TSX Continues Its Journey Up North, Hits Fresh Record High

(RTTNews) - The Canadian stock market shrugged off a slightly weak start and hit fresh record high on Monday despite a lack of cues. Activity was mostly stock specific amid a holiday in the U.S. market for Martin Luther King Jr Day.

Materials shares led the market higher. There were gains for a few stocks from industrial and information technology shares. Stocks from rest of the sectors turned in a mixed performance in the session.

The benchmark S&P/TSX Composite Index ended up 38.37 points, or 0.22%, at 17,597.39, after rising to a high of 17,620.19.

In the materials space, Alamos Gold (AGI.TO) gained about 3.3% and Eldorado Gold (ELD.TO) gained nearly 3%. Yamana Gold (YRI.TO), Kinross Gold (K.TO), Agnico Eagle Mines (AEM.TO), Novagold (NG.TO), B2Gold Corp (BTO.TO) and Barrick Gold Corp (ABX.TO) gained 1.4 to 2%.

Among the stocks in the industrial space, Bombardier Inc. (BBD.B.TO) climbed 9%

Ballard Power Systems (BLDP.TO) ended 3.5% up and Westshore Terminals (WTE.TO) gained 3.3% and Brookfield Business Partners (BBU.UN.TO) ended 2.2% up.

SNC-Lavalin (SNC.TO) gained 2.7% after the company announced that it has bagged an engineering services contract from Al Dhafra Petroleum, a joint venture company between ADNOC and the Korea National Oil Corporation and GS Energy. The stock was up by about 0.8% at noon.

Information technology shares Quarterhill (QTRH.TO), Lightspeed Pos (LSPD.TO) and Evertz Technologies (ET.TO) gained 1 to 1.7%. Photon Control (PHO.TO), Kinaxis Inc. (KXS.TO) and Enghouse Systems (ENGH.TO) also closed on a firm note.

Aphria Inc. (APHA.TO), Husky Energy (HSE.TO) and Canopy Growth Corporation (WEED.TO) gained 1 to 2% on fairly strong volumes.

Hexo Corp (HEXO.TO), Aurora Cannabis (ACB.TO) and Shaw Communications (SJR.B.TO) ended with sharp to moderate losses.

Encana Corporation (ECA.TO) declined 2.6%. The company said on Friday that an Alberta court has approved the company's reorganization that will see it move its headquarters to Denver from Calgary and change its name to Ovintiv Inc. The company says a corporate domicile in the U.S. will expose it to increasingly larger pools of investment in U.S. funds, as well as better align it with its U.S. peers. It said the changes will not affect how it runs its day-to-day activities in Canada.