Toronto’s main stock index clung tenaciously to gains, due mostly to higher commodity prices, as the suspense continued over what would happen in Europe and with the U.S. Federal Reserve.
The S&P/TSX Composite index remained positive 12.87 points to approach noon at 12,228.30
The Canadian dollar gained 0.55 cents at 102.83 cents U.S.
Oil and natural gas up-and-comer NuVista Energy Ltd. said it will sell three properties in Alberta and Saskatchewan in Canada for about $236 million to repay debt.
NuVista shares listed lower five cents at $4.60.
Base metals stocks climbed, led in part by Teck Resources, shares of which hiked 3.3% to $30.20, while Thompson Creek Mines hurtled 5.2% to $3.23.
Gold issues were led higher by Aurizon Mines, jumping 2.9% to $4.66.
Real-estate issues were among the hardest hit of losing groups, as First Capital Realty took a pasting of 2.5%.
On the economic ledger, Statistics Canada reported this morning that Canada's merchandise exports fell 3.4% and imports decreased 2.2% in July. As a result, the agency says, Canada's trade deficit with the world expanded from $1.9 billion in June to $2.3 billion in July.
Moreover, Canada Mortgage and Housing Corporation released figures this morning saying that housing starts surged unexpectedly to 224,900 units in August, compared with 208,000 units in July. The July figure was revised down slightly from a previously-reported 208,500 units.
ON BAYSTREET
The TSX Venture Exchange advanced 3.63 points to 1,274.34
All but four of the 14 Toronto subgroups were higher by noon. Global base metals picked up 1.6%, while metals and mining tacked on 1.5%, and gold gained 0.9%.
The four laggards were weighed by real-estate, shedding 0.7%, while health-care issues were off 0.4% and telecoms dipped 0.2%..
ON WALLSTREET
U.S. stocks advanced Tuesday, rebounding from the previous day's pullback, as investors geared up for key decisions out of Europe and from the Federal Reserve later this week.
The Dow Jones Industrial average hiked 79.61 points to greet lunch hour at 13,333.90
The S&P 500 index gained 6.30 points, to 1,435.38, and the tech-heavy Nasdaq Composite Index added 8.38 points to 3,112.41.
The day's gains puts the Dow back at its highest level since December 2007, while the S&P 500 and Nasdaq are within spitting distance of the multi-year highs reached last week.
In company news, Hewlett-Packard Co. expects to lay off 29,000 workers over the next two years, which is 2,000 more than it had originally said. Shares of the PC maker gained 2%, leading the Dow's rise.
Digital Domain Media Group, the company behind the Tupac hologram that was a hit at the Coachella music festival earlier this year, filed for bankruptcy protection Tuesday. Private investment firm Searchlight Capital Partners will buy the company's main operating unit, Digital Domain Productions, for $15 million U.S. As a result of the bankruptcy filing, the New York Stock Exchange immediately suspended trading for the company's shares and delisted them from the exchange.
British fashion brand Burberry lowered its sales guidance for the rest of the year Thursday morning, sending yet another sign that the global luxury market continues to lag. Shares of Tiffany & Co., Coach Inc and Ralph Lauren were lower on the news.
Shares of bailed out insurer AIG continued their slide Tuesday. The Treasury Department said Sunday it is selling $18 billion U.S. worth of AIG shares, representing more than half of its remaining $29-billion U.S. stake in the bailed-out insurer.
Financial stocks were among the biggest gainers, with JPMorgan Chase, Bank of America, Goldman Sachs, Citigroup and Morgan Stanley all moving higher.
Global markets were mixed ahead of Wednesday's ruling from Germany's Constitutional Court on the legality of the European Stability Mechanism, a permanent bailout fund that's expected to have a maximum lending capacity of €500 billion.
Investors are waiting to see how the ruling may impact the European Central Bank's plans to preserve the euro, which remains near its highest level against the U.S. dollar since May.
On the domestic front, investors are waiting to hear if the Fed will announce highly anticipated new stimulus measures when it wraps up its two-day policy meeting on Thursday.
The Census Bureau's July report on the U.S. trade balance showed a deficit of $42 billion U.S. Analysts surveyed by Briefing.com were expecting a $44-billion U.S. deficit
The price on the benchmark 10-year U.S. Treasury fell a bit, boosting yields to 1.69% from Monday’s 1.68%.
Oil prices for September delivery tacked on 63 cents to $97.17 U.S. a barrel.
Gold prices took on four dollars an ounce to $1,735.80 U.S.
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