Equities in Canada’s largest centre rose at the open on Tuesday following its worst day in nearly four months, helped by gains in energy shares that tracked a rise in oil prices.
The TSX Composite Index opened Tuesday advanced 20.97 points at 17,463.49
The Canadian dollar notched upward 0.04 cents to 75.86 cents U.S.
German news media are reporting that railway operator Deutsche Bahn is refusing to buy 25 new intercity trains from Bombardier due to technical defects. Bombardier gained one cent to $1.41.
Experts say Prince Harry and his wife Meghan's move to Canada could boost its $30.6-billion fashion industry, by putting the spotlight on local brands.
CIBC raised the rating on Ero Copper to outperform from neutral. Ero shares darted 44 cents, or 2.3%, forward, to $19.53.
CIBC raised the target price on Franco-Nevada to $157.00 from $143.00. Franco-Nevada shares jumped 21 cents to $145.31.
CIBC raised the target price on Kirkland Lake Gold to $65.00 from $60.00. Kirkland Lake shares retreated 62 cents, or 1.1%, to $55.67.
ON BAYSTREET
The TSX Venture Exchange skidded eight points, or 1.4%, to 573.76.
Eight of the 12 TSX subgroups were negative, as energy stumbled 2.7%, health-care demurred 2.6%, and materials fell 1.4%
The four gainers were led by consumer staples, up 1.7%, communications, ahead 0.8%, and utilities, better by 0.3%.
ON WALLSTREET
Stocks rose on Tuesday following the market’s biggest sell-off in more than three months as investors grapple with lingering fears over a possible coronavirus outbreak.
The Dow Jones Industrials rebounded 129.68 points to 28,605.48.
The S&P 500 regained 24.4 points at 3,268.03.
The NASDAQ recovered 76.54 points to 9,215.85
In China, where the virus originated from, the virus has killed more than 100 people while over 4,500 have been infected. In the U.S. — where some coronavirus cases have been confirmed — the State Department advised Americans to "reconsider travel to China due to the novel coronavirus."
The Centers for Disease Control and Prevention also said travelers should avoid all nonessential travel to China.
Meanwhile, the corporate earnings season continued with 3M, Pfizer and Harley-Davidson releasing their quarterly numbers. Pfizer and 3M posted disappointing earnings for the previous quarter, sending Pfizer down 2.6%, and 3M shares off 2.8%.
Harley-Davidson’s earnings per share beat expectations, but a disappointing revenue figure helped send the stock down 4.6%.
Of the S&P 500 companies that have reported thus far, 67% have posted better-than-expected earnings. Apple is among the S&P 500 components set to report after Tuesday’s close.
On the data front, U.S. consumer confidence rose more than expected in January as sentiment around the labor market improved. The major averages hit their session highs following the data’s release.
Prices for the 10-Year U.S. Treasury sagged, raising yields to 1.64% from Monday’s 1.6%. Treasury prices and yields move in opposite directions.
Oil prices inched up 12 cents to $53.26 U.S. a barrel.
Gold prices slid $4.70 to $1,572.70 U.S. an ounce.
