TSX Ends Modestly Higher

(RTTNews) - After a flat start and a subsequent fall to lower levels, the Canadian market emerged into positive territory around mid morning on Thursday and eventually closed modestly higher, led largely by gains in energy and consumer staples sectors.

Materials, healthcare and technology stocks ended sharply lower.

The mood was cautious after the minutes of the Federal Reserve's latest monetary policy meeting suggested the central bank will be more aggressive in tightening monetary policy.

Worries about the rapid spread of the Omicron variant of the coronavirus, and caution ahead of U.S. non-farm payrolls data also contribute to the somewhat sluggish movements in the market.

The benchmark S&P/TSX Composite Index ended with a gain of 32.54 points or 0.15% at 21,072.20. The index scaled a low of 20,934.15 and a high of 21,148.59 in the session.

The Capped Energy Index climbed more than 3%. Vermilion Energy (VET.TO), up 9.25%, was the top gainer in the section. Parex Resources (PXT.TO) and Secure Energy Services (SES.TO) gained 6.4% and 6.15%, respectively. Canadian Natural Resources (CNQ.TO), Enerplus Corp (ERF.TO), Cenovus Energy (CVE.TO) and PrairieSky Royalty (PSK.TO) gained 3.5 to 5.2%.

Consumer staples shares Saputo Inc (SAP.TO) and Empire Company (EMP.A.TO) gained 2.9% and 2.3%, respectively. Metro Inc (MRU.TO) and Weston George (WN.TO) also rose sharply.

Materials shares tumbled, weighed down by weak bullion prices. Stelco Holdings (STLC.TO) plunged more than 10%. Kinross Gold (K.TO), B2Gold Corp (BTO.TO), Kirkland Lake Gold (KL.TO), Agnico Eagle Mines (AEM.TO) and Franco-Nevada Corp (FNV.TO) were among the other major losers in the sector.

Among healthcare stocks, Tilray Inc (TLRY.TO), Well Health Technologies (WELL.TO), Canopy Growth Corp (WEED.TO) and Cronos Group (CRON.TO) ended lower by 2 to 3.5%.

In the technology sector, Tecsys Inc (TCS.TO) declined more than 6%. Viq Solutions (VQS.TO), Telus International (TIXT.TO) and Hut 8 Mining Corp (HUT.TO) shed 4.7%, 4% and 3.4%, respectively. Celestica Inc (CLS.TO), Absolute Software Corp (ABST.TO), Kinaxis Inc (KXS.TO) and Shopify Inc (SHOP.TO) also declined sharply.

On the economic front, data from Statistics Canada showed Canada's trade surplus surged to C$ 3.13 billion in November 2021 from an upwardly revised surplus of C$ 2.26 billion, surpassing market estimates of a C$ 2.03 billion surplus. It was the largest trade surplus in thirteen years.

Exports from Canada increased by 3.8% over a month to a record high of C$ 58.6 billion in November, while imports increased by 2.4% over a month to a record high of C$ 55.4 billion in the month.