TSX Keeps Upward Momentum

Gibson, Pembina in Focus

Canada's main stock index opened higher on Tuesday as energy stocks gained on higher oil prices, with sentiment also supported by hopes for an economic recovery from a coronavirus-fueled slump.

The S&P/TSX Composite Index gained 86.64 points to open Tuesday at 15,322.85

The Canadian dollar progressed 0.23 cents at 73.89 cents U.S.

Canaccord Genuity raised the target price on Altagas Ltd. to $19.00 from $18.00. Altagas began the day down two cents to $14.86.

Canaccord Genuity raised the target price on Gibson Energy to $26.00 from $24.00. Gibson gained 31 cents, or 1.4%, to $21.84.

Canaccord Genuity raised the target price on Pembina Pipeline Corp. to $40.00 from $31.00. Pembina shares spiked 73 cents, or 2.1%, to $35.40.

ON BAYSTREET

The TSX Venture Exchange added 3.03 points to 567.01.

The 12 TSX subgroups were evenly divided, with energy skyrocketing 2.1%, while consumer discretionary and financial stocks each climbed 1.1%.

The half-dozen laggards were weighed most by gold, down 1.2%, materials, off 1.1%, and health-care, sliding 0.3%.

ON WALLSTREET

Stocks rose on Tuesday as investors looked past civil unrest around the country and focused on the reopening of the economy from the coronavirus pandemic.

The Dow Jones Industrials leaped 103.91 points to 25,578.93.

The S&P 500 added 4.75 points to 3,060.48.

The NASDAQ Composite removed 15.89 points to 9,536.16.

Stocks tied to the reopening of states outperformed once again. American Airlines, United Airlines and Southwest all added more than 3%. Gap advanced 2.7% and Kohl’s shares gained 1.9%. Cruise lines were also higher.

Tuesday’s moves came after President Donald Trump said Monday night he will deploy the military if states and cities failed to quell the demonstrations.

The stock market has largely ignored the unrest, but that could change if investors believe the protests would continue through the summer, disrupting states plans to reopen and hurting consumer confidence.

New York Gov. Andrew Cuomo announced New York City will be under curfew Monday night starting at 11 p.m. and lasting until 5 a.m. Tuesday to curb protests. Similar curfews were instituted in cities across the country in an effort to dissolve mass gatherings.

Prices for the 10-Year Treasury stayed put, keeping yields at Tuesday’s 0.66%. Treasury prices and yields move in opposite directions.

Oil prices moved upward 47 cents to $35.91 U.S. a barrel.

Gold prices took on $3.30 to $1,753.60 U.S. an ounce.