Equities strengthened in Toronto Tuesday, even as investors, wary over political uncertainties from the United States to the Middle East, moved toward gold mining companies, bolstered by a surge in bullion prices.
The S&P/TSX Composite Index progressed 48.42 points to close trading Tuesday at 15,464.56
The Canadian dollar inched up 0.21 cents to 74.41 cents U.S.
Gold stocks took off like a Saturn rocket, with IAMGOLD shooting up 65 cents, or 10.7%, to $6.72, while Kinross Gold climbed 47 cents, or 8.2%, to $6.19.
In the materials sector, Agnico Eagle Mines jumped $2.87, or 4.4%, to $67.72, and First Majestic Silver vaulted 90 cents, or 8.1%, to $11.98.
Energy stocks also showed muscle, as Enbridge leaped 60 cents, or 1.1%, to $53.10, while Crescent Point Energy gained 33 cents, or 2.8%, to $12.14.
On the not-so-positive side, tech stocks got dinged, as BlackBerry shaved off three cents to $15.02, while Constellation Software sank $14.70, or 2%, to $704.21.
Among consumer discretionary issues, Canadian Tire dropped 82 cents to $150.95, while Magna International demurred 42 cents to $61.62.
In the consumer staples sector, Metro lost 33 cents to $45.59, while Restaurant Brands International sagged 55 cents to $80.57.
On the economic front, Western University’s IVEY School of Business reported Purchasing Manager's Index (seasonally-adjusted) for May stands at 53.8, indicating that purchases were less than the previous month. The number for April was 62.4, while the May 2016 figure was 49.4.
Any reading over 50 denotes expansion among purchasing managers’ expenditures; anything below 50 indicates contraction.
ON BAYSTREET
The TSX Venture Exchange gained 3.37 points to 800.58
Seven of the 12 TSX subgroups remained negative, as information technology dipped 1.1%, while consumer discretionary and consumer staples each faded 0.4%.
The five gainers were led by gold, firing up 4.4%, materials, hurtling 3.1%, and energy, up 1.4%.
ON WALLSTREET
U.S. equities closed lower on Tuesday as Wall Street hedged bets ahead of key events slated for later this week.
The Dow Jones Industrials plunged 47.81 points to 21,136.23, with Wal-Mart leading decliners and Exxon Mobil outperforming.
The S&P 500 dipped 6.77 points to 2,429.33, with consumer discretionary leading seven sectors lower and energy outperforming.
The NASDAQ plummeted 20.63 points to 6,275.06
In economic news, job openings hit a record high in April, according to the Job Openings and Labour Turnover Survey (JOLTS), which showed a total of six million openings.
The three indexes briefly a small bid in afternoon trade amid media reports that former Federal Bureau of Investigation Director James Comey will stop short of saying President Donald Trump obstructed justice in the bureau's investigation of ex-national security advisor Michael Flynn's Russian ties, but failed to follow through.
Comey is slated to testify Thursday in front of the Senate intelligence committee, marking his first public comment since being fired by Trump.
Investors also braced themselves for a general election in the United Kingdom set for Thursday. While a vast majority of observers still expect Theresa May to emerge victorious on Thursday, a Survation poll published last weekend placed the prime minister's ruling right-wing Conservative Party ahead by just a single percentage point.
Prices for the benchmark 10-year Treasury note hiked, lowering yields to 2.14% from Monday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices gained 86 cents to $48.26 U.S. a barrel
Gold prices gained $13.30 at $1,296.00 U.S. an ounce.
