TSX Snaps 4-day Losing Streak, Ends Marginally Higher

(RTTNews) - The Canadian stock market, which drifted down into negative territory after an early uptick on Tuesday, ended modestly higher despite staying slightly below the unchanged line for much of the day' session.

Worries about rising coronavirus cases and announcement of fresh lockdown restrictions in several countries across Europe rendered the mood cautious.

Energy stocks moved higher, tracking oil's rebound from early weakness. Technology and materials shares closed weak, while stocks from the rest of the sectors ended mixed.

The benchmark S&P/TSX Composite Index ended with a gain of 33 points or 0.15% at 21,453.77, snapping a four-day losing streak. The index, which advanced to 21,527.48 early on in the session, touched a low of 21,350.72 about an hour before noon.

The Capped Energy Index climbed 3.79%. Enerplus Corp (ERF.TO) rallied 7.8%, Crescent Point Energy (CPG.TO) gained 6.6%, Cenovus Energy (CVE.TO) advanced 6.15% and MEG Energy (MEG.TO) gained nearly 6%. Vermilion Energy (VET.TO), Whitecap Resources (WCP.TO) and Arc Resources (ARX.TO) advanced 4 to 5%.

Among technology stocks, Viq Solutions (VQS.TO) gained 4.3%, Evertz Technologies (ET.TO) surged up 2.25% and Hut 8 Mining (HUT.TO) gained 1.7%. Telus International (TIXT.TO) and Absolute Software Corp (ABST.TO) gained 1.3% and 1.1%, respectively.

First Quantum Minerals (FM.TO), up 5.8%, was the top gainer in the Materials Index. Labrador Iron Ore Royalty Corp (LIF.TO) climbed 4.8% and Interfor Corp (IFP.TO) ended 2.85% up. Hudbay Minerals (HBM.TO) and Transcontinental Inc (TCL.A.TO) gained 2.1% and 1.3%, respectively.

Organigram Holdings Inc. (OGI.TO) shares gained nearly 9%, as investors reacted positively to the company's results. The company reported a 22% growth in net revenue to $24.9 million in the fourth quarter of financial year 2021, over the previous quarter, and up 22% from the same period in 2020.

Weston George Limited (WN.TO) reported adjusted net earnings of $359 million for the third quarter, up slightly from net earnings of $358 million in the year-ago quarter. Adjusted diluted net earnings per share came in at $2.39 in the third-quarter, compared to $2.32 per share a year ago. The stock is gaining about 1%.

Toronto-Dominion Bank (TD.TO) gained nearly 2.5%. Sprott Inc. (SIL.TO), Bank of Nova Scotia (BNS.TO) and Manulife Financial (MFC.TO) gained 1.5%, 1.3% and 1.15%, respectively.

On the economic front, Statistics Canada said that according to preliminary estimates, manufacturing sales in Canada likely rebounded by 4.1% in October, from a 3% fall in September.