Equities in Canada’s biggest market edged higher on Tuesday after a seven-day streak of losses as investors picked through earnings reports and several resource stocks got a bounce from recent lows.
The S&P/TSX composite index regained 35.50 points to greet noon Tuesday at 14,036.87
The Canadian dollar hiked 0.48 cents to 77.18 cents U.S.
BlackBerry gained 4.8% to $9.96 after Morgan Stanley upgraded the stock of the smartphone pioneer.
Shares in oil company Husky Energy jumped 3.4% to $23.34 after its quarterly report.
Shares in WestJet Airlines fell 1.2% to $22.39 even though the company reported a 19% rise in profit, helped by lower fuel costs and new routes.
Home Capital Group fell 5.6% to $27.52. The alternative lender said after the close on Monday that board member James Baille, a former chairman of the Ontario Securities Commission, had resigned.
Pipeline operator Enbridge Inc fell 1.1% to $54.27, while First Quantum Minerals Ltd lost 4.9% to $10.99. Production at its Zambian mines was hit by power cuts.
On the economic front, Statistics Canada reported that its Industrial Product Price Index hiked 0.5% in June, mainly because of higher prices for energy and petroleum products and motorized and recreational vehicles.
The Raw Materials Price Index was unchanged in June, as lower prices for metal ores, concentrates and scrap were mostly offset by higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange remained negative 1.23 points by noon to 580.48
All but four of the 14 TSX subgroups made it into positive territory, mostly global base metals, up 2%, energy, better by 1.8%, and metals and mining, ahead 1%.
The four laggards were weighed by utilities, down 1%, consumer staples, off 0.8%, and health-care, weaker by 0.4%.
ON WALLSTREET
U.S. stocks traded mostly higher on Tuesday as investors found encouragement from some recovery in Chinese stocks and eyed mixed earnings as the Federal Reserve began its two-day meeting.
The Dow Jones industrial average leaped 121.50 points 17,562.09, with Caterpillar leading advancers and DuPont leading decliners.
The S&P 500 added 15.67 points to 2,083.31, with energy leading nine sectors higher and telecommunications the only decliner.
The NASDAQ index gained 22.94 points to 5,062.72, as Apple and biotech stocks advanced.
Earnings season continues with Ford and UPS posting results before the bell and Twitter and Buffalo Wild Wings reporting after the close.
Ford posted its best quarterly performance since 2000, with quarterly profit topping estimates and marking the automaker's highest every quarterly profit for North America.
UPS reported higher second-quarter net profit as improved margins offset a drop in revenue, Reuters reported. However, total revenue fell 1.2% from a year ago due to the strong U.S. dollar and lower fuel surcharges. The stock jumped more than 4%.
Pfizer raised its full-year forecast on rising sales of its newer drugs and beat expectations on both the top and bottom lines.
DuPont posted earnings that matched estimates on revenue that missed. The firm also lowered its outlook for the year on lower corn and soybean volumes as well as weaker demand for its crop protection products.
In economic news, U.S. consumer confidence for July came in at 90.9, missing expectations and posting a decline from June's read of 99.8.
The Case-Shiller 20-city home price index rose 4.9% in May from the same period last month, matching April's pace. The gain missed expectations for a 5.6% increase.
The Markit flash services PMI rose slightly from a five-month low, hitting 55.2 in July. The average for the year so far is 56.3.
The Federal Open Market Committee begins its two-day meeting Tuesday. No press conference is scheduled at its conclusion Wednesday afternoon.
Prices for 10-year U.S. Treasuries sagged, raising yields to 2.24% from Monday’s 2.22%. Treasury prices and yields move in opposite directions.
Oil prices recovered 69 cents a barrel to $48.08 U.S.
Gold prices let go of $2.30 to $1,094.10 U.S. an ounce.
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