The TSX was seeing modest gains, in contrast to its American cousins, finding support from higher commodity prices.
The S&P/TSX composite index churned up 34.26 points to begin Tuesday at 12,892.75
The Canadian dollar was virtually unchanged at 97.46 cents U.S.
Shares in BlackBerry initially opened up about 3%, but quickly turned in the other direction, and were last trading down 2%
Shares in the company formerly known as Research In Motion rallied nearly 14% on Monday amid fresh takeover speculation and news it will start selling the new BlackBerry Z10 smartphone in the U.S. on March 22. The speculation was sparked by a comment from the head of China's Lenovo Group Ltd., who said he might consider such an acquisition in the future.
First Quantum Minerals Ltd. is extending its $5.1-billion hostile takeover bid for Inmet Mining Corp. another 10 days until March 21. Its previous deadline expired at midnight Monday with some 61.5% of outstanding Inmet shares having been tendered to the offer. Inmet shares opened up 2.3%.
Talisman Energy Inc. has struck a deal to scrap the platform at its troubled Yme oil project in the Norwegian North Sea. Shares were up 0.3% at the open.
Leon’s Furniture Ltd. and The Brick Ltd. said a key hurdle has been cleared in The Brick’s plan to take over its rival and the deal is now expected to close on March 28.
ON BAYSTREET
The TSX Venture Exchange regained 4.87 points to 1,120.94
All but four of the 14 Toronto subgroups were higher in the first hour. Gold shone 2% brighter, while materials gained 1.4% and the metals and mining group took on 0.8%.
The four laggards were weighed mostly by information technology, down 0.6%, while financials sank 0.3%, and consumer staples doffed 0.2%.
ON WALLSTREET
U.S. stocks opened in the red Tuesday, taking a pause in the absence of fresh catalysts to extend a recent record-setting run.
The Dow Jones Industrials added 26.19 points to 14,473.50, on top of Monday’s record high.
The S&P 500 index lopped off 1.09 points to 1,555.13. The tech-heavy NASDAQ Composite shed 3.53 points, to 3,249.53.
Stocks have been supported by better-than-expected economic data and signs the U.S. Federal Reserve will keep its stimulus policies in place for some time.
All three major U.S. indexes are up between 7% and 10% so far this year.
Analysts say a pullback at this stage shouldn't come as much of a surprise and should be considered healthy.
Costco shares rose after the bulk retailer announced better-than-expected earnings for its fiscal second quarter, although the revenue increase came in short of forecasts.
Yum Brands shares rose after the company -- which owns Taco Bell, KFC and Pizza Hut brands -- reported a smaller-than-expected drop in same-store sales at its China locations.
Shares of Cabela spiked after the sporting goods retailer issued strong earnings guidance.
Best Buy shares were also higher after Goldman Sachs resumed coverage of the stock with a buy recommendation.
Urban Outfitters shares fell after the company reported earnings just short of analysts' forecasts for the third time in the last five quarters.
Apple shares edged lower after a late-day spike Monday.
Meanwhile, in the continuing saga of Washington's budget wars, House Budget Committee Chairman Paul Ryan will release his budget proposal Tuesday.
The U.S. Treasury Department will also release data on tax and revenue collection and federal spending in February later in the day.
Prices on the 10-year U.S. Treasury gained, lowering yields to 2.02% from Monday’s 2.06%. Treasury prices and yields move in opposite directions.
Oil prices surged $1.11 to $93.17 U.S. a barrel.
Gold prices gained $14.50 to $1,592.50 U.S. an ounce.
Related Stories
