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Canada’s main stock index edged higher by the close Monday, but was held back as oil stocks weren’t able to keep their gains despite a slight recovery in oil prices and marijuana stocks declined.

The Toronto Stock Exchange’s S&P/TSX rose 1.92 points, or 0.01 per cent, to 15,012.65.

Five of the index’s 11 major sectors were lower.

The health care sector was the biggest decliner, off 3.1 per cent as Aphria fell 8.7 per cent, Aurora Cannabis was off 6.1 per cent and Canopy Growth dropped 6 per cent.

The utilities sector was off 0.9 per cent as Altagas dropped 7.9 per cent and Superior Plus fell 2 per cent. Canadian Utilities was off 1.6 per cent.

The energy sector declined 0.3 per cent after climbing earlier, despite a nearly 3-per-cent gain in oil prices. Encana was off 1.5 per cent, Arc Resources fell 4.8 per cent and Birchcliff Energy declined 4.6 per cent.

Oil clawed back some of last week’s steep losses, although gains were capped by uncertainty over global economic growth and further signs of increasing supply, including record Saudi production.

Brent crude futures rose US$1.68 to settle at US$60.48 a barrel, a 2.9-per-cent gain. U.S. West Texas Intermediate (WTI) crude gained US$1.21, or 2.4 per cent, to close at US$51.63 a barrel.

Prices on Friday hit their lowest since October 2017 amid intensifying fears of a supply glut. Brent sank to US$58.41 a barrel, while WTI fell to US$50.15 a barrel.

However, the tech sector bucked the down trend, rising 2.5 per cent. Shopify gained 7.4 per cent amid a strong holiday online shopping season. BlackBerry rose 3.5 per cent and Descartes Systems added 2.7 per cent.

Telecom Services rose 0.6 per cent as BCE rose 1.1 per cent and Rogers gained 1 per cent.

Wall Street bounced back on Monday as bargain hunters returned in force after last week’s sell-off and expectations of a flurry of holiday cyber-spending drove up shares of retailers.

The Dow Jones Industrial Average rose 354.36 points, or 1.46 per cent, to 24,640.31, the S&P 500 gained 40.91 points, or 1.55 per cent, to 2,673.47 and the Nasdaq Composite added 142.87 points, or 2.06 per cent, to 7,081.85.

The three major U.S. indexes each rose more than 1.3 per cent, and the S&P 500 was setting a course for its biggest percentage gain in nearly three weeks. The index on Friday closed 10.2 per cent below its record high, confirming a correction for the second time this year.

The expected frenzy of Cyber Monday kicked off as online retailers enticed customers with a blizzard of discounts and free shipping. Cyber Monday spending is seen reaching a record US$7.8-billion, according to Adobe analytics.

“We got a bounce after the oversold market coming out of Friday and also due to seasonal factors,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “It looks like so far retail sales have been strong, both with brick-and-mortar and online, which is always a positive.”

E-commerce bellwether was up 5.3 per cent, providing the biggest boost to both the Nasdaq and the S&P Retail index, which was up 2.3 per cent.

Crude oil prices were on track to post their biggest percentage jump in more than a year due to plunging U.S. stockpiles and increasing supply worries, driving energy shares up 1.6 per cent.

General Motors Inc. announced it would cut production, axe low-selling models and slash its North American headcount in the automaker’s biggest restructuring since emerging from bankruptcy a decade ago. It announced it was shuttering five North American plans – including its plant in Oshawa, Ont., by next year. The stock was last up 4.8 per cent.

All 11 major sectors of the S&P 500 were trading in positive territory.

The technology sector rose 2.3 per cent, following a more than 6-per-cent slide last week, its worst drop in eight months.

Nvidia Corp gained 5.6 per cent after Credit Suisse initiated coverage of the chipmaker with a bullish outlook.

Zafgen Inc shares plummeted 40.6 per cent after the U.S. Food and Drug Administration put a hold on U.S. trials of the company’s experimental diabetes drug, citing safety concerns.

The third-quarter reporting season is largely in the rear-view mirror with nearly 97 per cent of companies in the S&P 500 having reported, 77.9 per cent of which beat analyst expectations, according to Refinitiv data.

Investors were looking ahead to the G20 Summit convening in Buenos Aires on Friday and Saturday, with U.S. President Donald Trump and China Xi Jinping expected to meet regarding their two countries’ escalating tariff spat.

With files from Reuters

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