The Toronto stock market was higher Tuesday as worries about emerging markets receded and traders looked to a mixed bag of earnings reports.
The S&P/TSX composite index gained back 68.20 points to greet noon at 13,650.49
The Canadian dollar dipped another 0.30 cents to 89.67 cents U.S.
Bank of Montreal is offering to buy U.K.-based investment manager F&C Asset Management PLC in a cash deal valued at $1.3 billion. BMO shares dipped 20 cents to $70.26.
Financials gained, with Manulife Financial Corp adding 1.1% to $20.78.
Shares of energy companies rose, helped by higher oil prices. Canadian Natural Resources Ltd advanced 1.5% to $35.90.
The materials sector, which includes mining stocks, took on some gains. Barrick Gold Corp climbed 1.2% to $20.86, and Teck Resources Ltd advanced 1.4% to $27.26.
In corporate news, First Quantum Minerals said its Cobre Panama project in Central America should produce about 20% more copper than previously planned, but initial production will be delayed and development costs will be higher.
The stock rose 0.9% to $20.01.
ON BAYSTREET
The TSX Venture Exchange inched up 1.44 points to 953.19
All 14 Toronto subgroups were in the green by noon, led by metals and mining issues, up 2.2%, global base metals, gaining 2.1%, while information technology issues took on 1.6%.
ON WALLSTREET
Stocks bounced back Tuesday as emerging market turmoil eases and investors sift through the latest slew of earnings reports.
The Dow Jones Industrial Average had recaptured 67.35 points by midday to 15,905.23
The S&P 500 index remained positive 7.31 points to 1,788.83. The NASDAQ dropped 2.18 points to 4,081.43
Shares of Apple tumbled after the tech giant reported weaker-than-expected fourth-quarter iPhone sales.
Pfizer bounced after the drugmaker reported better-than-expected earnings, though sales fell short of estimates.
Ford shares rose after the automaker topped earnings forecasts and said it would pay record profit sharing to its UAW members.
American Airlines Group, the child of the recently completed merger between American Airlines and U.S. Airways, reported a fourth-quarter profit that beat estimates.
After the close, results are due from Yahoo.
In economic news, the Case-Shiller 20-city home price index rose slightly, signaling that the housing market remains strong but is showing signs of topping out.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.76% from Monday’s 2.77%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.68 to $97.40 U.S. a barrel.
Gold prices faded $11.60 to $1,251.80 U.S. an ounce.
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