TSX Pares Early Gains, Ends On Weak Note

(RTTNews) - After opening slightly up and staying positive till a few minutes before noon on Monday, the Canadian market slipped into the red and eventually ended the day's session on a negative note.

The benchmark S&P/TSX Composite Index, which climbed to 21,575.14 earlier in the session, ended with a loss of 98.03 points or 0.46% at 21,304.40.

Consumer discretionary, healthcare, technology and financial shares drifted lower, pulling the market down from higher levels.

Energy and materials shares moved up on firm commodity prices. Oil prices climbed to a near 14-year high as U.S. Secretary of State Antony Blinken said on NBC's "Meet the Press" on Sunday that the U.S. and European partners are in "active discussions" about banning the import of Russian oil in response to the country's invasion of Ukraine.

Shares from utilities section were the other prominent gainers.

Cargojet Inc. (CJT.TO) shares plunged 16.5% despite an announcement from the company that it swung to a $102-million profit in the fourth quarter as revenue surged 26.1% on increased demand for its domestic, charter and other aircraft services.

Linamar Corporation (LNR.TO) drifted down more than 9% and BRP Inc. (DOO.TO) declined 8.5%, while Magna International (MG.TO), Goeasy (GSY.TO), TFI International (TFII.TO), Nuvei Corporation (NVEI.TO) and Shopify Inc (SHOP.TO) lost 6 to 8%.

West Fraser Timber (WFG.TO), Boyd Group (BYD.TO), Bank of Montreal (BMO.TO) and Fairfax Financial Holdings (FFH.TO) also declined sharply.

Vermilion Energy (VET.TO) soared nearly 13% on strong results. Vermilion said its net earnings increased to $345 million in Q4 2021, compared to a net loss of $147 million in the prior quarter. The improvement in net earnings was primarily due to higher FFO and lower unrealized hedging losses which is accounted for on a mark-to-market basis, the company said.

Sprott Inc (SII.TO) climbed 8.75%. Canadian Tire Corporation (CTC.TO), Precision Drilling Corporation (PD.TO), Newmont Corporation (NGT.TO), Nutrien (NTR.TO), Methanex Corporation (MX.TO), Loblaw Companies (L.TO), Franco-Nevada Corp (FNV.TO) and Agnico Eagle Mines (AEM.TO) moved up 4 to 7%.