Canada's main stock index edged higher on Tuesday as a rise in energy stocks boosted by stronger U.S. oil prices was partially offset by weakness in some commodity producers, weighed down by weak copper prices.
The S&P/TSX composite index moved up 27.42 points to close at 15,536.81
The Canadian dollar fell 0.02 cents to 91.12 cents U.S.
With the price of copper dropping 2.2%, First Quantum Minerals Ltd shed 1.9% to $23.90 and Teck Resources declined 0.7% to $23.97.
Shares of energy producers climbed, with Canadian Natural Resources rising 0.3% to $44.87 and Talisman Energy advancing 1.5% to $10.95.
Among financials, Toronto Dominion Bank moved up two cents to $57.46 and Bank of Montreal picked up a cent to $84.24.
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 had strengthened 3.49 points to 988.69.
Eight of the 14 Toronto subgroups were lower on the day, as metals and mining got turfed 1%, consumer staples slid 0.9%, and health-care lost 0.6%.
The half-dozen gainers were led by gold, up 1.8%, telecoms gained 0.5%. and energy stocks prospered 0.4%.
ON WALLSTREET
The S&P 500 index suffered its steepest one-day decline in five weeks while the NASDAQ Composite dropped the most since July 31. Broad-based losses were led by stocks from the telecom and utilities sectors.
The Dow Jones Industrials moved lower by 97.55 points to close at 17,013.87
The S&P 500 shed 13.10 points to 1,988.44. The NASDAQ lost 40 points to 4,552.29.
Fluctuation in Apple Inc’s shares contributed to the choppy session on Wall Street, as the tech group is the heaviest weighted stock on the S&P 500 and NASDAQ. Apple Inc. unveiled iPhone 6, ApplePay and Apple Watch and shares rose as high as 3.5%, but lost ground after the event and closed lower.
The iPhone maker unveiled the newest version of its flagship phone and a new Apple Watch wearable device. Shares rose as much as 3.5%, but closed slightly lower.
McDonald’s shares fell 1.5% after the fast-food restaurant chain said global comparable sales fell 3.7% in August. The company warned that problems with a supplier in China will hurt third-quarter results.
Shares of Annie’s Inc. rose 38%, on the heels of a similar late-session rally after General Mills Inc. offered to buy the organic-foods company for $820 million U.S. in cash.
Shares of Pinnacle Foods Inc. fell 4.6% after the packaged-foods company said some shareholders tied primarily to investment firm Blackstone will sell 15 million common shares.
Barnes & Noble Inc. shares were up 3% after the bookseller’s fiscal second-quarter profit jumped thanks to cost cuts, masking a bigger-than-expected decline in revenue.
Among economic news, small-business sentiment in August nudged up to its second-highest reading since October 2007, a trade group said Tuesday. July job openings ticked down to 4.67 million from to 4.68 million in June.
Prices for 10-year U.S. Treasuries lost ground, raising yields to 2.50% from Monday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices gained eight cents to $92.74 U.S. a barrel.
Gold prices moved up one dollar to $1,255.30 U.S. an ounce.
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