Markets in Toronto continue to gather steam, as the echoes of the Nexen deal slowly fade.
The S&P/TSX composite index gained 48.26 points to begin Tuesday at 12,278,73
The Canadian dollar lopped off 0.04 cents to 101.32 cents U.S.
Patent licensing company Wi-LAN Inc said it has filed a lawsuit against Research In Motion Ltd for infringing on a patent related to bluetooth technology. Wi-LAN shares took on four cents to $4.94.
Canadian department store operator Hudson's Bay Co reported a steeper loss from continuing operations on Tuesday as it made its first quarterly report since returning to the public market in November and initiated a quarterly dividend. Bay shares eked higher by two cents to $16.83.
The $15.1-billion U.S. takeover of Canadian oil and gas producer Nexen Inc. by China's state-owned CNOOC Ltd is not yet wrapped up despite the Canadian government's blessing after months of heated debate
Separately, Britain's energy ministry said it will not stand in the way of China's CNOOC takeover of Nexen, which owns a 43% stake in the North Sea Buzzard oil field that helps set the benchmark Brent crude price. Nexen shares gathered 13 cents to $26.57.
Eye drug developer QLT Inc. expects its synthetic retinoid program, an experimental treatment for some inherited eye diseases that can cause blindness, to be valued at up to $750 million. Several potential buyers have approached the company for the program. QLT shares took on two cents to $7.85.
German analyst and investor sentiment rose sharply in December on the back of encouraging U.S. economic data, entering positive territory for the first time since May, a leading survey showed.
On the economic calendar, Statistics Canada reported this morning that our trade balance with the rest of the world is less than it was last month. Canada's merchandise imports declined 1.2% while exports increased 1.0% in October.
As a result, Canada's trade deficit with the world narrowed from $1.0 billion in September to $169 million in October.
ON BAYSTREET
The TSX Venture Exchange faded 6.39 points to 1,180.35
All but three of the 14 Toronto subgroups were higher to begin the session. Global base metals gained 0.8%, while metals and mining shares prospered 0.7% and consumer discretionaries strengthened 0.6%.
The three laggards were gold and health-care, each deducting 0.1%, while real-estate stepped back a mere 0.04%
ON WALLSTREET
U.S. stocks opened higher Tuesday, as investors spend yet another day waiting for the resolution of fiscal cliff negotiations in Washington and the Federal Reserve holds its final meeting of the year.
The Dow Jones Industrials moved up 91.43 points to open Tuesday at 13,261.30
The S&P 500 grew 10.23 points to 1,428.78, while the Nasdaq Composite Index advanced 33.02 points to 3,019.99.
Investors have been reluctant to place big bets before lawmakers reach a compromise on tax increases and spending cuts set to kick in automatically on Jan. 1. Without a deal, the U.S. economy could fall back into a recession.
On the corporate front, Delta Air Lines and Virgin Atlantic announced a new joint venture, which includes Delta buying the 49% stake in the British airline that is currently owned by Singapore Airline. Virgin Group and Sir Richard Branson will retain the majority 51% stake and Virgin Atlantic will maintain its brand. Delta shares gained ground in early trading.
Discount retailer Dollar General posted a higher-than-expected profit for the third quarter, and sales in line with forecasts, but shares of the company declined on a weak outlook.
The U.S. Treasury Department will sell the last of its shares in bailed-out insurer AIG for $32.50 apiece, raising about $7.6 billion U.S.
Between the Fed and Treasury's combined $182-billion U.S. injection into AIG, the government enjoyed a profit of $22.7 billion U.S.
HSBC said early Tuesday it will pay $1.92 billion U.S. to resolve money-laundering allegations.
Treasury prices on the 10-year note fell, raising the yields to 1.65% from Monday’s 1.62%. Treasury prices and yields move in opposite directions.
Oil prices gathered six cents a barrel to $85.62 U.S.
Gold prices sagged $5.70 an ounce to $1,708.70 U.S.
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