Equity markets in Toronto barely budged from their levels at Monday’s close, as investors made what little they could of housing figures announced early Tuesday.
The S&P/TSX composite index inched up 2.33 points to open Tuesday at 15,511.72
The Canadian dollar fell 0.38 cents to 90.76 cents U.S.
Encana will sell its remaining stake in PrairieSky Royalty Ltd, the company it spun out to investors in May, in a $2.6-billion deal as it continues to raise funds to increase oil production. Encana shares took on 66 cents to $25.36.
Taseko Mines said on Monday it will buy mineral exploration and development company Curis Resources in an all-share deal, giving the Canadian miner access to the advanced-stage Florence copper project in central Arizona. Taseko shares dipped 17 cents to $2.15.
Gold miner Agnico-Eagle Mines has agreed to buy Cayden Resources Inc, a gold exploration company with projects in Mexico, for $205 million in shares and cash, the two companies said on Monday. Agnico shares gained 51 cents to $37.59.
Investec cut the rating on Kirkland Lake Gold to reduce from hold. Kirkland Lake shares inched up three cents to $5.38.
On the economic front, Canada Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts slipped to 192,368 last month from a downwardly revised 199,813 units in July.
ON BAYSTREET
The TSX Venture Exchange regained 4.01 points to 989.21.
Nine of the 14 Toronto subgroups were lower at the outset, weighed mostly by metals and mining, down 1.2%, while consumer staples fell 0.6%, and financials slid 0.4%.
The five gainers were led by gold, up 1.2%, energy, taking on 0.5% and global base metals, nosing up 0.1%.
ON WALLSTREET
U.S. stocks began Tuesday’s trading session lower as investors digested earnings beats and misses, but kept their attention firmly focused on Apple Inc.’s hotly anticipated product event later in the day.
The Dow Jones Industrials demurred 90.55 points to 17,020.87
The S&P 500 shed 8.40 points to 1,993.14. The NASDAQ lost 17 points, to 4,575.29.
Apple will hold its product event at 10 a.m. PDT (1 p.m. Eastern) near its headquarters in Cupertino, Calif. The newest version of its flagship phone and an iWatch wearable device are among key things that could help boost shares of Apple.
McDonald’s said global comparable sales fell 3.7% in August and blamed "several headwinds" for the decline. The fast-food restaurant chain also warned that the problems with a supplier in China will hurt third-quarter results. Also read:
Shares of Annie’s Inc. rose 37%, on the heels of a similar late-session rally after General Mills Inc. offered to buy the organic foods company for $820 million in cash.
Shares of Pinnacle Foods Inc. fell 3.8% after the packaged-foods company said some shareholders tied primarily to investment firm Blackstone will sell 15 million common shares.
Barnes & Noble Inc. shares reversed losses made immediately in the wake of the bookseller’s quarterly results, and shares were up 2.7%. Same-store sales fell by more than expected, but the loss was not as large as expected.
Among economic news, small-business sentiment in August nudged up to its second-highest reading since October 2007, a trade group said Tuesday. Data on job openings for July was due at 10 a.m. Eastern.
Prices for 10-year U.S. Treasuries lost ground, raising yields to 2.49% from Monday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices gained 55 cents to $93.21 U.S. a barrel.
Gold prices gained $2.10 to $1,256.40 U.S. an ounce.
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