Equities in Canada’s biggest market rose on Tuesday as higher oil prices supported energy stocks, while financials were little changed after one of the country's major banks reported results that were below market expectations.
The S&P/TSX Composite Index regained 67.01 points to begin Tuesday at 14,153.68
The Canadian dollar slid 0.05 cents to 76.58 cents U.S.
Bank of Nova Scotia said provisions for bad loans increased by 40% in the second quarter, compared with the previous quarter, driven primarily by exposure to the energy sector.
Scotiabank shares dipped 29 cents to $64.66
An Australian mining veteran who made investors billions with a shrewd bet on coal in Mozambique is aiming for another big score with Champion Iron, even as a global gush of new supply threatens to depress already slumping prices.
Champion shares were unchanged at 19 cents.
Raymond James raised the rating on Ensign Energy Services to market perform.
Ensign sprinted higher 13 cents, or 1.9%, to $7.16.
KBW raised the target price on Toronto-Dominion Bank to $56.00 from $52.00.
TD shares fell two cents to $57.60.
Raymond James raised the rating on Western Energy Services to outperform. Western shares vaulted 22 cents, or 8.3%, to $2.87.
On the economic front, Statistics Canada says this country’s economy grew 0.6% during the first quarter of this year, following up on a 0.1% hike in the last quarter of 2015. However, GDP decreased 0.2% in March, after edging down 0.1% in February.
ON BAYSTREET
The TSX Venture Exchange added 1.03 points to 671.45.
Seven of the 13 TSX subgroups were higher, led by metals and mining, up 2%, energy, 1.5% more energetic, and materials, stronger 1.1%
The half-dozen laggards were weighed most by health-care, off 0.7%, real-estate, sliding 0.5%, and telecoms, down 0.3%.
ON WALLSTREET
U.S. stocks traded mostly higher Tuesday, the last trading day of May, as investors eyed data for indications on the timing of the next rate hike.
The Dow Jones Industrials tottered 11.03 points to 17,873.22, with Goldman Sachs leading advancers and Walt Disney the greatest decliner.
The S&P 500 nicked up 1.22 points to 2,100.28. Energy and financials led S&P 500 advancers in morning trade
The NASDAQ Composite added 11.03 points to 4,944.54
U.S. markets were closed Monday for Memorial Day. As of Friday's close, the Dow was up about 0.5% for the month, tracking for its first four-month win streak since 2014. The S&P 500 was up 1.6% for May, on pace for its first three-month win streak since 2014.
On the economic slate, Chicago Purchasing Managers’ Index and consumer confidence figures are expected later Tuesday morning.
Earlier reports showed personal spending increased 1% in April, the biggest gain in more than six years. Personal income rose 0.4%
The core personal consumption expenditures price index that excludes food and energy rose 0.2% last month after edging up 0.1% increase in March. In the 12 months through April the core PCE rose 1.6% after a similar increase in March.
The S&P/Case Shiller composite index of 20 metropolitan areas rose 5.4% year-over-year in March, matching the increase the month before and beating the 5.2% estimate from a poll of economists.
Prices for the 10-year Treasury settled, raising yields to 1.88% from Friday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices regained 20 cents a barrel to $49.53 U.S.
Gold prices were up $8.08 to $1,213.03 U.S. an ounce.
