Equities in Toronto recaptured some of the strength (and dignity) following last Friday’s sharp losses, as resource stocks came to the fore Tuesday.
The TSX vaulted 502.72 points, or 1.7%, to conclude Tuesday at 30,353.61.
The Canadian dollar skidded 0.01 cents at 71.22 cents.
In corporate developments, investment firm Brookfield said on Monday it would buy the remaining 26% stake in U.S.-based asset manager Oaktree Capital Management for about $3 billion.
Brookfield shares climbed $3.35, or 5.6%, to $63.64.
Bombardier added a new order from Comlux Aviation for its Global 8000 business jet to its backlog, the Canadian plane maker announced on Monday.
Bombardier acquired $3.89, or 2.1%, to $194.11.
Orla Mining jumped $3.02, or 19.6% to a record high of $18.44, after lifting annual consolidated production outlook to 285,000 ounces of gold from 265,000 ounces earlier.
Gold led the parade of winners Tuesday, as Aris Gold zoomed $1.03, or 7.3%, to $15.14, while Iamgold popped $1.36, or 7.7%, to $19.12.
In other resource stocks, Endeavour Silver triumphed $1.50, or 14%, to $12.22, while Ero Copper rose $3.17, or 10.6%, to $33.07.
In consumer stocks, BRP raced ahead $5.72, or 6.4%, to $95.11, while Restaurant Brands International added $2.80, or 3%, to $96.42.
Telecoms sank, primarily, BCE, retreating 71 cents, or 2.1%, to $32.75.
In energy issues, Kelt Exploration doffed 13 cents, or 2%, to $6.35, while Headwater Exploration lost seven cents, or 1%, to $7.16.
On matters economic, Statistics Canada reported in August, the total value of building permits issued in Canada was down $139.2 million (-1.2%) to $11.6 billion.
ON BAYSTREET
The TSX Venture Exchange popped 37.17 points, or 3.8%, to 1,017.94.
All but two of the 12 TSX subgroups were higher Tuesday, led by gold, shinier 4.2%, materials, stronger 3%, and consumer discretionary, improving 2.1%.
Telecoms sank 0.6%, while energy trailed 0.3%.
ON WALLSTREET
The S&P 500 staged a big comeback from its lows on Tuesday, but gave a lot of it back again before the closing bell as U.S. and China traded blows in a renewed trade feud.
President Donald Trump criticized China for not buying soybeans, a comment that pushed the S&P 500 into the red to finish the session.
The 30-stock index soared 203.66 points, or %, to close Tuesday at 46,271.24
The much-broader index fell back 10.41 points to 6,644.31
The tech-heavy NASDAQ plummeted 172.91 points to 22,521.70
Tech stocks such as Nvidia remained under pressure. However, as a strong start to the earnings season serves as an encouraging sign that fundamentals remain strong.
Citigroup hiked 4.6% and Wells Fargo rose 8.3%, respectively, on better-than-expected earnings. JPMorgan and Goldman also beat estimates, but they fell slightly.
Stocks opened the day lower after China overnight moved to tighten its grip on global shipping, adding fuel to an already volatile global trade backdrop. China imposed sanctions on five of South Korea’s Hanwha Ocean’s U.S. subsidiaries.
This will forbid organizations and individuals in China from doing business with the affected companies. The move, the Chinese government said, aims at strengthening China’s security.
China imposed sanctions on five of South Korea’s Hanwha Ocean’s U.S. subsidiaries. This will forbid organizations and individuals in China from doing business with the affected companies. The move, the Chinese government said, aims at strengthening China’s security.
The move, the Chinese government said, aims at strengthening China’s security.
U.S. Treasury secretary Scott Bessent said Monday to the Financial Times that China’s recent action signals its economic weakness, adding that the country’s leaders “want to pull everybody else down with them.”
U.S. Trade Representative Jamieson Greer then told the media Tuesday that it depends on China’s next actions if the 100% additional tariffs threatened by Trump go into effect Nov. 1 or even sooner.
But Trump hit China late Tuesday again on Truth Social, saying the country choosing to not buy U.S. soybeans was ’an economically hostile act.” Stock indexes pulled back from their highs slightly into the close following Trump’s post.
Prices for the 10-year Treasury took off Tuesday, lowering yields back to Monday’s 4.03%. Treasury prices and yields move in opposite directions.
Oil prices deleted $1.04 to $58.45 U.S. a barrel.
Gold prices took on $21.00 to $4,154.00 U.S. an ounce.
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