(CORRECTS DAY REFERENCE IN 2ND PARAGRAPH TO TUESDAY)
Canada's commodity-heavy main stock index rose on Tuesday, tracking a rise in oil and bullion prices and as data showed faster-than-expected annualized Gross Domestic Product growth.
The TSX collected 55.35 points to begin Tuesday at 18,354.97.
The Canadian dollar eased back 0.04 cents to 79.06 cents U.S.
The largest percentage gainers on the TSX were Spin Master, which surged $5.73, or 19.7%, to $34.79, after its quarterly earnings report and Aphria, which rose $2.96, or 12.5%, to $26.73.
Cascades Inc fell 81 cents, or 4.6%, the most on the TSX, to $16.77, while the second biggest decliner was Lundin Mining, down 13 cents to $14.44.
Canadian Imperial Bank of Commerce and Bank of Montreal have postponed employees' return to the office to the end of June, nixing an earlier plan to get them back by April, as COVID-19 cases remain high in this country.
CIBC began the trading day up 93 cents to $119.59.
As for BMO, CIBC raised the target price on "The First Canadian Bank" to $122.00 from $120.00. BMO shares tacked on $1.21, or 1.1%, to $107.31.
CIBC also raised the rating on Scotiabank to outperform from neutral. Scotiabank climbed $1.17, or 1.6%, to $76.72.
CIBC cut the target price on Cargojet to $245.00 from $265.00. Cargojet shares each lost $3.64, or 2.1%, to $171.82.
On the economic calendar, Statistics Canada said GDP edged up 0.1% in December as 12 of 20 industrial sectors were up in the month.
Moreover, the agency said, GDP grew 2.3% in the fourth quarter of 2020, following record fluctuations in the previous two quarters. In 2020, real GDP shrank 5.4%, the steepest annual decline since quarterly data were first recorded in 1961.
ON BAYSTREET
The TSX Venture Exchange added 4.68 points to 1,039.04.
All but three of the 12 TSX subgroups gained ground, as health-care moved up the ladder by 2.4%, while gold and energy stocks acquired 1% each.
The three laggards were information technology, sliding 1%, industrials, swooning 0.5%, and real-estate inching back 0.1%.
ON WALLSTREET
U.S. stocks fell slightly on Tuesday, giving back some of the strong gains from the previous session.
The Dow Jones Industrials added to Monday’s gains by 65.42 points to 31,600.93, boosted by Dow, Inc. and Goldman Sachs.
However, the S&P 500 sifted off 1.75 points to 3,900.07.
The NASDAQ Composite retreated 44.65 points, to 13,544.18.
Shares of Target gained more than 3% after the company reported booming sales, although the retailer declined to provide a forecast for 2021.
Investors on Tuesday will pore over comments made by both Securities and Exchange Commission Chair nominee Gary Gensler and Federal Reserve Governor Lael Brainard.
Gensler is testifying before the Senate Banking Committee while Brainard will deliver a speech entitled "U.S. Economic Outlook and Monetary Policy" via a virtual meeting hosted by the Council on Foreign Relations.
Prices for 10-Year Treasurys gained ground, thus lowering yields to 1.42% from Monday’s 1.44%. Treasury prices and yields move in opposite directions.
Oil prices dropped 40 cents to $60.24 U.S. a barrel.
Gold prices let go of 70 cents to $1,722.30
