TSX Ends Flat After Choppy Ride

(RTTNews) - Canadian stocks swung between gains and losses right through the session on Thursday, with traders largely refraining from building up positions.

Despite renewed optimism about U.S.-China trade talks, the mood was cautious due to political uncertainty in the U.S. following the impeachment move against President Donald Trump.

Weak crude oil prices too weighed on the market.

The benchmark S&P/TSX Composite Index ended up 6.11 points, or 0.04%, at 16,790.40, after swinging between 16,749.88 and 16,800.72.

On Wednesday, the index ended down 14.04 points, or 0.08%, at 16,784.29.

Mining and energy stocks closed weak. Consumer staples shares were also largely subdued. Shares from utilities and industrial sections found some support. Information technology and financial stocks turned in a mixed performance, while healthcare shares had a choppy ride.

First Quantum Minerals declined more than 10%. The company had said last week that it has not engaged in any discussions regarding a take-over bid or other change of control transaction and has no knowledge of potential take-over bids, change of control transactions or proposals.

New Gold (NGO.TO), B2Gold Corp (BTO.TO) and Yamana Gold (YRI.TO) declined sharply and lost 5.5%, 3.2% and 2%, respectively. Kinross Gold Corporation (K.TO) shed about 1.3%.

In the energy space, Baytex Energy (BTE.TO), Crescent Point Energy (CPG.TO) and Encana Corporation (ECA.TO) lost 1.3 to 4.5%.

Among bank stocks, Canadian Imperial Bank of Commerce (CM.TO) lost 1.4%. Bank of Nova Scotia (BNS.TO) and Toronto-Dominion Bank (TD.TO) ended with modest gains.

Information technology stocks Constellation Software (CSU.TO) and Kinaxis Inc. (KXS.TO) gained 1.15% and 3.4%, respectively.

On the economic front, data from Statistics Canada showed average weekly earnings of non-farm payroll employees were up 0.5% in July at $1,027. On a year-over-year basis, earnings improved 2.7%.

U.S. stocks ended weak despite coming off the day's lows. The Dow shed 0.3% and the Nasdaq slid 0.6%, while the S&P 500 edged down 0.2%.

Renewed political uncertainty following the release of the whistleblower complaint that sparked the impeachment inquiry into President Donald Trump weighed on the market.

European markets ended on a firm note on trade deal optimism. Asian stocks turned in a mixed performance on Thursday.

In commodities, West Texas Intermediate crude oil futures for November ended down $0.08, or less than 0.1%, at $56.41 a barrel, after having declined to a low of $55.41 in late morning trades.

Gold futures for December ended up $2.90, or about 0.2%, at $1,515.20 an ounce.

On Wednesday, gold futures for December ended down $27.90, or about 1.8%, at $1,512.30 an ounce, recording the biggest single-session fall in about three weeks.

Silver futures for December ended down $0.161, at $17.912 an ounce, while Copper futures for December settled at $2.5775 per pound, down $0.0345 from previous close.