TSX Retreats After Strong Start, Settles Flat

(RTTNews) - The Canadian stock market started off on a strong note, but kept paring gains as the session progressed, and eventually settled flat after briefly slipping into negative territory during the closing minutes.

Positive reaction to strong Chinese exports data, and news about reopening of businesses in several parts of the world pushed up stock prices early on in the session.

Energy stocks opened on a bright note thanks to a strong uptick in crude oil prices. Despite crude oil futures turning easy and finishing lower, most of the stocks from the energy section held on to a good portion of their gains.

Consumer discretionary and materials shares were the other prominent gainers. Industrial, real estate and information technology stocks ended mixed. Financial, consumer staples and healthcare shares closed weak.

The benchmark S&P/TSX Composite Index ended up 2.95 points, or 0.02%, at 14,833.69. The index hit a high of 15,016.03 early on in the session.

Cenovus Energy (CVE.TO) gained nearly 6.5% on strong volumes. Kinross Gold Corporation (K.TO), B2Gold Corp (BTO.TO), Yamana Gold (YRI.TO), Barrick Gold Corporation (ABX.TO), ARC Resources (ARX.TO) and Whitecap Resources (WCP.TO) moved up 1.7 to 3.4%.

Enbridge Inc. (ENB.TO) ended stronger by 3.1%. The company reported a first-quarter loss of nearly $1.43 billion as it was hit by one-time non-cash charges in the quarter including a writedown of its investment in DCP Midstream, a joint venture in the U.S. In the first quarter of the previous year, Enbridge posted a profit of $1.89 billion or 94 cents per share.

Canadian Natural Resources (CNQ.TO) ended lower by about 0.8%. reported first-quarter net loss of C$1.28 billion, compared to last year's profit of C$961 million. Loss per share was C$1.08, compared to profit of C$0.80 a year ago, the company said.

In economic news, the Ivey PMI for Canada declined to 22.8 in April 2020 from 26 in the previous month. That was well be the expected reading, and was also the lowest on record.