TSX Snaps 5-day Losing Streak, Ends At New High

(RTTNews) - The Canadian stock market opened on a positive note on Monday and stayed firm right through the session to snap a five-day losing streak.

Renewed optimism about U.S.-China trade deal thanks to positive comments from the U.S. and China about a phase one trade deal lifted sentiment in global markets.

Higher crude oil prices triggered strong buying in the energy space. Shares from consumer staples and consumer discretionary sections were the other notable gainers in Monday's session.

Information technology, industrial and financial sections too saw some brisk buying.

The benchmark S&P/TSX Composite Index ended up 78.02 points, or 0.46%, at 17,032.86, a new closing high. The index hit a new intra-day high of 17,048.47.

In the energy section, Husky Energy (HSE.TO) gained more than 3% and Whitecap Resources (WCP.TO) gained nearly 3%. Enerplus Corp (ERF.TO), ARC Resources (ARX.TO), Vermilion Energy (VET.TO), Cenovus Energy (CVE.TO), Canadian Natural Resources (CNQ.TO), Suncor Energy (SU.TO) and Imperial Oil (IMO.TO) gained 1 to 2.3%.

Alimentation Couche-Tard Inc. (ATD.B.TO) gained about 3.5%, topping the list of movers in the consumer staples space. Empire Company (EMP.A.TO) gained 1.7%, while The North West Company (NWC.TO), Metro Inc. (MRU.TO) and Premium Brands Holdings Corp (PBH.TO) ended higher by 1 to 1.3%.

Among the stocks in the Consumer Discretionary Index, Martinrea International (MRE.TO) gained 4.6%, Gildan Activewear (GIL.TO) advanced 3.25% and Mty Food Group (MTY.TO) gained 3%. Canada Goose Holdings (GOOS.TO), Magna International (MG.TO), Brp Inc. (DOO.TO), Linamar Corp (LNR.TO) and Dollarama Inc. (DOL.TO) also ended sharply higher.

Hexo Corp (HEXO.TO), Manulife Financial Corporation (MFC.TO), West Fraser Timber (WFT.TO), Methanex Corporation (MX.TO), Cargojet Inc. (CJT.TO) gained 1 to 4%.

Aurora Cannabis Inc. (ACB.TO) and The Green Organic Dutchman Holdings (TGOD.TO) lost 7% and 6.3%, respectively.

Kirkland Lake Gold (KL.TO) shares declined more than 17%. The company announced it would buy Detour Gold Corp (DGC.TO) for about C$4.89 billion ($3.68 billion) in an all-stock deal, as it looks to scale up its mining operations and boost reserves. Detour Gold Corp. shares gained 1.8%.

On the economic front, data from Statistics Canada showed wholesale trade in Canada rose 1.0% to $65.1 billion in September, nearly offsetting the 1.2% decline in August.

Sales were up in five of seven sub-sectors, representing 82% of total wholesale sales.

U.S. stocks ended notably higher amid optimism about a U.S.-China trade agreement after a tabloid run by China's ruling Communist Party discounted "negative" media reports and said the economic superpowers are "very close" to a phase one deal.

The Dow climbed 0.7%, the Nasdaq gained 1.3% and the S&P 500 advanced 0.8%. All the three averages ended at new record closing highs.

Stock markets across the Asia-Pacific region and Europe ended mostly higher on trade deal hopes.

In commodities, West Texas Intermediate crude oil futures for January ended up $0.24 at $58.01 a barrel.

Gold futures for December ended down $6.70, or about 0.5%, at $1,456.90 an ounce.

Silver futures for December closed dpwm $0.114 at $16.886 an ounce, while Copper futures for December ended at $2.6475 per pound, down slightly from previous close.