TSX Hits New High, Extends Winning Streak To 6th Session

(RTTNews) - The Canadian market hit a new all-time high on Tuesday, extending recent gains, even as markets in the U.S. and Europe turned in a lackluster performance ahead of the Federal Reserve's monetary policy announcement, due Wednesday afternoon.

The sharp fall in crude oil prices triggered a sell-off in the energy space, but strong gains in materials, consumer discretionary and industrials section lifted the market to a new high.

The benchmark S&P/TSX Composite Index ended up 83.44 points, or 0.5%, at 16,834.75, after rising to 16,855.45.

The capped Materials Index surged up 2.27%. Detour Gold Corp (DGC.TO), Barrick Gold Corp (ABX.TO), Kinross Gold Corp (K.TO), Kirkland Lake Gold (KL.TO), Novagold (NG.TO) and Iamgold Corp (IMG.TO) gained 4 to 6.4%.

Alacer Gold Corp (ASR.TO), Oceanagold Corp (OGC.TO), Agnico Eagle Mines (AEM.TO), Yamana Gold (YRI.TO) and B2Gold Corp (BTO.TO) moved up 3 to 3.75%.

Consumer discretionary shares Restaurant Brands International (QSR.TO), Aritzia Inc. (ATZ.TO), Dollarama Inc (DOL.TO) and Gildan Activewear (GIL.TO) gained 1.6 to 3.4%.

Energy stocks Encana Corp (ECA.TO), MEG Energy (MEG.TO), Vermilion Energy (VET.TO), Precision Drilling Corp (PD.TO), Enerplus Corp (ERF.TO), Cenovus Energy (CVE.TO) and Canadian Natural Resources (CNQ.TO) lost 3 to 6.5%.

Bank stocks Toronto-Dominion Bank (TD.TO), Royal Bank of Canada (RY.TO) and Bank of Nova Scotia (BNS.TO) posted modest gains.

In the healthcare space, CannTrust Holdings (TRST.TO) plunged 14.6%. Aphria Inc. (APHA.TO), Hexo Corp (HEXO.TO), Aurora Cannabis (ACB.TO) and Cronos Group Inc. (CRON.TO) lost 2.3 to 5.6%.

On the economic front, data released by Statistics Canada revealed that manufacturing sales decreased 1.3% to $57.2 billion in July, due to lower sales at primary metal and motor vehicle industries.

U.S. stocks ended modestly higher after a choppy session as traders seemed reluctant to make significant moves ahead of tomorrow's monetary policy decision.

The Dow inched up 0.1%, the Nasdaq climbed 0.4% and the S&P 500 gained 0.3%.

While Asian markets ended on a mixed note, most of the markets across Europe ended weak.

In commodities, West Texas Intermediate Crude oil futures for October ended down $3.56, or 5.7%, at $59.34 a barrel, reacting to news that Saudi Arabia has restored about half the production lost in the attacks last weekend.

Gold futures for December ended up $1.90, or 0.1%, at $1,513.40 an ounce.

On Monday, gold futures for December ended up $12.00, or about 0.8%, at $1,511.50 an ounce.

Silver futures for December ended up $0.114 at $18.140 an ounce, while Copper futures for December settled at $2.6270 per pound, down $0.0135 from previous close.
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