Toronto’s main stock index enjoyed healthy gains out of the starting blocks Tuesday.
The S&P/TSX composite index gained 92.74 points to begin Tuesday’s session at 14,975.24
The Canadian dollar picked up 0.06 cents to 88.49 cents U.S.
Sears Canada reported its third straight quarterly loss, as sales continued to decline at the struggling department store chain. Sears shares dipped 29 cents, or 2.6%, to $10.70.
A group led by Canadian property investor Ivanhoe Cambridge has clinched a deal to buy a Manhattan office tower for $2.25 billion from Blackstone Group LP, the Wall Street Journal reported, citing people familiar with the terms of the sale.
Barclays raised the price target on Scotiabank to $75.00 from $74.00, with an equal weight rating. Scotiabank shares gained 22 cents to $68.99.
Commercial borrowing by small and medium-sized businesses in Canada declined for the third straight quarter in the July-September quarter, a PayNet survey showed.
ON BAYSTREET
The TSX Venture Exchange nosed up 1.21 points to 777.84.
All but one of the 14 Toronto subgroups were higher in the early going, as gold soared 2.6%, materials gained 2.3%, and health-care was haler 1.5%
Only global base metals suffered, and only 0.03% at that.
ON WALLSTREET
U.S. stocks rose on Tuesday, with developments in Japan and data from Europe lifting equities overseas, and an unexpected rise in U.S. producer prices revived the debate over when the Federal Reserve would hike interest rates.
The Dow Jones Industrials prospered 24.63 points to open at 17,672.38
The S&P 500 acquired 5.65 points at 2,046.97, with health care leading gains and telecommunications faring most poorly among its 10 industry groups. The NASDAQ index regained 24.75 points to 4,695.75.
The U.S. government reported a 0.2% gain in wholesale costs in October.
Prices for 10-year U.S. Treasuries were unchanged, keeping yields at Monday’s 2.34%.
Oil prices fell 73 cents to $74.91 U.S.
Gold prices took on $12.40 to $1,195.90 U.S.
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