TSX Ends Slightly Higher After Volatile Session

(RTTNews) - After a weak start and a subsequent rebound, the Canadian stock market faltered around noon on Tuesday. It staged a recovery again, and after staying sluggish around the flat line for a long time, eventually managed to end modestly higher.

Gains in energy, financial and consumer discretionary shares led the market up. Stocks from rest of the sectors stayed mostly sluggish.

Even as U.S. and European markets rebounded strongly, buoyed by U.S. decision to ease trade restrictions on Chinese tech giant Huawei, the mood in the Canadian market was cautious with a somewhat negative bias right through the trading session due to weak bullion prices.

The benchmark S&P/TSX Composite Index ended up 24.72 points, or 0.15%, at 16,426.47, the day's high. The index touched a low of 16,354.31 in the session.

Financial stock Manulife Financial Corporation (MFC.TO) surged up 2.4%. Sun Life Financial (SLF.TO) and Canadian Imperial Bank of Commerce (CM.TO) both ended higher by about 1.35%.

Industrial stock Bombardier Inc. (BBD.B.TO) ended stronger by about 3.75%.

Energy stocks Suncor Energy (SU.TO), ARC Resources (ARX.TO) and Encana Corporation (ECA.TO) gained 1 to 2.3%.

Lundin Mining Corporation (LUN.TO) ended nearly 2% up. Kinross Gold Corporation (K.TO), IAM Gold Corporation (IMG.TO) and Barrick Gold Corporation (ABX.TO) lost 1 to 2.2%, while First Quantum Minerals (FM.TO) plunged 7.2%.

Cannabis stock Green Organic Dutchman Holdings (TGOD.TO) gained more than 5%. The Commerce Department issued a temporary license authorizing specific, limited engagement in transactions involving the export, re-export, and transfer of items to Huawei for 90 days.

Commerce Secretary Wilbur Ross said the temporary reprieve grants "operators time to make other arrangements and the Department space to determine the appropriate long term measures for Americans and foreign telecommunications providers that currently rely on Huawei equipment for critical services."

"In short, this license will allow operations to continue for existing Huawei mobile phone users and rural broadband networks," he added.

The move by the Trump administration led U.S. tech giant Google to reverse an earlier decision and announce it will continue to work with Huawei over the next 90 days.

U.S. stocks ended firmly in positive territory. Traders shrugged off data showing an unexpected drop in existing home sales in the month of April.

The Dow and S&P 500 climbed 0.8% and 0.9%, respectively. The Nasdaq ended stronger by 1.1%.

The major European markets too ended on a firm note. Asian markets turned in a mixed performance.

In commodities, West Texas Intermediate Crude oil futures ended down $0.11, at $62.99 a barrel.

Gold futures for June ended down $4.10, or 0.3%, at $1,273.20 an ounce, the lowest settlement in nearly three weeks.

Silver futures for July ended down $0.035, at $14.410 an ounce, while Copper futures for July settled at $2.7150 per pound, down $0.0110 from previous close.