The Toronto stock market was modestly higher Tuesday, well off the worst levels of the session amid rising oil and gold prices and a solid earnings report from Canadian grocer Metro Inc.
The S&P/TSX composite index made its way into the green 36.05 points to close Tuesday at 14,833.88, well off its lows that had the index down more than 140 points.
The Canadian dollar surged 0.47 cents to 80.64 cents U.S.
Metro's quarterly net income was up 13.4% from a year ago to $112.5 million. Adjusted earnings were $1.35 per share, four cents above estimates, while sales were up 5.2% to $2.84 billion.
Metro also announced a three-for-one stock split and a dividend hike. Metro shares advanced $4.31, or 4.4%, to $101.57 after hitting an all-time high of $104.03.
The base metals sector declined, as a strengthening greenback and demand concerns from China pushed copper down eight cents to a fresh five-and-a-half-year low of $2.46 U.S. a pound. Teck Resources shares lost 29 cents, or 1.8%, to $15.58.
Industrials fell with Canadian National Railway down 60 cents to $84.84 ahead of earnings coming out after the close.
TSX losses were minimized by a gain in the gold sector as Barrick Gold climbed 48 cents, or 3.3%, to $16.30.
The energy sector was up as Imperial Oil jumped 73 cents, or 1.5%, to $48.78.
While investors were still processing news that the victorious Syriza party in Greece was making demands for a restructuring of the country's international debt, sluggish U.S. earnings reports, including one from Microsoft Corp on Monday, were also hitting the market.
ON BAYSTREET
The TSX Venture Exchange moved forward 2.40 points to 676.79
Nine of the 14 Toronto subgroups were still trailing by the closing bell, with global base metals sliding 1.3%, metals and mining shedding 1.2%, and industrials down 0.6%.
The five gainers were led by gold, up 3.4%, consumer staples, ahead 2.1%, and materials, soaring 1.9%.
ON WALLSTREET
U.S. stocks dropped sharply on Tuesday as corporations reported earnings that disappointed and orders for U.S. business equipment unexpectedly declined in December.
The Dow Jones Industrials tumbled 291.49 points, or 1.7%, to 17,387.21, with Microsoft and Caterpillar pacing blue-chip losses that extended to 26 of 30 components.
The S&P 500 gave back 27.54 points to 2,029.55, with technology, industrials and materials the leading laggards among its 10 major sectors.
The NASDAQ index dumped 90.26 points to 4,681.50.
Caterpillar fell after the maker of mining and construction equipment reported a lower profit short of estimates.
Microsoft declined as the software maker's results weighed, and Procter & Gamble dropped after the consumer-products giant reported a decline in quarterly profit as the stronger dollar dented sales overseas.
Orders for business equipment fell 3.4% last month, illustrating the impact of the slowing global economy on U.S. multinationals.
Consumer confidence came in at 102.9 in January, the best read since August 2007, while new-home sales came in at 481,000 in December.
Separately, home prices in 20 cities rose 4.3 percent in November, according to the S&P/Case-Shiller index of property values.
Prices for 10-year U.S. Treasuries gained a bit of ground, dropping yields to 1.82% from Monday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices were higher 75 cents per barrel to $45.90 U.S.
Gold prices popped $14.90 an ounce to $1,294.30 U.S.
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