Equities in Canada’s largest centre rose at the open on Tuesday, as higher oil prices aided the energy sector, in the backdrop of optimism in global financial markets over signs of stimulus in the Chinese economy.
The S&P/TSX Composite Index recovered 69.9 points to open for business Tuesday at 16,286.16
The Canadian dollar nicked up 0.02 cents to 75.41 cents U.S.
Zambia says it has no plans to seize the assets of First Quantum Minerals and the copper producer intends to stay in the country despite the government's move to wrest control of a rival miner.
First Quantum shares charged ahead 45 cents, or 4.2%, to $11.22.
Quebec's economy minister said on Monday his government has ruled out investing in Bombardier's weak-selling regional jet program, which could be sold to Japan's Mitsubishi Heavy Industries Ltd.
Bombardier shares grabbed a penny to $10.53.
CIBC cut the target price on Hudson's Bay Company to $9.45 from $10.00. Bay shares added one cent to $9.08.
Barclays cut the rating on National Bank of Canada to underweight from equal weight. National shares faded six cents to $62.01.
ON BAYSTREET
The TSX Venture Exchange lost 2.14 points to 592.29
All but two of the 12 Toronto subgroups were in the green in the first hour Tuesday, as energy gushed 1.2%, materials gained 0.9%, and consumer discretionary registered 0.7% higher.
The two laggards were gold and real-estate, each dropping 0.2%.
ON WALLSTREET
Stocks rose on Tuesday as a resolution between Mexico and the U.S. to avoid tariffs and hopes of lower interest rates from the Federal Reserve lifted investor sentiment.
The Dow Jones Industrial Average leaped 112.31 points to open Tuesday at 26,174.99
The S&P 500 hiked 13.12 points to 2,899.85.
The NASDAQ Composite jumped 53.88 points to 7,877.05.
The Dow was poised to notch its seventh straight gain. That would mark the 30-stock index’s longest winning streak since May 2018, when it rose for eight straight days. Meanwhile, the S&P 500 is within 2% below an all-time high set in April.
Market expectations for lower rates by July sat around 78%. Investors are also pricing in a 97.1% chance of lower rates by December.
Prices for the benchmark 10-year U.S. Treasury were unchanged, leaving yields at Monday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices gained 37 cents to $53.63 U.S. a barrel.
Gold prices slipped $1.10 at $1,32820 U.S. an ounce.
