Canada's main stock index ticked higher on Tuesday, boosted by shares of miners and energy firms as crude and precious metal prices rose against a softer dollar.
The TSX Composite recovered 61.52 points, to pause for lunch Tuesday at 19,262.28.
The Canadian dollar gained 0.08 cents at 73.38 cents U.S.
IAMGOLD scaled to the top of the index, gaining 61 cents, or 24.4%, to $3.11 after the miner sold its assets in Senegal, Mali and Guinea for a total $282 million to Moroccan mining company Managem.
Elsewhere in the sector, OceanaGold added 29 cents, or 12.2%, to $2.66.
Health-care concerns withered in the midday sun, however, as Bausch Health Companies dropped 24 cents, or 2.5%, to $9.28, while Tilray fell 19 cents, or 4.7%, to $3.86.
On the economic calendar, Statistics Canada said retail sales increased 1.4% to $62.0 billion in October. Sales were up in six out of 11 subsectors, representing 84.4% of retail trade. The increase was led by higher sales at gasoline stations (+6.8%) and food and beverage stores (+2.2%).
ON BAYSTREET
The TSX Venture Exchange pointed upward 3.65 points to 561.85.
The 12 subgroups were divided evenly by noon hour, as gold soared 3.8%, materials climbed 1.6%, and energy gushed 0.9%.
The half-dozen laggards were weighed most by health-care, retreating 2.3%, consumer discretionary stocks, down 1%, and consumer staples, off 0.7%.
ON WALLSTREET
Stocks wavered Tuesday as Wall Street shook off a surprise move from the Bank of Japan that sent global bond yields up and fears that a year-end rally may not come to pass.
The Dow Jones Industrials held onto gains of 46.42 points to break for lunch at 32,803.96
The S&P 500 was unchanged at 3,817.66.
The NASDAQ Composite Index sank yet again, 18.99 points, to 10,527.04. All three major averages erased rallies from the morning as investors weigh hawkish central banks and recession worries.
Overnight on Tuesday, the Bank of Japan moved to widen its cap on the 10-year Japanese government bond yield, catching traders around the world off guard. That added to pressure from other hawkish central banks, with both the European Central Bank and the Federal Reserve raising rates last week and stoking recession fears.
A handful of big companies will report their quarterly results this week ahead of the Christmas holiday. General Mills will report before the bell Tuesday. Nike and FedEx are set to report after the bell.
In economic data, housing starts data for November are due Tuesday morning. This week promises lots of insight into the housing industry. Sales data for existing homes will be released Friday, new homes Friday.
November’s personal consumption expenditures report, a preferred measure of inflation for the Fed, is due on Friday.
Prices for the 10-year Treasury hurtled earthward, raising yields to 3.68% from Monday’s 3.59%. Treasury prices and yields move in opposite directions.
Oil prices dipped 23 cents to $74.96 U.S. a barrel.
Gold prices popped $28.70 to $1,826.4.10 U.S. an ounce.
