Positive earnings reports helped send the Toronto stock market slightly higher Tuesday.
The S&P/TSX composite index improved only 0.90 points to greet noon at 14,655.84
The Canadian dollar poked ahead 0.04 cents to 91.82 cents U.S.
On Tuesday, oil and gas producer Encana Corp. posted first-quarter net earnings of $116 million, or 16 cents per share, compared with a loss of $431 million, or 59 cents per share, in the same quarter of 2013.
The Calgary-based company said it had revenue of $1.89 billion compared with $1.06 billion year-over-year. The company's cash flow nearly doubled to $1.09 billion, or $1.48 per share and its shares ran ahead 75 cents, or 3%, to $25.35.
Manitoba Telecom Services reports first-quarter earnings of $41.9 million, or 54 cents per share, up 35.6% year-over-year. MTS had revenues of $401.5 million versus $406.7 million year-over-year. Its shares were ahead six cents to $31.42.
RioCan Real Estate Investment Trust said that quarterly funds from operations rose 2% to $127 million or 42 cents per unit. Its shares were unchanged at $27.69.
Shares in home improvement retailer Rona Inc. added six cents to $10.99 as the company lost $16.6 million or 14 cents per share in the latest quarter, compared with a loss of $36.1 million or 30 cents per share a year ago. Revenue fell to $764.3 million, down from $832.9 million.
In other corporate developments, Quebec-based Valeant Pharmaceuticals International Inc. said it plans to improve its offer for Botox-maker Allergan.
The U.S. company on Monday rejected Valeant's $48-billion U.S. hostile takeover bid, saying it undervalued Allergan. Valeant said in a letter to Allergan shareholders that it will outline the improved offer during a webcast/conference call May 28. Valeant shares were 32 cents higher at $142.30.
The telecom sector advanced, with Telus ahead 42 cents to $40.42.
ON BAYSTREET
The TSX Venture Exchange dropped 0.98 points to 987.28
The 14 Toronto subgroups were divided evenly between winners and losers, with health-care stocks growing 0.5%, telecoms up 0.3%, and energy, better by 0.2%.
The seven laggards were weighed mostly by metals and mining, down 0.6%, while industrials and utilities were each down 0.3%.
ON WALLSTREET
U.S. stocks chugged higher on Tuesday, carrying the S&P 500 above the 1,900-point mark for the first time ever.
The Dow Jones Industrial Average gained 16.82 points over yesterday’s all-time high finish, to 16,712.29
The S&P 500 gained 0.29 points to 1,896.94, and the NASDAQ composite index sagged 13.55 points to 4,130.31
The early enthusiasm in the market was muted a bit by an economic report that showed consumer spending slowed in April. Despite warmer weather in the spring, consumers didn't open up their wallets as much as Wall Street hoped. U.S. retail sales inched up just 0.1% last month, trailing forecasts for a 0.4% rise.
The government also said electronics and appliance store sales slid 2.3% last month, driving shares of Whirlpool almost 4% into the red.
Investors continue to see many power plays at the stock level.
They guzzled down shares of Keurig Green Mountain, which soared 7% after Coca-Cola announced plans to boost its stake in the company to 16%. The move represents a vote of confidence from the world's largest beverage maker and follows an initial 10% stake acquired in February.
Elizabeth Arden plummeted 16% after disclosing a 20% sales tumble and a surprise loss amid weak store traffic. The cosmetics company also tapped Goldman Sachs to explore a possible sale or other options.
Shares of DirecT ticked higher on reports that AT& could quickly clinch a $50-billion U.S. bid to buy the satellite TV company.
Rival DISH Network was among the worst performers in the NASDAQ 100, losing about 1%.
Other NASDAQ stocks struggling in early action include Vodafone and Whole Foods
Mergers and acquisitions continue to drive a lot of the upbeat mood on Wall Street. Valeant Pharmaceuticals signaled plans to raise its $46-billion U.S. offer to acquire Allergan, which the Botox maker formally rejected on Monday.
Investors will also be focusing on developments in the pharmaceutical industry.
The American drug maker Pfizer wants to buy Britain's AstraZeneca and both CEOs will appear before a U.K. parliamentary committee to answer questions about the potential takeover.
Otherwise, the earnings front was largely quiet, but Fossil and Take-Two Interactive are on tap to report results after the closing bell.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.62% from Monday’s 2.66%. Treasury prices and yields move in opposite directions
Oil prices tacked on 68 cents to $101.27 U.S. a barrel.
Gold prices gained 70 cents to $1,296.50 U.S. an ounce.
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