TSX Ends Roughly Flat After Volatile Session
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(RTTNews) - The Canadian market ended flat on Monday after a volatile session, as investors awaited earnings updates from major banks on Tuesday. Worries about tariffs and uncertainty about the outlook for growth weighed on sentiment.
Consumer staples and consumer discretionary stocks turned in a fine performance. Communications and materials shares were the other notable gainers in the session. Healthcare and energy stocks traded weak.
The benchmark S&P/TSX Composite Index, which tumbled to 25,020.03 in early trades, losing nearly 130 points in the process, climbed to 25,255.92 around mid afternoon, but pared most of its gains and finally ended the day's session with a small gain of 4.23 points or 0.02% at 25,151.26.
Dye & Durham soared 25%. Canada Goose Holdings zoomed 12%. Eldorado Gold, iA Financial Corporation, Lundin Gold, Westshore Terminals Investment Corporation, Cogeco Inc., E-L-Financial Corporation and Metro Inc gained 3 to 5.7%.
Cogeco Communications, Dollarama Inc., Restaurant Brands International, Loblaw Companies, Bombardier Inc., Jamieson Wellness, Bombardier Inc., ATS Corporation, Alamos Gold, Cargojet and NorthWest Company gained 2 to 3%.
Gran Tierra Energy plunged 12.5%. The company reported that its fourth-quarter net loss was $34.21 million, compared to prior year's profit of $7.71 million. Loss per share was $1.04, compared to profit of $0.23 a year ago.
Equinox Gold Corp. (EQX.TO) announced on Sunday that it entered into an agreement to acquire Calibre Mining Corp in an all-stock transaction, a deal that would value the combined companies at $5.4 billion.
Calibre shareholders will receive 0.31 Equinox common shares for each Calibre common share held, according to an Equinox press release. Existing Equinox shareholders and former Calibre shareholders will own approximately 65% and 35% of the outstanding common shares of the combined company.
Calibre Mining shares ended down nearly 4%, while Equinox Gold edged up marginally.
Hut 8 Corp., Celestica Inc and Tenaz Energy Corp lost 7.2%, 6.8% and 5.1%, respectively. TFI International, Endeavour Mining, Brookfield Renewable Corporation, Newmont Corporation, Canadian National Raiway, Torex Gold Resources and Kinaxis ended lower by 2 to 4.3%.