Stocks Remain Positive on Energy Gains

BlackBerry, MEG in Focus

Canada's main stock index rose 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 took on 106.85 points to greet noon Tuesday at 15,343.06

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

The largest percentage gainer on the TSX was BlackBerry, which jumped 21 cents, or 3.2%, to $6.88, after the enterprise software and services provider named Thomas Eacobacci as president.

Its gains were followed by oil producer MEG Energy, which rose 26 cents, or 7.9%, to $3.64.

WSP Global fell $3.26, or 3.7%, the most on the TSX, to $85.57, after the company announced public offering of its common shares worth $437 million.

The second-biggest decliner was First Majestic Silver, down 55 cents, or 3.8%, to $14.01.

ON BAYSTREET

The TSX Venture Exchange changed direction and lost 3.21 points by noon hour EDT to 560.77.

Seven of the 12 TSX subgroups were lower midday, with gold trailing 2.7%, materials down 1.8%, and health-care shedding 1.5%.

The five gainers were led by energy, up 3.3%, financials ahead 2.3%, and consumer discretionary stocks surging 1.9%.

ON WALLSTREET

Stocks were little changed on Tuesday as traders grappled with civil unrest around the country along with the reopening of the economy from the coronavirus pandemic.

The Dow Jones Industrials leaped 139.15 points to 25,614.17.

The S&P 500 added 6.15 points to 3,061.88.

The NASDAQ Composite dropped 33.4 points to 9,518.65.

Shares of Facebook retreated 2.2%, and Netflix slid 1.4%, while Apple and Amazon each fell more than 0.8%. Google-parent Alphabet dropped 0.7%.

Stocks tied to the reopening of states outperformed once again. JPMorgan Chase, Citigroup, Wells Fargo and Bank of America all rose at least 0.8%. Gap climbed 2.1%. Southwest gained 2.4%.

Stocks were broadly higher earlier in the session after media reports said state-owned Chinese companies bought at least three cargoes of U.S. soybeans.

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 eased lower, raising yields to 0.67% from Tuesday’s 0.66%. Treasury prices and yields move in opposite directions.

Oil prices moved upward 85 cents to $36.29 U.S. a barrel.

Gold prices let go of $7.50 to $1,742.80 U.S. an ounce.

Stocks Lose Steam as Tech Shares Slip