiment.

The Dow jumped 0.9%, the Nasdaq soared 1.2% and the S&P 500 surged up 1%.

JP Morgan Chase, Citigroup, Johnson & Johnson and United Health reported better than expected third quarter results, aiding sentiment. Goldman Sachs, however, reported numbers that fell short of expectations.

Easing worries about Brexit contributed as well to market's gains.

European markets ended on a firm note, while Asian markets turned in a mixed performance.

In commodities, West Texas Intermediate crude oil futures for November ended down $0.78, or 1.5%, at $52.81 a barrel.

Gold futures for December ended down $14.10, or about 0.9%, at $1,483.50 an ounce, the lowest settlement since September 30.

Silver futures for December ended down $0.326 at $17.384 an ounce, while Copper futures for December settled at $2.6140 per pound, down $0.0200 from previous close.