The Toronto stock market was higher after resource giant Alcoa Inc. kicked off a slew of second-quarter earnings from corporate America with profit and revenue that beat expectations.
The S&P/TSX Composite Index remained positive 25.80 points to greet noon at 12,234.67
The Canadian dollar picked up 0.26 cents to 94.97 cents U.S.
Executives at smartphone maker BlackBerry are expected to be in the hot seat today as the company holds its annual meeting. The company reported a loss for its most recent quarter, when most analysts had expected BlackBerry to turn a profit, and chief executive Thorsten Heins has said that further losses were expected in the next quarter.
BlackBerry shares gathered 22 cents to $10.32.
Much of the market’s strength came from the metals sector, led by Lundin Mining, surging 18 cents, or 4.7%, to $3.94.
Teck Resources stock soared 76 cents, or 3.6%, to $21.94, while Rio Alto Mining gained six cents to $1.91.
In the consumer staples sector, which sagged, Alimentation Couche-Tard dropped $4.43, or 7.2%, to $56.96.
Speaking of things economic, Canada Mortgage and Housing Corporation reported that housing starts fell in June from May, but less than expected.
The seasonally adjusted annualized rate of housing starts was 199,586 units in June, a decrease from May, which was revised higher to 204,616. Analysts polled by Reuters had expected 187,000 starts in June.
ON BAYSTREET
The TSX Venture Exchange edged higher 1.65 points to 874.94
All but four of the 14 Toronto subgroups were higher by noon, led by metals and mining, up 2.2%, while global base metals and materials each soared 1.5%.
The four laggards were weighed mostly by consumer staples, down 1.8%, utilities, down 1.1%, and health-care, off 0.4%.
ON WALLSTREET
Investors pushed stocks higher early Tuesday after a positive start to earnings season gave global markets a tailwind.
The Dow Jones Industrials gained 66.26 points to 15,291.
The S&P 500 index progressed 9.70 points to 1,650.16. The NASDAQ Composite increased 15.07 points to 3,499.90
After Monday's close, Alcoa became the first Dow component to report second-quarter results, topping analysts' forecasts.
Alcoa's results combined with lingering sentiment from last week's better-than-expected jobs report helped support stocks, said Anthony Conroy, head trader at BNY ConvergEx Group.
Firms including Yum! Brand, JPMorgan and Wells Fargo are set to report quarterly results later this week.
Overall, earnings for companies in the S&P 500 are expected to grow 0.8% versus last year, according to experts.
Tesla Motors is joining the Nasdaq-100 and replacing software company Oracle.
The electric car maker's stock rose 3% to trade above $125. That's more than four times what the stock was worth at the beginning of the year.
Barnes & Noble shares sank after the book retailer announced that CEO was resigning.
Shares of Intuitive Surgical Inc. plunged after the surgical robotics company pre-announced results that disappointed investors.
Shares of Kroger rose to an all-time higher after it agreed to buy rivalHarris Teeter in an all-cash deal valued at $2.5 billion U.S.
NYSE Euronext won a contact to take over Libor, the London interbank offered rate that has been at the epicenter of a wide-ranging bid rigging scandal.
The International Monetary Fund cut its world economic growth forecast for the third time this year due to slowing emerging markets and a prolonged recession in the euro-zone.
In an update to its World Economic Outlook, the IMF said Tuesday that it now expects world output to expand by just 3.1% in 2013, down from 3.3% in April. In January, it was forecasting growth of 3.5%.
Prices for the 10-year U.S. Treasury inched down, lifting yields to 2.65% from Monday’s 2.64%. Treasury prices and yields move in opposite directions.
Oil prices hitched up 14 cents to $103.28 U.S. a barrel.
Gold prices gained $12.30 to $1,247.20 U.S. an ounce.
Related Stories
