Equity markets in Canada’s biggest centre opened slightly higher on Tuesday, basking in the good vibes of an improving global economic outlook which pushed global markets higher.
The S&P/TSX composite index hiked 47.73 points to start the year’s last session at 13,629.12. It is on track for a gain of more than 9% for 2013.
The Canadian dollar advanced 0.23 cents to 94.12 cents U.S.
National Bank Financial cut the target price on Sherritt International to $4.40 from $4.75 following the company's announcement to sell its coals operations to Westmoreland Coal Co and its and royalty business to Altius Minerals Corp. Sherritt stock docked seven cents from its price to $3.67 in the first hour of trading.
Consumer staples proved the strongest performers in the early going Tuesday, most notably Maple Leaf Foods, up 16 cents, or nearly 1%, to $16.85. Energy issues flexed a bit of muscle, too, with MEG Energy up 39 cents, or 1.3%, to $30.64.
Gold’s woes continued, with Colossus Minerals subtracting 5.3% to nine cents.
ON BAYSTREET
The TSX Venture Exchange gained 0.43 points to 921.67
All but three of the 14 TSX subgroups were higher at the outset, with consumer staples marching ahead 0.5%, energy surging 0.4%, and telecoms better by 0.3%.
The three laggards were gold, down 0.2%, metals and mining, off 0.1%, and materials listing slightly lower.
ON WALLSTREET
The final trading day of 2013 was off to a strong start Tuesday as investors prepare to bid farewell to a stellar year for stocks.
The Dow Jones industrial average jumped 34.50 points to begin New Year’s Eve trading at 16,538.99, following yet another record high on Monday, its 51st of the year.
The S&P 500 index moved higher 3.70 points to 1,844.77. The NASDAQ gained 9.85 points to 4,164.05.
U.S. markets will be closed Wednesday for New Year's Day, and few shares were trading hands early Tuesday.
The Dow and S&P 500 have soared to all-time highs in 2013. Both indexes are on track to record the biggest annual gains since the late 1990s. The NASDAQ has surged nearly 40% to highs not seen since 2000.
The major gauges have risen by 2% to 3% in December, the fourth month in a row stocks have risen.
Netflix CEO Reed Hastings will see his scheduled base salary and stock options jump by 50% in 2014, according to a regulatory filing. The company's stock has soared more than 300% this year, making Netflix the top performer in the S&P 500.
Shares for Hertz jumped after the car rental company announced measures to limit the amount of shares held by individual investors to prevent any one investor or group from gaining control of the company.
There are a few economic data releases that could influence market sentiment in the day ahead.
Home prices rose at a 13.6% annual rate in October, according to the S&P/Case-Shiller index. But the report also pointed to slowing price growth. Also this morning, the U.S. Conference Board is to release its monthly consumer confidence index.
Prices for 10-year U.S. Treasuries dipped, raising yields to 3% from Monday’s 2.98%. Treasury prices and yields move in opposite directions.
Oil prices sank 88 cents to $98.41 U.S. a barrel.
Gold prices tumbled another $17.10 to $1,186.70 U.S. an ounce.
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