Energy, Mining Stocks Drag TSX Lower

(RTTNews) - The Canadian stock market was down in negative territory almost right through the session on Tuesday, as worries about U.S.-China trade disputes rose further after U.S. President Donald Trump threatened to raise tariff on Chinese imports.

Weak commodity prices and a lack of triggers forced investors to tread cautiously. Investors were also looking ahead to the upcoming G20 summit in Argentina and the OPEC meet in Vienna for directional cues.

Energy and mining stocks were the prominent losers. Healthcare and consumer discretionary stocks too declined sharply. Financial, industrials and information technology stocks turned in a mixed performance.

The benchmark S&P/TSX Composite Index ended down 68.56 points, or 0.46%, at 14,944.09, after scaling a low of 14,907.48 and a high of 15,021.75 intraday. On Monday, the index failed to hold early gains and ended flat at 15,012.65.

Among energy stocks, Canadian Natural Resources (CNQ.TO) ended 3.2% down, Encana Corporation (ECA.TO) declined by about 1.8%, Husky Energy Inc. (HSE.TO) shed 1.3%, Tourmaline Oil Corporation (TOU.TO) ended 4.4% down, ARC Resources (ARX.TO) closed 5% down and PrairieSky Royalty ended 2.5% down.

Crescent Point Energy Corp. (CPG.TO) closed nearly 3% down, Baytex Energy Corp. (BTE.TO) ended 1.6% down, Surge Energy Inc. (SGY.TO) declined 4.8% and Advantage Oil & Gas (AAV.TO) eased by about 5%. Cenovus Energy (CVE.TO) bucked the trend and gained 1.2%.

In the materials space, Nutrien (NTR.TO), Barrick Gold Corporation (ABX.TO), Franco-Nevada Corporation (FNV.TO), Agnico Eagle Mines (AEM.TO), Goldcorp Inc. (G.TO), Wheaton Precious Metals Corp. (WPM.TO) and First Quantum Minerals (FM.TO) lost 1.4% to 2.5%, while Teck Resources (TECK.B.TO) ended lower by 3.1% and B2Gold Corporation (ABX.TO) eased by nearly 2%. Canopy Growth Corporation (WEED.TO) ended higher by 1%.

Among consumer discretionary stocks, Magna International Inc. (MG.TO), Canada Goose Holdings Inc. (GOOS.TO) and Linamar Corporation (LNR.TO) lost 5 to 5.2%. BRP Inc. (DOO.TO) declined by 3.7% and Canadian Tire Corporation (CTC.A.TO) lost about 1.6%.

In the healthcare space, Bausch Health Companies Inc. shares ended 3.1% down, Aurora Cannabis Inc. (ACB.TO) declined nearly 3%, Aphria Inc. (APHA.TO) declined by about 4.3% and Canopy Growth Corporation (WEED.TO) gained more than 1%.

Among bank stocks, Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO) both gained about 0.65%, Canadian Imperial Bank of Commerce (CM.TO) advanced by 0.85% and Toronto-Dominion Bank (TD.TO) added 0.3%, while National Bank of Canada (NA.TO) ended flat.

Bank of Nova Scotia (BNS.TO) ended little changed. The bank reported earnings of $2.27 billion or $1.71 per diluted share for the three months ended Oct. 31, up from $2.07 billion or $1.64 per diluted share in net income during the same time last year. However, the figures were short of analyst expectations.

Asian markets ended mostly higher, despite U.S.-China trade war concerns. However, markets in Europe ended mostly lower.

The U.S. market ended on a positive note after swinging between gains and losses earlier in the session. The Dow and the S&P 500 gained 0.4% and 0.3%, respectively. The Nasdaq edged up marginally.

The initial pullback on Wall Street was due to renewed skepticism about a trade deal between the U.S. and China following Trump's comments in an interview with the Wall Street Journal.

Trump told the journal that it was "highly unlikely" he would delay an increase in tariffs on $200 billion worth of Chinese goods from 10% to 25%. He also suggested the U.S. could slap 10% tariffs on iPhones and laptops imported from China.

In commodities, crude oil futures for January ended down $0.07, or 0.1%, at $51.56 a barrel, well off the session's low of $50.31.

Gold futures for February settled down $8.80, or 0.7%, at $1,219.90 an ounce.

Silver futures for December settled at $14.084 an ounce. Copper futures for March settled at $2.726 per pound.