Energy Shares Lift TSX

(RTTNews) - The Canadian stock market ended on a firm note on Tuesday, riding on gains in energy stocks after oil prices surged higher ahead of weekly U.S. crude inventory data.

The sentiment was also bolstered thanks to gains on Wall Street and European markets after fears of a U.S. recession faded following a rebound in yields of 10-year U.S. Treasury bonds.

The mood, however, was cautious with investors looking ahead to the upcoming trade negotiations between the U.S. and China, and data on Canadian trade deficit and GDP, due on Wednesday and Friday, respectively.

The benchmark S&P/TSX Composite Index ended up 89.30 points, or 0.56%, at 16,155.16, after scaling a low of 16,116.67 and a high of 16,192.21 in the session.

On Monday, the index ended down 23.47 points, or 0.15%, at 16,065.86.

The Capped Energy Index climbed up 1.73%. Canadian Natural Resources (CNQ.TO), Cenovus Energy (CVE.TO) and Imperial Oil (IMO.TO) gained 1.7 to 2.8%. Encana Corporation (ECA.TO) surged up 4.2%, Crescent Point Energy (CPG.TO) jumped 5.2% and Baytex Energy (BTE.TO) ended 4.3% up, while Whitecap Resources Inc. (WCP.TO) advanced 3.25%.

In the materials space, First Quantum Minerals (FM.TO) rallied 4.3%, Goldcorp Inc. (G.TO) gained 2% and Barrick Gold Corporation (ABX.TO) ended 1.52% up.

In the banking space, Royal Bank of Canada (RY.TO) gained 0.7% and National Bank of Canada (NA.TO) edged up by about 0.35%.

Among the stocks in the healthcare index, Cronos Group (CRON.TO) and Aurora Cannabis (ACB.TO) both declined by about 1.1%. Cronos eased due to a decline in net earnings.

Hexo Corp. (HEXO.TO) jumped 8.2%, CannTrust Holdings (TRST.TO) ended up 3.4%, Canopy Growth Corporation (WEED.TO) advanced by 1% and Aphria Inc. (APHA.TO) ended 0.7% up.

In the industrials space, Air Canada (AC.TO) advanced 3.1%, Canadian National Railway (CNR.TO) gained 1.8% and Waste Connections (WCN.TO) climbed 1.6%, while Toromont Industries (TIH.TO) gained 1.05%.

Information technology shares Constellation Software (CSU.TO) gained 2.6%, Enghouse Systems (ENGH.TO) ended stronger by 2.3% and Shopify Inc. (SHOP.TO) gained 1.3%. Celestica Inc. (CLS.TO) declined more than 2%.

U.S. stocks ended on a positive note, as fading fears over a possible U.S. recession offset disappointing data on consumer confidence and housing starts.

European markets ended higher even as Brexit worries continued to weigh on sentiment. Asian stocks turned in a mixed performance.

In commodities, West Texas Intermediate Crude oil futures for May ended up $1.12, or 1.9%, at $59.94 a barrel.

Gold futures for April ended down $7.60, or 0.6%, at $1,315.00 an ounce.

Silver futures for May ended down $0.138, at $15.429 an ounce, while copper futures for May ended at $2.8540 per pound, gaining $0.0025 for the session.