Toronto stocks roared ahead soon after Tuesday’s opening bell, as the buzz continues over what newly-minted U.S. Federal Reserve Chair Janet Yellen is telling Congress today.
The S&P/TSX composite index grew 67.29 points to begin Tuesday at 13,861.47
The Canadian dollar gained 0.07 cents to 90.48 cents U.S.
Yesterday, Kinross Gold announced that company President and Chief Operating Officer Brant Hinze will retire. However, Hinze has decided to remain until October 1 to ensure a smooth transition. Kinross shares gathered a dime to $5.73.
CAE will release its third-quarter results with a conference call will be held at 1 p.m. ET.
According to a survey of analysts by Thomson Financial Network, the market is looking for the industrial simulators company to post $533 million in revenue and an earnings-per-share figure of 18 cents. CAE shares began the day at $13.79, lower by 11 cents from Monday’s close.
Investors will also be waiting on third quarter results from e-commerce solutions provide Mediagrif Interactive Technology. Experts are looking for about $0.21 per share in EPS and $17 million in revenue. Mediagrif shares gained a penny to $19.00
Absolute Software is also due to report its fourth-quarter results after the bell on Tuesday. Analysts are expecting the security and endpoint management services firm to post an EPS figure of about $0.03 and $23 million in revenue. Absolute shares marched ahead 11 cents to $6.93.
ON BAYSTREET
The TSX Venture Exchange added 4.10 points to 971.51
All 14 Toronto subgroups were on the move in the first hour, with gold surging 1.8%, materials ahead 1%, and global base metals tacking on 0.9%
ON WALLSTREET
Stocks rose slightly Tuesday as new U.S. Federal Reserve Chair Janet Yellen stressed that monetary policy is unlikely to change much under her leadership.
The Dow Jones Industrial Average vaulted 72.61 points to 15,874.40.
The S&P 500 index gained 7.53 points to 1,807.37. The NASDAQ added 18.37 points to 4,166.54.
On the earnings front, Sprint shares surged after the wireless carrier reported better-than-expected revenue and decent subscriber gains. The company posted a loss, but the losses narrowed from a year earlier.
Sprint has reportedly been thinking of making a bid for its rival T-Mobile. But there are doubts about whether a deal would pass regulatory muster.
CVS Caremark shares gained after the drugstore chain reported quarterly increases in sales and profit. The company made waves last week when it announced it would soon stop selling cigarettes and other tobacco products.
Shares of cloud-computing firm Rackspace Hosting tanked after CEO Lanham Napier said he would retire.
ConAgra Foods shares plunged after the packaged foods company cut its full year earnings outlook.
Yellen began testifying before the House Financial Services Committee mid-morning -- her first appearance since taking the helm of the central bank earlier this month.
In prepared remarks, Yellen said the central bank plans to continue easing its stimulus program, a big driver of the 2013 stock market rally.
Since January, the Fed has gradually been reducing the pace of that stimulus. After buying $85 billion U.S. in bonds per month since September 2012, the Fed said in December it would cut its purchases to $75 billion U.S., and then trimmed the size of its quantitative easing program to $65 billion U.S. in January.
Prices for 10-year U.S. Treasuries dipped, raising yields to 2.72% from Monday’s 2.68%. Treasury prices and yields move in opposite directions.
Oil prices inched up 10 cents to $100.16 U.S. a barrel.
Gold prices rose eight dollars to $1,282.70 U.S. an ounce.
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