Stocks in Canada’s biggest centre rose on Tuesday to a new nine-month high as higher commodities supported energy and mining stocks.
The S&P/TSX Composite Index remained positive 37.08 points to greet noon at 14,123.75
The Canadian dollar slid 0.29 cents to 76.34 cents U.S.
The index touched its highest level since Aug. 19, having rallied more than 22% from an almost three-and-a-half-year low in January.
The biggest movers on the index included Canadian Natural Resources, which rose 1.6% to $39.17, and Enbridge, which advanced 3.2% to $22.23
Barrick Gold climbed 3.1% to $22.21, while Goldcorp was up 2.6% at $22.21, among gold concerns.
Among a listless clutch of financial stocks, Bank of Nova Scotia reported second-quarter results below market expectations and increased funds set aside to cover bad loans by 40% as lending to energy companies turned sour.
Scotiabank shares fell 0.4% to $64.71
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 4.81 points to 675.23.
Seven of the 13 TSX subgroups were higher midday, as gold and the metals and mining each climbed 2.5%, while materials soared 2.1%.
The half-dozen laggards were anchored mostly by health-care, off 2.1%, real-estate, dipping 0.7%, and financials, skidding 0.5%.
ON WALLSTREET
U.S. stocks traded mixed Tuesday, the last trading day of May, as investors eyed data for indications on the timing of the next rate hike by the Federal Reserve.
The Dow Jones Industrials fell 88.14 points to 17,785.08, with Walt Disney and Boeing having the greatest negative impact on the Dow.
The S&P 500 faded 2.2 points to 2,096.86. Consumer staples proved the greatest decliner in the S&P 500 in midday trade.
The NASDAQ Composite stayed positive 4.2 points to 4,937.71,
On the economic slate, Chicago Purchasing Managers’ Index came in below expectations and in contraction territory at 49.3 in May.
Consumer confidence was 92.6 in May, down from 94.7 in April.
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 gained ground, lowering yields to 1.84% from Friday’s 1.85%. Treasury prices and yields move in opposite directions.
Oil prices gained 58 cents a barrel to $49.91 U.S.
Gold prices were up $9.89 to $1,214.84 U.S. an ounce.
