The Toronto stock market fought its way higher by the close Tuesday as traders digested positive U.S. housing and durable goods data.
The S&P/TSX index was up 25.67 points to end trading Tuesday at 12,706.38
The Canadian dollar improved 0.50 cents to 98.39 cents U.S.
The TSX gold sector lost ground as Barrick Gold Corp. faded 34 cents to $29.29.
The base metals sector slipped as May copper lost early gains and closed unchanged at $3.44 U.S. a pound. HudBay Minerals dipped four cents to $9.61.
The energy sector was slightly higher as Imperial Oil moved down 33 cents to $41.88.
Inter Pipeline Fund has reached binding long-term commitments for an expanded oilsands pipeline system that it plans to build for about $2.6 billion.
The company says it will build 840 kilometres of new pipeline and seven new pump stations to serve three oilsands operations owned by the FCCL Partnership, a partnership between Cenovus Energy and ConocoPhillips. Its units dipped three cents to $23.58.
Telecoms led advancers as BCE Inc. progressed 81 cents to $47.31.
Consumer discretion stocks also helped lift the TSX as auto parts maker Magna International tacked on $1.22 to $58.78.
The financial sector was flat as the Office of the Superintendent of Financial Institutions has identified Canada’s six largest banks as systemically important to the country.
As a result, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank will be subject to enhanced disclosure and an additional 1% capital buffer for risk a 1% risk-weighted capital surcharge by Jan. 1, 2016.
In terms of share performance, RBC, BMO, Scotiabank and TD were positive while the other two banks were lower.
Mega Brands Inc. plans to significantly reduce its outstanding debt by having some of its investors either buy more shares or exchange debt securities for shares on a cashless basis.
The Montreal-based company says it expects the outstanding principle of debentures to be lowered by $62.4 million, reducing pre-tax cash interest expenses for Mega Brands by about $6.2 million annually. Its stock rose 72 cents, or 5.2%, to $14.52.
ON BAYSTREET
The TSX Venture Exchange faded 7.32 points to 1,096.03
Of the 14 Toronto subgroups, eight ended the session higher, led by telecoms, up 1.1%, consumer discretionary stocks, ahead 0.7%, and industrials, moving up 0.6%.
The half-dozen laggards were weighed mostly by gold, down 1%, materials, sliding 0.8%, and health-care, 0.3% to the bad.
ON WALLSTREET
U.S. stocks bounced toward greater peaks Tuesday, as investors welcomed better-than-expected reports on home prices and durable goods.
The Dow Jones Industrials jumped 111.90 points to yet another all-time record close of 14,559.70
The S&P 500 index gathered 10.94 points to 1,562.63. The tech-heavy NASDAQ Composite gained 17.18 points to 3,252.48.
The S&P 500 is once again just a few points away from eclipsing the all-time high it set in October 2007.
Children's Place reported that sales and profit jumped in 2012. But the company issued a weak forecast for the first quarter of 2013, citing "the unfavorable weather and weak macro-economic environment." The stock dropped almost 2%.
In other corporate news, Boeing completed the first test flight for its troubled 787 Dreamliner since redesigning the aircraft's battery system.
On the U.S. economic front, the S&P Case-Shiller index showed that home prices rose 8.1% in January from a year ago, marking the biggest year-over-year gain in prices since June 2006.
The U. S. Census Bureau reported that durable goods orders rose 5.7% in February, more than expected. But excluding transportation, new orders decreased 0.5%, a bigger drop than expected.
What’s more, the Conference Board's consumer confidence index came in at 59.7 in March, which was below expectations and lower than February's reading. But a reading above 50 reflects overall optimism.
Internationally, Cyprus' banks will remain closed until Thursday to give regulators time to guard against a run on deposits. Some form of capital controls will be applied when the banks eventually reopen.
The island nation agreed early Monday to raise billions of euros from big depositors at the Bank of Cyprus and Popular Bank of Cyprus, and shrink its banking sector, in return for a €10-billion European Union bailout.
Prices on the 10-year U.S. Treasury gained strength, lowering yields back to Monday’s 1.91%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.71 to $95.49 U.S. a barrel.
Gold prices fell $5.30 to $1,598.60 U.S. an ounce.
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