The Toronto stock market was slightly higher late morning Tuesday amid concerns about whether a U.S. stock rally may be running out of steam and indications of slower than anticipated economic growth prospects.
The S&P/TSX composite index got lift of 18.68 points to pause for noon at 13,476.74
The Canadian dollar subsided 0.36 cents to 95.52 cents U.S.
The gold sector was up while Goldcorp advanced 28 cents to $25.48.
The energy sector advanced as Canadian Natural Resources gained 31 cents to $33.94.
The consumer sector was in focus Tuesday as Sears Canada Inc. stock jumped $1.10, or 6.6%, to $17.90 as the retailer said that it will pay its shareholders an extraordinary dividend of $5 per share. Sears also posted a quarterly net loss of $48.8 million or 48 cents per share, mainly due to severance and restructuring costs.
Food company George Weston posted earnings ex-items of $1.38 a share, seven cents shy of estimates. Its shares declined 18 cents to $81.27 as the company also said overall sales rose 2.1 per cent to $10.38 billion.
The base metals sector was flat as December copper edged up two cents to $3.16 U.S. a pound. First Quantum Minerals fell 18 cents to $18.67.
In other corporate news, Patheon Inc. has received a friendly takeover offer that values the drug company at about $1.4 billion U.S., which is more than 50% above its recent market price.
The offer of $9.32 U.S. per share cash is coming from a group backed by Patheon's largest shareholder, U.S. private equity firm JLL Partners. Patheon shares surged $3.68, or 62%, to $9.62.
ON BAYSTREET
The TSX Venture Exchange moved forward 4.35 points to 926.14
Eight of the 14 TSX subgroups gained ground, led by gold, up 0.8%, while energy and materials each triumphed 0.6%.
The half-dozen laggards were weighed mostly by health-care stocks, 0.5% less hale, information technology, down 0.4%, and telecoms, off 0.3%.
ON WALLSTREET
Stocks were up slightly Tuesday even after investors got a reality check form a widely-respected market prognosticator.
The Dow Jones Industrials gained 15.57 points from Monday’s all-time high close, to greet noon at 15,991.60
The S&P 500 index dipped 0.82 points to 1,790.71. The NASDAQ recovered 2.93 points to 3,952.
Home Depot led the Dow after the home improvement retailer reported strong quarterly results.
JPMorgan Chase and the Justice Department are expected to finalize a $13-billion settlement related to the bank's past mortgage practices. The settlement and announcement could come as soon as Tuesday.
Tesla shares bounced back after falling sharply on news the National Highway Safety administration opened an investigation into vehicle fires.
Shares of Nokia and Microsoft dipped following reports that shareholders approved Microsoft's planned acquisition of Nokia's mobile phone business.
On the earnings front, Best Buy reported quarterly revenue and profit that beat expectations. But shares tumbled after the electronics retailer said that more promotions during the holiday shopping season could hurt its profit margins.
Urban Outfitters shares slipped after the retailer offered cautious guidance for the fourth quarter.
Campbell Soup lowered its guidance after a weak quarterly report.
Home Depot's rival Lowe's was also up thanks to Home Depot's strong earnings.
Lowe's will release its latest results before the opening bell on Wednesday.
With the market trading at all-time highs, there are growing concerns about whether stocks are overvalued, billionaire investor Carl Icahn the most vocal of those expressing concern.
Prices for 10-year U.S. Treasuries were lower, raising yields to 2.70% from Monday’s 2.68%. Treasury prices and yields move in opposite directions.
Oil prices doffed 22 cents to $92.81 U.S. a barrel.
Gold prices were up $3.30 to $1,275.60 U.S. an ounce.
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