Stocks in Canada’s largest market dipped on Tuesday as energy shares fell, offsetting a jump in Home Capital Group Inc on a plan to sell part of its mortgage book, while Valeant Pharmaceuticals International Inc also climbed.
The S&P/TSX Composite Index poked ahead 7.19 points to open Tuesday at 15,659.27
The Canadian dollar dipped 0.18 cents at 72.82 cents U.S.
Hudson's Bay Co has hired a debt restructuring adviser to review potential options for combining its business with debt-laden U.S. department store operator Neiman Marcus Group
Bay shares docked two cents to $11.41.
Valeant Pharmaceuticals International reported a first-quarter profit on Tuesday, compared with a year-ago loss, due to a one-time income tax benefit, and the drug maker also raised its full-year adjusted EBITDA forecast.
Valeant shares climbed $1.71, or 12.8%, to $15.07.
OpenText Corp reported a lower-than-expected quarterly profit on Monday as expenses rose over 50%, offsetting gains across all its businesses.
Open Text plummeted $2.65, or 5.6%, to $45.01.
BMO raised the price target on Absolute Software to $8.50 from $7.50, with a market perform rating.
Absolute shares ditched nine cents, or 1.2%, to $7.69.
CIBC cut the target price on Ensign Energy Services to $10.50 from $12.50. Ensign shares fell 40 cents, or 5%, to $7.44.
BMO raised the price target on Trilogy Energy to $5.00 from $4.75, with a market perform rating. Trilogy shares gained 13 cents, or 2.8%, to $4.76.
In the economic docket, Statistics Canada reported that the value of building permits issued by Canadian municipalities fell 5.8% to $7.0 billion in March, marking a second consecutive monthly decrease.
The agency adds that all provinces and territories, except Ontario and Quebec, registered decreases in the total value of building permits in March.
ON BAYSTREET
The TSX Venture Exchange eked up 0.77 points to 780.85
Seven of the 12 TSX subgroups were negative to start out, as information technology wilted 1.1%, gold lost 0.7%, while utilities faded 0.5%.
The five gainers were led by a 4% rise in health-care issues, while industrials and consumer discretionaries each picked up 0.3%.
ON WALLSTREET
U.S. stocks kicked off Tuesday's session higher, with the S&P 500 and NASDAQ improving on all-time highs as earnings season neared its end.
The Dow Jones Industrial Average gained 12.49 points to 21,024.77,
The S&P 500 eked up 1.91 to 2,401.29
The NASDAQ improved 17.51 points to 6,120.17
Companies set to report Tuesday include Priceline, News Corp. and Disney.
According to data from FactSet, 75% of the S&P 500 components that had reported as of Friday had topped bottom-line expectations, while 66% had beaten sales estimates. In total, 83% of S&P 500 companies had reported as of Friday.
In economic news, the National Federation of Independent Business survey showed small-business confidence slipped in April. Wholesale trade and JOLTS (job openings and labour turnover survey) are also due later on Tuesday.
Prices for the benchmark 10-year Treasury note fell back, raising yields to 2.4% from Monday’s 2.38%. Treasury prices and yields move in opposite directions.
Oil prices deducted 36 cents at $46.07 U.S. a barrel
Gold prices subtracted $7.20 at $1,219.60 U.S. an ounce.
