Equities in Canada’s largest centre moved higher Tuesday, boosted by gains in energy companies as oil prices rose on signs that the Organization of the Petroleum Exporting Countries may not raise output to address shrinking supplies from Iran.
The S&P/TSX Composite Index leaped 113.73 points to conclude Tuesday trading at 16,196.04
The Canadian dollar regained 0.44 cents to 77.04 cents.
Foreign Minister Chrystia Freeland on Monday said she would return to Washington, this week for fresh talks on the North American Free Trade Agreement as time is running very short to meet a U.S. demand for a deal by Oct. 1.
Among the largest percentage gainers on the TSX were Bausch Health Co, which popped $1.50, or 5.1% to $30.90, and Aurora Cannabis, sprinting 96 cents, or 9.6%, to $10.94.
Energy stocks gathered momentum, as Suncor Energy vaulted $1.56, or 3.1%, to $51.33, while Imperial Oil gained 43 cents, or 1.1%, to $39.43.
Tech stocks came to life, too, as BlackBerry picked up a dime to $13.30, while Constellation Software improved $9.17, or 1%, to $939.17.
Real-estate weighed the most, as Canadian Apartment Properties REIT dumped 75 cents, or 1.5%, to $48.24
Utilities sagged as well, as Hydro One dipped two cents to $19.85.
In the consumer discretionary sector, Magna International lost 14 cents to $69.61.
In matters macroeconomic, Statistics Canada reported that manufacturing sales increased for the third consecutive month in July, rising 0.9% to $58.6 billion. Higher sales in the transportation equipment and chemical industries drove the increase.
ON BAYSTREET
The TSX Venture Exchange was positive 4.39 points to 723.75
Eight of the 12 subgroups were higher, as health-care zoomed 5.7%, while energy acquired 2.4%, and information technology picked up 1.7%
The four laggards were weighed most by real-estate, falling 0.8%, while utilities were down 0.3%, and consumer discretionaries lost 0.1%.
ON WALLSTREET
Stocks rose on Tuesday as the latest tariffs on U.S. and Chinese goods are not as bad as previously feared. Strong gains in tech also lifted the broader market.
The Dow Jones Industrial Average popped 184.84 points to close Tuesday at 26,246.96, as Nike and Boeing outperformed.
The S&P 500 acquired 15.51 points to 2,904.31, led by tech and industrials.
The NASDAQ recovered from Monday’s bruising, restoring 60.31 points to 7,956.11, as Amazon, Apple, and Alphabet closed higher.
China announced tariffs targeting more than 5,000 U.S. products will go into effect on Sept. 24. However, China will put a 10% tariff on some goods it had previously earmarked for a 20% levy.
The announcement comes after the Trump administration announced the U.S. will impose 10% tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25% at the end of the year.
Caterpillar picked up 2%, and Boeing – also considered a trade bellwether for their large overseas exposure — rose 2.7%.
Tech shares bounced back after steep losses in the previous session. Amazon rose 1.7% after posting its worst day since April on Monday. Netflix, meanwhile, grew 5%, and Apple rose 0.2%.
Prices for the benchmark for the 10-year U.S. Treasury plummeted, raising yields to 3.05% from Monday’s 2.99%. Treasury prices and yields move in opposite directions.
Oil prices remained positive 93 cents to $69.84 U.S. a barrel.
Gold prices faded $3.20 to $1,202.60
