Equities on Canada’s most notable stock market gained in morning trade on Tuesday, extending a 17-month high as base metal mining and banking shares rose.
The S&P/TSX Composite saw its gains minimized to 1.61 points to move into noon hour at 15,041.48, following Monday’s 175-point hike, which put the index at 17-month highs.
The Canadian dollar erased 0.14 cents at 74.39 cents U.S.
The most influential gainers included Teck Resources, which rose 3.3% to $33.07, and First Quantum Minerals, which jumped 4% to $15.39.
Prices for copper, which both companies mine, rallied 2% to a one-week high, powered by signs of tighter supply and increased Chinese demand and as investors broadly bet on rising U.S. inflation.
Barrick Gold Corp shed 1.8% to $20.30 and Potash Corp fell 1.5% to $24.13.
The financials group gained, with Royal Bank of Canada up 0.9% at $89.77 and Toronto-Dominion Bank adding 0.5% to $63.63.
Fairfax Financial Holdings Ltd gained 1.9 percent to C$616.20. The firm's Chief Executive Prem Watsa said earlier this month it had reduced its famously bearish outlook in light of Trump's victory.
The energy group retreated, even as oil prices hit their highest level this month as a growing market consensus emerged that the Organization of the Petroleum Exporting Countries would overcome internal disputes and skepticism to strike a deal materially reducing crude output.
Industrials rose as shares in Bombardier advanced 1.1% to $1.89. The plane and train maker said it won an eight-year, $331-million contract from Montreal's regional transport authority.
On the economic slate, Statistics Canada reported that retail trade rose 0.6% to $44.4 billion in September on the strength of higher sales at motor vehicle and parts dealers. The hike broke a four-month string of stagnant readings.
Moreover, Canadians on employment insurance totaled 571,800 in September, up 3,300 or 0.6% from August. On a year-over-year basis, the number of beneficiaries was up 27,800, or 5.1%.
ON BAYSTREET
The TSX Venture Exchange floundered 15.8 points, however, or 2.1%, to 732.07
The 12 TSX subgroups were evenly split between gainers and losers, as industrials moved 0.7% higher, utilities picked up 0.6%, and consumer discretionaries, better by 0.5%.
The half-dozen laggards were weighed most heavily by health-care, down 1.9%, gold, off 1.5%, and energy, 0.7% less energetic.
ON WALLSTREET
U.S. equities traded mostly higher on Tuesday, after hitting new all-time highs, as investors digested housing data and kept an eye on President-elect Donald Trump's policy agenda.
The Dow Jones Industrials gained 22.63 points to break for noon hour at 18,979.32, after breaking above 19,000 for the first time ever shortly after the open, with Verizon leading advancers and Visa the top decliner.
The S&P 500 wilted 0.49 points from its intraday high to 2,197.69, with telecommunications leading nine sectors lower and energy and health-care the only decliners.
The NASDAQ composite index added 9.27 points to 5,378.13, also trading at fresh record highs.
In corporate news, medical equipment maker Medtronic reported mixed quarterly results. Medtronic also cut its full-year forecast, as customers delay purchases ahead of new products entering the marketplace. Meanwhile, KKR is buying Japanese auto parts maker Calsonic from Nissan Motors and its partners for $4.5 billion U.S.
Market expectations for a Federal Reserve interest rate hike in December have now climbed to 100%.
On Monday, Trump expanded on his policy agenda, which includes withdrawing from the Trans-Pacific Partnership (TPP). The trade pact was a centrepiece of the Obama administration's "pivot" towards Asia and was meant to solidify the U.S.'s presence in what is considered by many American companies as the most economically dynamic part in the world.
In economic news, existing home sales rose to their highest annual rate since February 2007. There are no other major data due Tuesday, but Wednesday will see several reports released, as the U.S. will celebrate the Thanksgiving holiday on Thursday.
Treasury prices for the 10-year note were higher, lowering yields to 2.29% from Monday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices shed 70 cents to $47.54 U.S. a barrel
Gold prices hiked $3.10 to $1,212.90 U.S. an ounce.
