Canada's main equity gauge ended the trading session higher on Tuesday, with advances concentrated in Information Technology, Energy and Clean Technology industries that helped lift the S&P/TSX Composite.
At the close in Toronto the S&P/TSX Composite was up 0.16%.
Among individual movers, goeasy Ltd (TSX:GSY) led gains on the index, jumping 13.14% - a rise of 4.44 points - to finish at 38.24. ATS Corporation (TSX:ATS) also recorded a strong advance, adding 6.19% or 2.45 points to close at 42.00. NFI Group Inc (TSX:NFI) rose 5.71%, an increase of 1.02 points, to end the day at 18.87.
On the downside, G Mining Ventures Corp (TSX:GMIN) was the heaviest loser among the session's names, sliding 6.36% or 3.12 points to close at 45.90. OceanaGold Corporation (TSX:OGC) fell 5.34% - down 2.57 points - to 45.56 at the close, and NovaGold Resources Inc (TSX:NG) declined 3.96% or 0.55 points to finish at 13.33.
Market breadth on the Toronto Stock Exchange showed more rising names than decliners, with 560 issues up versus 382 down, and 76 stocks unchanged.
Implied volatility on the S&P/TSX Composite, as measured by the S&P/TSX 60 VIX, eased 1.28% to 19.30.
Commodities posted mixed moves. Gold Futures for April delivery gained 0.13% or 6.44 to $5,008.64 a troy ounce. Crude oil for May delivery climbed 3.16% or 2.92 to $95.38 a barrel, while the May Brent contract increased 3.41% or 3.42 to trade at $103.63 a barrel.
In FX and index futures, CAD/USD was effectively unchanged, moving 0.07% to 0.73, and CAD/EUR was unchanged, moving 0.34% to 0.63. The US Dollar Index Futures was down 0.12% at 99.35.
Summary
The Toronto market closed modestly higher, supported by strength in IT, Energy and Clean Technology stocks. Several individual names posted double-digit or high-single-digit gains, while select miners and resources stocks declined. Volatility measures slipped and key commodity prices, including oil and gold, rose over the session.
Key points
- The S&P/TSX Composite rose 0.16% at the close, led by IT, Energy and Clean Technology sectors.
- Top session winners included goeasy Ltd (TSX:GSY) +13.14%, ATS Corporation (TSX:ATS) +6.19% and NFI Group Inc (TSX:NFI) +5.71%.
- Notable decliners were G Mining Ventures Corp (TSX:GMIN) -6.36%, OceanaGold Corporation (TSX:OGC) -5.34% and NovaGold Resources Inc (TSX:NG) -3.96%; market breadth favored advancers 560 to 382 with 76 unchanged.
Risks and uncertainties
- Sector concentration - Gains were led by a handful of sectors (IT, Energy, Clean Technology), which could leave the market vulnerable if those sectors reverse.
- Commodity volatility - Prices for oil and gold moved higher during the session, creating uncertainty for resource-exposed companies and sectors.
- Individual stock swings - Large percentage moves in names such as goeasy Ltd and G Mining Ventures show continued idiosyncratic risk among single stocks.