Canada's main stock index opened higher Tuesday, as steadying gold prices helped shares of precious metals miners.
The S&P/TSX Composite Index gained 21.02 points to begin Tuesday’s session at 15,573.08
The Canadian dollar inched up 0.09 cents to 77.95 cents U.S.
Mitel Networks Corp said on Tuesday it would be bought by an investor group led by Searchlight Capital Partners in a deal valued at about $2 billion, including debt.
Mitel shares sprinted ahead $1.42, or 10.9%, to $14.46.
Tim Hortons owner Restaurant Brands International reported a better-than-expected first-quarter profit on Tuesday as more diners visited its fast food restaurants.
Restaurant Brands shares strengthened $1.88, or 2.87%, to $70.94.
Teck Resources, the world's second-biggest exporter of steelmaking coal, reported on Tuesday higher-than-expected adjusted first-quarter earnings as sales volumes climbed.
Teck shares gained $1.04, or 3.1%, to $34.24.
BMO cut the target price on Canadian Utilities to $37.00 from $39.00. The company, which trades under the symbol CU, ducked lower 25 cents to $34.45.
CIBC cut the rating on Hydro One to neutral from outperform. Hydro One shares removed 10 cents to $20.60.
ON BAYSTREET
The TSX Venture Exchange regained 1.14 points to 798.82
All but three of the 12 TSX subgroups were positive to start out, as health-care vaulted 1.3%, information technology ticked 1.1% higher, and industrials were 0.8% mightier.
The three laggards were consumer staples, down 1%, utilities, off 0.3%, and real-estate, sagging 0.1%.
ON WALLSTREET
Stocks traded higher on Tuesday after some of the largest U.S. companies reported strong quarterly earnings.
The Dow Jones Industrial Average recovered 88.97 points to 24,537.66, with Caterpillar and Intel as the best-performing stocks in the index.
The S&P 500 improved 10.62 points to 2,680.91, with telecommunications outperforming.
The NASDAQ Composite index gained 28.36 points to 7,156.97
Dow-component Caterpillar posted earnings per share and revenue that topped analyst expectations, sending the stock 3.6% higher.
The construction equipment maker is a barometer for the state of the economy and the overall market. Caterpillar's stock has a 0.81 correlation with the Dow over the last six months, according to Kensho. A correlation of 1 would mean the two move in lockstep with each other.
United Technologies, Verizon and Coca-Cola — also Dow members —reported better-than-expected earnings. Google-parent Alphabet's results also topped expectations.
Corporate earnings this season have mostly outperformed analyst expectations thus far. Of the S&P 500 companies that have reported as of Tuesday morning, 83% have posted better-than-forecast earnings.
In economic data, new home sales, consumer confidence and the Richmond Fed Survey of Manufacturing Activity were all scheduled to be published this morning.
Prices for the benchmark 10-year Treasury note dropped slightly, raising yields to 2.99% from Monday’s 2.98%. Treasury prices and yields move in opposite directions.
Oil prices gained 19 cents a barrel to $68.83 U.S.
Gold prices regained $4.90 to $1,328.90 U.S. an ounce.
