Equity markets in Canada’s largest centre climbed on Tuesday as copper prices hit a six-week high, boosting the materials sector.
The S&P/TSX Composite Index hoisted 80.33 points to move into noon hour Tuesday at 16,132.57
The Canadian dollar ditched 0.5 cents at 76.86 cents U.S.
Health-care stocks led the charge, with Valeant Pharmaceuticals hiking $1.80, or 6.3%, to $30.23, while Aphria Inc., up 29 cents, or 2.4%, to $12.32.
Leading the materials group were shares of copper miner First Quantum Minerals, which rose $1.04, or 5%, to $21.75, while Hudbay Minerals jumped 40 cents, or 4.8%, to $8.76.
Among financials, shares of Royal Bank of Canada rose 19 cents to $99.13, and those of Toronto-Dominion Bank gained 25 cents to $75.43 after Citigroup raised the latter’s price target.
Hudson's Bay Co fell 37 cents, or 3.5%, to $10.25, the most on the TSX, as its first-quarter loss widened on declines in its European and Saks Fifth Avenue divisions.
Birchcliff Energy recovered from negative readings in the beginning to acquire five cents, or 1.2%, to $4.30.
Economic data showed that Canadian labour productivity fell by 0.3% in the first quarter, a deceleration in business output and acceleration in hours worked, from the previous quarter.
The International Monetary Fund said on Monday that while Canada's economy has performed well, it faces significant risks including trade tensions and a potential hit to competitiveness from lower U.S. corporate taxes.
ON BAYSTREET
The TSX Venture gained 1.76 points to 763.52
All but one of the 12 TSX subgroups gained ground, with health-care ahead 2.3%, materials better by 1.5%, and gold climbing 1.2%.
Only consumer staples missed the boat, down 0.1%
ON WALLSTREET
The NASDAQ composite notched an intraday record high on Tuesday as tech shares rose.
The Dow Jones Industrials plummeted 85.68 points to 24,728.01,
The S&P 500 lost 5.53 points to 2,741.34
The NASDAQ came off its highs of the morning, but still gained 4.5 points to 7,610.96, as Facebook, Amazon, Netflix, and Alphabet all traded higher. Mylan also contributed to the gains, rising 6.8% after the Food and Drug Administration approved Fulphila as a biosimilar drug to Neulasta, which aims at reducing the risk of infections during cancer treatment.
Tuesday's gains for the NASDAQ come after the index posted a record closing high for the first time since March 12 in the previous session as Amazon and Apple climbed to all-time highs.
The major indexes are off to a solid start for the month of June, rising at least 1.5% in the first two sessions. However, investors remain on edge as tensions between the U.S. and some of its key trading partners are high.
In data, the Institute for Supply Management non-manufacturing index reached 58.6 in May, above an expected print of 57.6. A reading above 50 indicates expansion in the service sector while a reading below 50 signals contraction.
Prices for the benchmark for the 10-year U.S. Treasury eked higher, dropping yields to 2.91% from Monday’s 2.94%. Treasury prices and yields move in opposite directions.
Oil prices regained 21 cents at $64.96 U.S. a barrel.
Gold prices moved into the green $3.80 to $1,295.40 U.S. an ounce.
