Markets in Toronto shook off the cobwebs of a long weekend and poked up at the end of Tuesday’s session, despite losses in communication and consumer stocks which hampered upward mobility.
The TSX Composite finished Tuesday higher 24.77 points to 20,441.08
The Canadian dollar climbed $0.14 cents to 80.26 cents U.S.
Stock markets in Canada were closed Monday for Thanksgiving.
Communications took the biggest knocks Tuesday, with Rogers surrendering $1.13, or 1.9%, to $57.95, while Cogeco Communications dropped $1.46, or 1.3%, to $109.91.
Consumer discretionary issues were also pushed around, with Aritizia falling $1.94, or 4.6%, to $40.21, while Sleep Country Holdings down $1.04, or 3.1%, to $32.35.
Among consumer staples, Alimentation Couche-Tard slid 84 cents, or 1.8%, to $46.94, while North West Company shed 23 cents to $33.43.
Materials led gainers, with Canfor climbing $12.5, or 4.5%, to $28.87, while West Fraser galloped $4.06, or 3.7%, to $112.53.
Gold stocks also fared well, with Equinox gaining 33 cents, or 3.6%, to $9.51, while Iamgold spiked 16 cents, or 5.2%, to $3.22.
In utilities, Innergex Renewable Energy hoisted $1.60, or 8.4%, to $20.68, while Brookfield Renewable Partners leaped $2.39, or 5.3%, to $47.55
ON BAYSTREET
The TSX Venture Exchange gained 17.84 points, or 2%, to 895.32.
Seven of the 12 TSX subgroups were lower, as communications sagged 1%, consumer discretionary stocks faded 0.6%, and consumer staples fell 0.4%.
The four gainers were led by materials, up 1.5%, gold, hiking 1.3%, and utilities, spiking 1.2%.
Industrial stocks were unchanged at the close.
ON WALLSTREET
The three major U.S. stock indexes closed lower for a third consecutive session Tuesday ahead of a key inflation reading and a kick-off to third-quarter earnings season.
The Dow Jones Industrials slumped 117.72 points, to 34,378.34.
The S&P 500 settled 10.54 points to 4,350.65.
The NASDAQ Composite subtracted 20.27 points to 14,465.92.
Markets were "mostly in wait-and-see mode" ahead of report releases this week, Bank of America said.
The International Monetary Fund on Tuesday cut its global growth forecast, citing supply chain challenges and persistent COVID spread.
The IMF said central banks like the Federal Reserve should be prepared to tighten monetary policy if inflation runs too hot.
Job openings in August fell by more than half a million to 10.4 million, according to the U.S. Labor Department’s latest Job Openings and Labor Turnover Survey released Tuesday.
JPMorgan Chase and Delta Air Lines are scheduled to kick off the third-quarter earnings season Wednesday with reports before the bell.
Other major companies reporting quarterly financial results later this week include Bank of America, Walgreens Boots Alliance, Wells Fargo, Morgan Stanley, Citigroup and Goldman Sachs.
Earnings growth is expected to grow about 30% year over year this quarter following a 96.3% expansion in the second quarter,
Prices for 10-year Treasurys jumped, lowering yields to 1.57% from Monday’s 1.61%. Treasury prices and yields move in opposite directions.
Oil prices lopped off one cent to $80.51 U.S. a barrel.
Gold prices hiked $5.70 to $1,761.40 U.S. an ounce.
