(RTTNews) - The Canadian market retreated after an early uptick Thursday morning, and despite a subsequent recovery, struggled till an hour past noon before climbing higher to end the session on a positive note.
Telecom stocks had a good outing thanks to fairly encouraging results from Roger Communications Inc. Energy stocks played a key role in driving the market up and several stocks from the healthcare space too moved higher.
Financial stocks saw some buying in afternoon trades. Materials and information technology stocks were weak. Shares from rest of the sectors turned in a mixed performance.
Although U.S. lawmakers have been unable to patch up certain crucial differences and work out a stimulus package, it is widely expected that they will eventually arrive at a compromise and announce a deal sometime soon.
The benchmark S&P/TSX Composite Index ended up 49.13 points or 0.3% at 16,279.36. The index touched a low of 16,148.64 and a high of 16,294.00 in the session.
The Capped Telecom Services Index surged up 4.2% as key energy stocks rose on higher crude oil prices. Rogers Communications (RCI.B.TO) soared more than 11.5%. The company reported a decrease in net income for the third quarter to C$512 million or C$1.01 per share from C$593 million or C$1.14 per share in the year-ago period. Adjusted earnings for the quarter were C$1.08 per share, compared to C$1.19 per share last year.
Corus Entertainment (CJR.B.TO) climbed 7.65%. Telus Corp (T.TO) and BCE (BCE.TO) moved up 2.5% and 2.1%, respectively, while Shaw Communications (SJR.B.TO) gained 1.5%.
The Capped Energy Index also gained over 4%. Seven Generations Energy (VII.TO) zoomed more than 9%. Vermilion Energy (VET.TO) spurted 8%, Suncor Energy (SU.TO) moved up 6.4%, while Enerplus Corp (ERF.TO), Crescent Point Energy (CPG.TO), Cenovus Energy (CVE.TO) and Whitecap Resources (WCP.TO) firmed up 5 to 6.5%.
Tourmaline Oil Corp (TOU.TO), Imperial Oil (IMO.TO), Husky Energy (HSE.TO), PrairieSky Realty (PSK.TO) and Arc Resources (ARX.TO) were among the other major gainers.
Healthcare stocks Canopy Growth Corp (WEED.TO), Cronos Group (CRON.TO) and Bausch Health Companies (BHC.TO) gained 2.5 to 4%.
In the financial section, Manulife Financial (MFC.TO), Great-West Lifeco (GWO.TO), Toronto-Dominion Bank (TD.TO), Bank of Nova Scotia (BNS.TO) and Bank of Montreal (BMO.TO) gained 1 to 1.75%.
Sun Life Financial (SLF.TO) ended 1.15% up. Sun Life will buy a majority stake in alternative credit investment manager Crescent Capital Group LP for up to $338 million, according to the statements from the companies.
Among technology stocks, Enghouse Systems (ENGH.TO) declined more than 4.5%. Absolute Software (ABT.TO), Quarterhill Inc. (QTRH.TO), Constellation Software (CSU.TO) and Shopify Inc. (SHOP.TO) lost 1.4 to 2.1%.
Materials shares tumbled after gold and silver prices fell. Silvercrest Metals (SIL.TO), Kinross Gold Corp (K.TO), Agnico Eagle Mines (AEM.TO), Ssr Mining (SSRM.TO), Endeavour Mining Corp (EDV.TO) and Kirkland Lake Gold (KL.TO) lost 2 to 4.5%. Barrick Gold (ABX.TO), B2Gold Corp (BTO.TO) and Wheaton Precious Metals (WPM.TO) also declined sharply.
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