Equities in Toronto seesawed on Tuesday as recent strength in oil prices supported the shares of energy companies, offsetting a dip in financial sector stocks.
The S&P/TSX Composite fell 2.73 points to open Tuesday of a short week at 14,563.53
The Canadian dollar withered 0.21 cents to 75.69 cents U.S.
Barclays cut the price target on Crescent Point Energy to $23.00 from $28.00. Crescent Point shares acquired 12 cents to $17.83.
Barclays raised the price target on Whitecap Resources to $13.00 from $12.00. Whitecap picked up five cents to $11.43.
Barclays raised the price target on Vermilion Energy to $63.00 from $59.00. Vermilion shares climbed 82 cents, or 1.6%, to $53.18.
On the economic slate, Canada Mortgage and Housing Corporation revealed that housing starts registered 199,503 units in September compared to 196,465 in August. The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.
ON BAY STREET
The TSX Venture Exchange eked higher 0.88 points to 781.68.
Eight of the 12 TSX subgroups started the day lower, as gold dulled in price 1.8%, materials were down 0.7%, and information technology lurched lower 0.6%.
The four gainers were led by energy, up 1.1%, telecoms, ahead 0.3%, and the health-care sector, inching up 0.2%.
ON WALL STREET
U.S. stocks traded lower on Tuesday as corporate earnings season began while oil prices slipped from one-year highs.
The Dow Jones Industrials tumbled 84.44 points to 18,244.60, with UnitedHealth Group contributing the most losses.
The S&P 500 slumped 11.7 points to 2,151.96, with health-care leading all sectors lower.
The NASDAQ Composite surrendered 31.27 points to 5,296.98
Alcoa kicked off earnings season on a sour note, reporting weaker-than-expected quarterly results. The firm posted earnings per share of 32 cents and revenues of $5.21 billion U.S.
Analysts expected Alcoa to report profits of 35 cents per share on sales of $5.31 billion U.S. Alcoa shares fell more than 6.5% in early trade.
Building supplier Fastenal also posted weaker-than-expected results, sending the stock down 2%. Other companies slated to report this week include CSX, Wells Fargo and JPMorgan Chase.
Oil prices received a boost Monday after Russian President Vladimir Putin said Russia is ready to join a proposed cap on oil output by OPEC members.
Prices for the 10-year Treasury sagged, raising yields to 1.78% from Monday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil prices fell 19 cents to $51.16 U.S. a barrel
Gold prices dropped $4.20 to $1,256.20 U.S. an ounce.
