TSX Ends Flat

(RTTNews) - The Canadian stock market ended flat on Monday, after a highly volatile session.

The market got off to a positive start with firm commodity prices triggering strong buying at several counters in energy and materials sections, but retreated soon due to concerns about the outlook for the global economy, and then kept swinging between gains and losses right through the session.

Tensions between the U.S. and Saudi Arabia over the disappearance of Saudi journalist Jamal Khashoggi hurt sentiment.

The benchmark S&P/TSX Composite Index ended down 4.82 points, or 0.03%, at 15,409.47. The index scaled a high of 15,476.32 and a low of 15,398.47 intraday. On Friday, the index ended up 97.16 points, or 0.63%, at 15,414.29, snapping a five-day losing streak.

In economic news, Canadian business optimism stayed at near record levels in the third quarter, said a report from The Bank of Canada.

According to a report from the Canadian Real Estate Association, home re-sales were down 8.9% in September, compared to sales in September 2017.

Energy stocks pared most of their early gains. The Capped Energy Index shed about 0.8%. Cenovus Energy Inc. (CVE.TO) declined by about 3.6%, Vermilion Energy Inc. (VET.TO) ended down 2.7% and Tourmaline Oil Corp. (TOU.TO) shed 2.3%. Husky Energy Inc. (HSE.TO), Canadian Natural Resources (CNQ.TO) and ARC Resources (ARX.TO) lost 1% - 1.6%.

Meanwhile, Imperial Oil (IMO.TO) moved up nearly 2%. Enbridge Inc. (ENB.TO) ended 0.75% up. Enbridge announced it will move forward with the amalgamation of its Ontario based utilities, Enbridge Gas Distribution Inc. and Union Gas Limited, with an expected effective date of January 1, 2019.

On Sunday, Enbridge announced it has started work on a temporary access road to the site of a natural gas pipeline fire last week in northern British Columbia, which disrupted refinery operations in the U.S. state of Washington.

The Capped Materials Index ended modestly higher. Barrick Gold Corporation (ABX.TO), Teck Resources (TECK.B.TO), Agnico Eagle Mines (AEM.TO) and Wheaton Precious Metals Corp. (WPM.TO) ended with strong gains, while First Quantum Minerals (FM.TO) declined more than 3%.

The Capped Financial Index shed 0.62%. National Bank of Canada (NA.TO), Bank of Nova Scotia (BNS.TO), Royal Bank of Canada (RY.TO), Toronto-Dominon Bank (TD.TO) and Canadian Imperial Bank of Commerce (CM.TO) ended lower by 0.3 to 0.9%, while Bank of Montreal (BMO.TO) ended flat.

The Capped Healthcare Index climbed up 6.7%. Canopy Growth Corporation (WEED.TO) spurted 13.7%, after the company announced that it has entered into an agreement to acquire the assets of ebbu, Inc., an Evergreen, Colorado-based hemp research leader. The transaction will complement and accelerate multiple core verticals operating under Canopy Growth's group of companies, Canopy said.

Aurora Cannabis Inc. (ACB.TO) jumped nearly 10%, Aphria Inc. (APH.TO) climbed up 4.1% and Extendicare Inc.(EXE.TO) ended 1.7% up.

Asian markets ended mostly lower on Monday, amid lingering worries about global trade and higher U.S. interest rates. A growing feud between the U.S. and Saudi Arabia over the disappearance of a prominent Saudi journalist also weighed on investors' risk appetite.

The European markets ended mostly higher, albeit with small gains, with traders looking for direction ahead of this week's European Union summit and closely following Brexit developments.

On Wall Street, stocks fluctuated over the course of the trading session on Monday following the rebound seen last

Friday. After recovering from an early move to the downside, the major averages bounced back and forth across the unchanged line, right through the session.

The lower close on Wall Street came after the Commerce Department released a report showing much weaker than expected U.S. retail sales growth in the month of September.

In commodities, crude oil futures for November ended up $0.44, or 0.6%, at $71.78 a barrel. Gold futures for December ended up $8.30, or 0.7%, at $1,230.30 an ounce.

Silver futures for December ended up $0.092, at $14.727 an ounce, while Copper futures for December settled at $2.7885, down $0.0120 from previous close.