TSX Ends Marginally Up After Lackluster Session

(RTTNews) - The Canadian stock market shrugged off early weakness and edged higher in afternoon trades amid stock specific activity to eventually end on a positive note on Thursday.

While lingering concerns about global growth and uncertainty about U.S.-China trade deal weighed on sentiment, expectations of an interest rate cut by the Federal Reserve in the very near future pulled the market out of the red.

The mood was cautious right through the session, with investors awaiting the crucial employment data from either side of the border.

The benchmark S&P/TSX Composite Index ended up 12.65 points, or 0.08%, at 16,588.85. The index touched a low of 16,557.92 and a high of 16,598.31 in the session.

The index ended with a gain of 104.91 points, or 0.64%, at 16,576.20 on Wednesday, after having gained about 1% in the previous two sessions.

A few stocks from energy, industrial, materials and utilities sections posted strong gains. Financial and information technology stocks were mixed. Healthcare and consumer discretionary shares were mostly subdued.

MEG Energy (MEG.TO) climbed up nearly 4%. ARC Resources (ARX.TO) and Ivanhoe Mines (IVN.TO) gained more than 2.5% each on strong volumes. Husky Energy (HSE.TO) and Canadian Natural Resources (CNQ.TO) ended higher by about 1.1% and 1%, respectively.

Barrick Gold Corporation (ABX.TO) and Suncor Energy (SU.TO), which were among the stocks to attract good volumes, ended higher by about 0.8% from their previous closing prices.

Oceana Gold Corporation (OGC.TO) declined more than 5.5%. Baytex Energy (BTE.TO), Canopy Growth Corporation (WEED.TO) and Crescent Point Energy (CPG.TO) ended modestly lower.

The U.S. market was closed for Independence Day holiday. The major markets in Europe ended on a subdued note, although most of the other markets across Europe ended higher.

Markets across the Asia-Pacific region ended mixed amid thin volumes.

In commodities, crude oil futures drifted lower and gold contracts were sluggish as well.