Canada's main stock index was moving forward on Tuesday as gains in the materials sector countered losses in the energy sector following a drop in oil prices.
The S&P/TSX Composite Index gained 85.87 points to end Tuesday at 16,431.34, and pointing up 0.9% on the month of July.
The Canadian dollar dipped 0.12 cents at 76.86 cents U.S.
Among health-care sector entries, Aphria gained 36 cents, or 3.2%, to $11.48, while Concordia International gained a penny, or 4.4%, to 24 cents.
The materials sector was boosted by shares of First Quantum Minerals, which jumped 97 cents, or 5.1%, to $20.10 after posting quarterly results.
Elsewhere in the mining sector, Lundin Mining rose 16 cents, or 2.2%, to $7.21 after a rating upgrade.
In real-estate, Colliers International Group tacked on $1.01, or 1%, to $106.42, while Brookfield Asset Management jumped 56 cents, or 1%, to $54.84.
WestJet Airlines fell $1.64, or 8.2%, to $18.31, to be among the top laggards on the TSX, followed by shares of Shopify, down $11.90, or 6.2% to $179.92, after results.
On the economic front, Statistics Canada reported real gross domestic product was up 0.5% in May, after increasing 0.1% in April. In all, 19 of 20 industrial sectors registered increases.
The agency’s industrial product price index rose 0.5% in June, primarily as a result of higher prices for primary non-ferrous metal products and motorized and recreational vehicles.
StatsCan’s raw materials product index also rose 0.5%, mainly on the strength of higher prices for animals and animal products and metal ores, concentrates and scrap.
ON BAYSTREET
The TSX Venture Exchange found its way out of the red, gaining 0.96 points to 706.91
All but one of the 12 subgroups were positive on the day, with health-care jumping 1.2%, materials surging 1.1%, real-estate 0.8% to the good.
The lone laggard was in information technology, which had ducked back 0.3% by the closing bell.
ON WALLSTREET
Stocks rose on Tuesday after a report said the U.S. and China are seeking talks to defuse an escalating trade conflict between the two countries. Equities also posted their biggest monthly gains since the start of the year.
The Dow Jones Industrials gained 108.36 points at 25,415.19, with 3M, Caterpillar and Pfizer as the best-performing stocks in the index.
The S&P 500 stepped forward 13.69 points to 2,816.29, as industrials rose more than 2%.
The NASDAQ muscled up 41.78 points to 7,671.79.
Both the S&P 500 and NASDAQ came into Tuesday's session with three-day losing streaks as they were pressured by a steep decline in tech.
Shares of big exporters Boeing were up 1.5%, and Caterpillar jumped 2.9%, respectively, on the report. Deere's stock also gained nearly 5%.
Tuesday was the last trading day of July and the major averages posted solid monthly gains. The Dow picked up 4.7%, and S&P 500 rose 3.6%, their biggest monthly gains since January. The Dow gained 5.8% in January while the S&P 500 rose 5.6% back then. The NASDAQ meanwhile, climbed more than 2% in July and notched its fourth straight monthly gain.
Tech has lost 5.4% over the past three sessions after mixed results from some of the largest companies in the sector. Last week, Facebook reported weaker-than-expected revenue and disappointing global daily active users, a key metric for the company. Twitter, meanwhile, posted fewer-than-expected monthly users for the previous quarter.
These results have led some investors to lose faith in the so-called FANG trade, which is responsible for the lion's share of the S&P 500's gains this year.
The corporate earnings season continued on Tuesday with Dow components Procter & Gamble and Pfizer reporting better-than-expected earnings. Shares of Procter were up 0.9%, while Pfizer's stock gained 3.5%. Apple, another Dow component, is scheduled to report Tuesday after the close.
Nearly 60% of the S&P 500 has released its quarterly results, with 82% of those companies posting better-than-expected earnings
The Federal Reserve started a two-day monetary policy meeting on Tuesday, with an announcement scheduled for Wednesday. Investors are not expecting a rise in interest rates, however, but discussion on trade or where the Federal Reserve is thinking of heading could be talked about.
Media reports have it that the world's largest economies are trying to restart talks in order to avoid a full-blown trade war. The report said Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are talking privately about the matter.
Prices for the benchmark for the 10-year U.S. Treasury went higher, lowering yields to 2.96% from Monday’s 2.98%. Treasury prices and yields move in opposite directions.
Oil prices were down $1.40 to $68.73 U.S. a barrel.
Gold prices regained $2.10 to $1,233.60 U.S. an ounce.
