Canada's main stock index on Tuesday as a gain in shares of energy and gold producers helped offset weakness in the financial sector.
The S&P/TSX composite index fell 50.39 points to begin Tuesday at 13,950.98
The Canadian dollar gained 0.19 cents to 76.89 cents U.S.
WestJet Airlines reported a 19% rise in quarterly profit, helped by lower fuel costs and addition of new routes. The airline's net earnings rose to $61.6 million, or 49 cents per share, in the second quarter ended June 30 from $51.8 million, or 40 cents per share, a year earlier. Revenue rose 1.3% to $942 million. WestJet shares gained 43 cents, or 1.9%, to $23.10.
Husky Energy reported a nearly 81% fall in quarterly profit as it struggles to cope with weak oil and gas prices. The company's net income fell to $120 million, or 10 cents per share, in the second quarter ended June.
Husky shares gained 45 cents, or 2%, to $23.02.
Power cuts in northwestern Zambia have affected production at mines run by Canada's First Quantum Minerals and Barrick Gold, an industry body said. Zambian power utility Zesco Ltd is limiting power it supplies to customers, including mining companies, after water levels at its hydro-electric plants dropped due to drought.
First Quantum shares gave back 39 cents, or 3.4%, to $11.17, while Barrick took on three cents to $9.01.
Barclays cut the price target on Open Text Corp to $65.00 from $67.00, saying forex impact may exacerbate organic decline, estimate fourth-quarter at low end of preannouncement.
Open Text shares faded 15 cents to $47.96.
Barclays cut the price target on PrairieSky Royalty to $30.00 from $3.00 based on unchanged valuation multiples after the company reported its second-quarter results. PrairieSky shares gained two cents to $26.18.
Acadian Timber Corp expects Q2 earnings of seven cents per share, when it reports today. Acadian shares dipped 17 cents to $18.16.
Capstone Mining Corp also reports, expecting a Q2 loss of two cents per share. Capstone shares took on a penny to 91 cents.
On the economic front, Statistics Canada reported that its Industrial Product Price Index hiked 0.5% in June, mainly because of higher prices for energy and petroleum products and motorized and recreational vehicles.
The Raw Materials Price Index was unchanged in June, as lower prices for metal ores, concentrates and scrap were mostly offset by higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange eked up 0.83 points to kick off Tuesday at 582.84
Eight of the 14 TSX subgroups were higher to begin the session, with global base metals moving up 1.2%, gold better by 1%, and industrials improving 0.6%.
The half-dozen laggards were weighed mostly by utilities, down 0.9%, while health-care and consumer staples were each off 0.4%.
ON WALLSTREET
U.S. stocks traded mostly higher on Tuesday as investors found encouragement from some recovery in Chinese stocks and eyed mixed earnings as the Federal Reserve began its two-day meeting.
The Dow Jones industrial average regained 21.71 points 17,462.30, with Exxon Mobil leading advancers and DuPont the greatest decliner.
The S&P 500 added 5.99 points to 2,073.63, with industrials leading nine sectors higher and utilities the only laggard.
The NASDAQ index gained 2.59 points to 5,042.37. Apple and biotech stocks held mostly higher, while other tech heavyweights Facebook, Microsoft and Google declined.
Earnings season continues with Ford and UPS posting results before the bell and Twitter and Buffalo Wild Wings reporting after the close.
Ford posted its best quarterly performance since 2000, with quarterly profit topping estimates and marking the automaker's highest every quarterly profit for North America.
UPS reported higher second-quarter net profit as improved margins offset a drop in revenue, Reuters reported. However, total revenue fell 1.2% from a year ago due to the strong U.S. dollar and lower fuel surcharges. The stock gained nearly 4%.
Pfizer raised its full-year forecast on rising sales of its newer drugs and beat expectations on both the top and bottom lines.
DuPont posted earnings that matched estimates on revenue that missed. The firm also lowered its outlook for the year on lower corn and soybean volumes as well as weaker demand for its crop protection products.
In economic news, U.S. consumer confidence for July came in at 90.9, missing expectations and posting a decline from June's read of 99.8.
The Case-Shiller 20-city home price index rose 4.9% in May from the same period last month, matching April's pace. The gain missed expectations for a 5.6% increase.
The Markit flash services PMI rose slightly from a five-month low, hitting 55.2 in July. The average for the year so far is 56.3.
The Federal Open Market Committee begins its two-day meeting Tuesday. No press conference is scheduled at its conclusion Wednesday afternoon.
Prices for 10-year U.S. Treasuries sagged, raising yields to 2.26% from Monday’s 2.22%. Treasury prices and yields move in opposite directions.
Oil prices down 16 cents a barrel to $47.23 U.S.
Gold prices dipped 40 cents to $1,096.50 U.S. an ounce.
