Canada's main stock edged higher on Tuesday, lifted by financials and energy stocks as positive economic data from major economies fueled risk appetite, while a drop in gold kept a check on further gains.
The S&P/TSX Composite Index remained buoyant 9.87 points to greet noon Tuesday at 16,525.33
The Canadian dollar gained 0.08 cents at 74.86 cents U.S.
The largest percentage gainers on the TSX were Canopy Growth, up $2.31, or 4.3%, followed by Lundin Mining, up six cents to $7.44.
Eldorado Gold fell 28 cents, or 4.7%, the most on the TSX, to $5.71, followed by CI Financial, down 33 cents, or 1.8%, to $18.42..
The financials sector gained, led by gains in Element Fleet Management – gaining 17 cents, or 2.1%, to $8.27, and ECN Capital, up one cent to $4.22.
On the economic calendar, Statistics Canada reported that offshore investors bought $12 billion into Canadian investments in February following a significant investment of $28.6 billion in January, while Canadians investment in foreign securities increased to $5.3 billion, led by purchases of U.S. corporate bonds.
Also, the agency said, manufacturing sales in Canada edged down 0.2% in February to $56.6 billion, following a 0.8% increase in January.
Lower sales at motor vehicle assembly and wood products industries were largely offset by gains in the petroleum and coal product, paper and machinery industries.
ON BAYSTREET
The TSX Venture Exchange fell 3.69 points to 615.13
Seven of the 12 Toronto subgroups were still positive by noon, as health-care stocks shot 2.2% higher, information technology grew 0.8%, and financials increased 0.6%.
The five laggards were weighed mostly by gold, down 2%, while materials suffered 1.2%. and energy lapsed 0.6%.
ON WALLSTREET
Stocks traded higher on Tuesday as investors as the corporate earnings season kicked into full gear.
The Dow Jones Industrial Average regrouped 59.27 points to 26,444.04
The S&P 500 regained 4.67 points to 2,910.23, as the financials sector outperformed. Tuesday’s move pushed the S&P 500 closer to 2,940, a record high set in late September.
The S&P 500 is up more than 15% this year in large part because the Fed indicated it may not raise rates at all in 2019, a stark contrast to the four hikes from last year.
The NASDAQ Composite gained 29.74 points to 8,005.75
Johnson & Johnson, another Dow component, climbed 2.9% on stronger-than-forecast quarterly results. More than half of its revenue came from prescription drug sales, which increased by more than 4%.
UnitedHealth Group reported better-than-expected earnings and revenue. The company also raised its earnings guidance for the full year. Shares of UnitedHealth rose about 3% before turning lower.
Other companies that posted better-than-expected quarterly earnings include Bank of America and BlackRock. IBM, Netflix, and CSX are among the companies set to report after Tuesday’s close.
Prices for the benchmark 10-year U.S. Treasury were slightly higher, lowering yields to 2.59% from Monday’s 2.55%. Treasury prices and yields move in opposite directions
Oil prices regained 21 cents to $63.61 U.S. a barrel.
Gold prices plunged $13.40 to $1,277.90 U.S. an ounce.
