Equities in Toronto rose at open on Tuesday, as better-than-expected corporate earnings lifted investor sentiment.
The S&P/TSX Composite Index gained 43.87 points to kick off Tuesday at 15,646.19
The Canadian dollar erased 0.1 cents to 76.14 cents U.S.
WestJet Airlines on Tuesday reported a quarterly profit that beat analysts' estimates, as a rise in passenger traffic helped offset an increase in overall expenses. WestJet shares took flight 59 cents, or 2.9%, to $20.79.
Barclays cut the price target on Imperial Oil to $45.00 from $46.00. Imperial shares were stagnant at $36.39.
RBC cut the rating on Norbord to outperform from top pick. Shares in Norbord advanced 88 cents, or 2.4%, to $38.36.
CIBC raised the price target on Pembina Pipeline to $54.00 from $52.00. Pembina shares gained 20 cents to $47.08.
On the economic docket, as a partial result of the U.S. government shutdown, Statistics Canada reported Tuesday Tuesday’s release of the December 2018 reference month will be delayed till a later date.
ON BAYSTREET
The TSX Venture Exchange hesitated 4.1 points to 621.16
All but two of the 12 TSX subgroups were higher, as consumer staples acquired 1.2%, communications added 0.7%, and industrials were stronger by 0.5%.
The two laggards were health-care, doddering 0.3%, and gold, inching back 0.02%.
ON WALLSTREET
Stocks rose on Tuesday as the corporate earnings season rolled on, with investors eagerly awaiting President Donald Trump's latest State of the Union.
The Dow Jones Industrial Average sprang up 120.23 points to 25,359.60, led by Boeing and Merck.
The S&P 500 gained 8.68 points to 2,733.55, as the consumer discretionary and tech sectors outperformed.
The NASDAQ Composite jumped 45.16 points to 7,392.69
Alphabet, Seagate Technology and Estee Lauder are among the companies that have reported better-than-expected earnings. However, Alphabet dipped 0.6% as the company also revealed declining advertising prices and rising costs. Seagate shares gained 0.6%
Estee Lauder, meanwhile, jumped 11.9% on better-than-expected results. The company also raised its 2019 earnings guidance. Archer Daniels Midland fell 4% after reporting weaker-than-expected earnings and revenue.
Nearly half of S&P 500 companies have reported earnings so far, with about 70% of those companies topping analyst expectations
Disney, Electronic Arts, Snap and Spirit Airlines are among the companies scheduled to report after the bell Tuesday.
Wall Street also looked ahead to the State of the Union, which comes more than a week after the longest government shutdown in U.S. history came to an end. Investors should be looking for clues on a number of matters, including U.S.-China trade talks
Prices for the benchmark 10-year U.S. Treasury moved higher, lowering yields to 2.7% from Monday’s 2.72%. Treasury prices and yields move in opposite directions.
Oil prices fell 21 cents to $54.35 U.S. a barrel.
Gold prices slipped 90 cents to $1,318.40 U.S. an ounce.
