Stocks in Canada’s largest centre edged higher on Tuesday as bank and resource shares eked out gains to help keep the market afloat.
The S&P/TSX Composite Index moved negative 5.84 points to approach noon at 15,623.63
The Canadian dollar gained 0.15 cents to 73.52 cents U.S.
The most influential movers on the index were Bank of Nova Scotia, which rose 0.6% to $76.18, and Royal Bank of Canada, which nudged 0.4% higher to $93.97.
Energy concerns faded, with Enbridge off six cents to $54.48, and Encana Corp also giving up gains and shedding six cents to $15.38.
Wheaton Precious Metal Corp., formerly known as Silver Wheaton Corp, rose 1.7% to $29.00 to help lift the materials group
Also on the downside was loyalty program provider Aimia Inc, which slumped 0.3% to $9.84. Aimia shares have been battered after Air Canada announced last week that it would launch its own loyalty program in 2020.
BCE was off 0.3% at $60.96, after it said a hacker accessed customer information containing about 1.9 million active email addresses.
In the health-care sector, Canopy Growth took on a nickel to $8.31, while Valeant Pharmaceuticals added 23 cents, or 1.2%, to $19.56.
On a day light on economic tidings, data showed that lending to small Canadian businesses was little changed in March compared to the month before, though borrowing by medium-sized companies jumped as they benefited from a recovery in the energy sector.
ON BAYSTREET
The TSX Venture Exchange clung to gains of 1.2 points to 806.29
Seven of the 12 TSX subgroups hung onto gains by noon, as health-care climbed 1.1%, while materials and information technology each up 0.5%
The five laggards were weighed most by energy, slumping 0.6%, telecoms, off 0.5%, and industrials, down 0.3%.
ON WALLSTREET
Stocks gave up initial gains on Tuesday after the S&P 500 and NASDAQ composite hit new all-time highs.
The Dow Jones Industrials Average docked 11.25 points to move into noon hour at 20.970.69, with UnitedHealth Group contributing the most losses. UnitedHealth was also on track for its worst day since Feb. 17.
The S&P 500 slipped 3.22 points from Monday’s all-time high to 2,399.10, after the health care sector traded 0.5% lower to lead decliners.
Pfizer was among the worst performers in the sector along with UnitedHealth.
The NASDAQ added 0.83 points to Monday’s all-time high at 6,150.51.
The 30-stock Dow had traded higher earlier in the session on the back of stronger-than-expected quarterly results from Home Depot.
The home-improvement retailer reported first-quarter earnings of $1.67 a share on revenue of $23.89 billion. Analysts expected a profit of $1.62 per share on sales of $23.74 billion. Home Depot's stock rose about 1.8% in early trade.
Home Depot's stock has been on a tear this year, rising nearly 20% in the period.
The S&P and NASDAQ managed record highs in recent days despite an array of mixed news coming out of Washington. Last week, President Donald Trump fired FBI Director James Comey and, on Monday, he defended his sharing of reportedly highly classified information with Russian officials via Twitter.
Prices for the benchmark 10-year Treasury note was higher, dropping yields to 2.31% from Monday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices gained seven cents at $48.92 U.S. a barrel
Gold prices picked up $7.20 at $1,237.20 U.S. an ounce.
