Markets in Canada’s largest centre rose at the open on Tuesday, tracking gains in global equities as investors anticipate major central banks to cut interest rates in the near future.
The S&P/TSX Composite Index started Tuesday up 64.57 points to 16,583.45
The Canadian dollar declined 0.15 cents to 76.03 cents U.S.
Private equity firm Catalyst Capital Group on Monday offered to buy an estimated $150-million stake in Hudson's Bay Co, and said it will oppose Executive Chairman Richard Baker's $1.74-billion take-private proposal.
Bay shares hiked nine cents to $9.99.
CIBC raised the target price on Altagas to $21.00 from $20.00. Altagas shares skidded 23 cents, or 1.1%, to $20.59.
CIBC raised the target price on Fortis to $55.00 from $52.00. Fortis gained four cents to $51.63.
National Bank of Canada raised the target price on PrairieSky Royalty to $18.50 from $17.50. Shares in PrairieSky acquired seven cents to $18.13.
ON BAYSTREET
The TSX Venture Exchange docked 0.44 points to begin the session at 593.44
Eight of the 12 Toronto subgroups were positive in the first hour, with consumer discretionary stocks higher 1.2%, energy gushing 0.9%, and financials better by 0.6%.
The four laggards were weighed most by real-estate, down 0.2%, information technology fading 0.04%, and consumer staples, demurring 0.02%.
ON WALLSTREET
Stocks rose on Tuesday as investors cheered strong quarterly numbers from companies like Coca-Cola and United Technologies.
The Dow Jones Industrials hurtled 86.94 points higher to 27,258.84
The S&P 500 poked ahead 5.46 points to 2,990.49
The NASDAQ Composite gained 5.63 points to 8,209.76
Coca-Cola shares jumped more than 4% after the company posted earnings and revenue that topped analyst expectations. Coca-Cola pointed to a 4% rise in volume and transactions during the previous quarter in Coke’s namesake brand. Volume from its Zero Sugar line also grew by double digits.
United Technologies, another Dow component, reported better-than-expected quarterly results and its stock gained 1.7%. CEO Gregory Hayes pointed to "outperformance" from its Collins Aerospace division as a driver for the strong quarter. The company also raised its full-year outlook for earnings and organic sales growth.
Biogen also reported better-than-expected earnings, sending its stock up 5%.
Visa, Chipotle and Snap are among those reporting after the bell.
More than 18% of S&P 500 companies have posted quarterly numbers this earnings season. Of those companies more than 78% have reported better-than-expected profits. Those companies have also seen their earnings grow by an aggregate of 3.6%.
Prices for the benchmark 10-year U.S. Treasury sagged again, raising yields to 2.06% from Monday’s 2.05%. Treasury prices and yields move in opposite directions.
Oil prices added 11 cents at $56.33 U.S. a barrel.
Gold prices picked up $1.60 to $1,428.50 U.S. an ounce.
