TSX Recovers After Weak Start, Records Fresh Closing High

(RTTNews) - The Canadian stock market shrugged off a somewhat shaky start, and its benchmark ended the abbreviated trading session on Tuesday at a fresh record high, led by gains in materials section.

Stocks gained amid optimism the U.S.-China phase one trade deal will be signed early January. However, activity was subdued due to Christmas and Boxing Day holidays.

Healthcare stocks rebounded after a weak start. A few stocks from industrial, real estate and utilities sections edged higher. Telecom, financial and consumer discretionary stocks were a bit subdued, while information technology stocks ended mixed.

The market ended at 1 PM for Christmas Eve, and will remain closed on Wednesday and Thursday, for Christmas and Boxing Day, respectively.

The S&P/TSX Composite Index ended up 51.44 points, or 0.3%, at 17,180.15, after recording a new peak at 17,180.15.

Shares from the materials space ended on a buoyant note, tracking higher gold and silver prices. Oceanagold Corp (OGC.TO), which climbed nearly 10%, was the top gainer in the Materials index. MAG Silver Corp (MAG.TO) and First Majestic Silver Corp (FR.TO) gained 7.3% and 6.65%, respectively.

Yamana Gold (YRI.TO), Iamgold Corp (IMG.TO), Ssr Mining (SSRM.TO), Novagold (NG.TO), Alamos Gold (AGI.TO) and Kinross Gold (K.TO) gained 4 to 6%.

Wheaton Precious Metals (WPM.TO), Kirkland Lake Gold (KL.TO), Eldorado Gold (ELD.TO), Barrick Gold Corp (ABX.TO), B2Gold Corp (BTO.TO), Pan American Silver Corp (PAAS.TO), Agnico Eagle Mines (AEM.TO), Sandstorm Gold (SSL.TO) and Detour Gold (DGC.TO) also rose sharply.

Bombardier Inc. (BBD.B.TO), Whitecap Resources (WCP.TO), Shopify Inc. (SHOP.TO), CNOOC (CNU.TO), Colliers International Group (CIGI.TO) and Cargojet Inc. (CJT.TO) closed with sharp to moderate gains.

U.S. stocks ended ended little changed. The Nasdaq inched up 0.1%, while the Dow dipped 0.1% and the S&P 500 edged down by less than a tenth of a percent.

Stock markets across the Asia-Pacific region turned in a mixed performance. European markets ended roughly flat after a lackluster session.

In commodities, West Texas Intermediate Crude oil futures for February ended at $61.11 a barrel, gaining $0.59, or about 1%.

Gold futures for February ended up $16.10, or about 1.1%, at $1,504.80 an ounce, their highest close in about seven weeks.

Silver futures for March ended up $0.354 at $17.853 an ounce, while Copper futures for March settled at $2.8275 per pound, gaining $0.0190 for the session.