Toronto stocks opened marginally higher on Tuesday as strong data from the euro-zone and Germany pointed to a recovery in the European economy and boosted investor sentiment.
The S&P/TSX composite index up 23.04 points to begin the day at 12,617.31
The Canadian dollar dipped 0.35 cents to 96.68 cents U.S.
Smartphone maker BlackBerry Ltd is weighing options that could include an outright sale, it said on Monday, and its largest shareholder is stepping down from its board to avoid possible conflict of interest. BlackBerry shares gained 41 cents to $3.68.
National Bank Financial cut the target price on Amica Mature Lifestyles Inc to $10.50 from $10.75 on valuation. Amica shares took on five cents to $8.45.
BMO cut the rating on Copper Mountain Mining Corp to underperform from market perform, saying the company continues to face challenges in attaining design capacity and working capital remains weak. Copper Mountain shares dipped four cents to $1.64.
CIBC raised the price target on Enerplus Corp. to $20 from $17.50 after the company reported second-quarter results that beat expectations. Enerplus shares retreated four cents to $17.31.
CIBC raised the price target on Perpetual Energy Inc to $1.50 from $1.40, believing further debt repayment will be key to the company's success going forward. Perpetual shares gained two cents to $1.15
ON BAYSTREET
The TSX Venture Exchange fell 1.43 points to 924.43
All but four of the 14 Toronto subgroups were higher in the first hour. Information technology progressed 0.9%, while metals and mining stocks gained 0.5%, and financials took on 0.4%.
The four laggards were weighed by utilities, off 0.5%, while gold and consumer staples sagged 0.4% each.
ON WALLSTREET
J.C. Penney's stock was in the spotlight Tuesday after Bill Ackman resigned from the retailer’s board.
The Dow Jones Industrial Average staggered 56.56 points to begin Tuesday at 15,363.10
The S&P 500 index was negative 0.52 points to 1,689.95. The NASDAQ was lower by 18.83 points to 3,651.12.
Ackman has been demanding the ouster of CEO Myron Ullman and Chairman Thomas Engibous. In its statement, Penney said its board reiterated its "overwhelming support" for the two leaders. Shares of J.C. Penney were up almost 2%.
In addition to Penney, several other stocks were on the move.
Flowers Foods shares jumped after the packaged baked good company reported better-than-expected earnings and sales thanks to recent acquisitions -- including Tastycake maker Tasty Baking Co.
Most recently, Flower Foods bought Hostess Brands' bread companies out of bankruptcy, adding Wonder Bread and other names to its line.
Eli Lilly shares rose after the company said its experimental lung cancer drug increased the survival rate of patients in a late-stage trial.
Shares of Yum! Brands sank after the restaurant operator said same-store sales at its KFC locations in China dropped 13% versus last year as the company continues to struggle in the wake of a food safety scandal.
On the economic front, Retail sales were up 0.2% in July, rising for a fourth straight month, but the gain was "softer than anticipated," according to one observer.
Prices for the 10-year U.S. Treasury dropped, powering yields higher to 2.70% from Monday’s 2.60%. Treasury prices and yields move in opposite directions.
Oil prices docked 10 cents to $106.01 U.S. a barrel.
Gold prices faded $6.80 to $1,327.40 U.S. an ounce.
Related Stories
