Equity markets in Toronto hesitated a bit, coming out of the gate Tuesday, as commodity prices started to recover from sharp price drops.
The S&P/TSX composite index fell 13.84 points to kick off the session at 14,288.22
The Canadian dollar improved 0.03 cents at 90.06 cents U.S.
On the corporate front, Osisko Mining Corp. is urging shareholders to sit on the sideline while its board continues the search for an alternative to an ongoing hostile takeover attempt by Goldcorp Inc.
Goldcorp has extended its hostile deadline for accepting the offer until March 21. But Osisko noted Tuesday that its adversary is prevented from buying more shares until April 15.
Osisko shares took on three cents to $7.46, while Goldcorp shares boosted 29 cents, or nearly 1%, to begin trading at $29.93.
Canadian exporters also watched developments in Vancouver where a strike by container-truck drivers serving Port of Metro Vancouver terminals is growing. Members of Unifor-Vancouver Container Truckers' Association parked their vehicles Monday, joining members of the non-union United Truckers Association who have been on strike since last month.
The groups reached a tentative deal with employers last week, but the members voted against the agreement over the weekend.
Tech stocks were among the biggest losers in the day’s first hour, with BlackBerry shares suffering 18 cents, or 1.7%, to $10.53.
Consumer staples also had a rough start, with Loblaw dropping 40 cents to $45.95.
ON BAYSTREET
The TSX Venture Exchange was recovered 7.11 points to 1,049.06
Eight of the 14 Toronto subgroups were lower at the outset, weighed mostly by information technology and consumer staples, each down 0.4%, while energy stocks sank 0.3%
The six gainers were paced by gold, up 1.1%, materials, advancing 0.5%, and health-care, up 0.4%.
ON WALLSTREET
Major equity markets in the United States were all flat in early trading Tuesday.
The Dow Jones Industrial Average subtracted 18.24 points to open Tuesday at 16,400.44
The S&P 500 index faded 2.08 points to 1,875.09. The NASDAQ dipped 0.38 points to 4,334.07.
U.S. stocks closed slightly lower Monday, with the Dow and S&P 500 again hovering near all-time highs. The NASDAQ is about 15.5% below its dot-com boom record, thanks to a nearly 40% jump last year and a strong start in 2014.
There was little economic data on tap Tuesday, but several companies were making news.
J.C. Penney shares surged over 6% Tuesday after an Citigroup analyst upgraded the company's stock to a "buy."
The stock started the year on a rough note, and was one of the worst performers in the S&P 500 last year. But J.C. Penney shares have jumped in recent weeks as investors have begun to get on board with its much-hyped turnaround strategy. With Tuesday's gains, the stock is close to breaking even for the year.
Shares of Dick's Sporting Goods rose after the sporting retailer reported earnings and revenue roughly in line with forecasts.
Urban Outfitters, which owns the retail brands Anthropologie and Free People, declined after reporting quarterly revenue that fell short of analysts' expectations.
And while some firms have spent the beginning of 2014 blaming unusually cold winter for weak earnings, one company is actually cheering the country's winter woes.
Snow plow maker Douglas Dynamics, which trades under the ticker PLOW, rose more than 4% Tuesday after reporting strong earnings and solid guidance thanks to this year's wintry mix.
Prices for 10-year U.S. Treasurys were static, keeping yields at Monday’s 2.78%. Treasury prices and yields move in opposite directions.
Oil prices dipped 40 cents to $100.72 U.S. a barrel.
Gold prices added $8.50 to $1,340.50 U.S. an ounce.
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