Markets in Canada’s biggest centre played coy near the breakeven line early Tuesday, as financial sector stocks edged higher after Monday's deep selloff, while weakening in crude oil prices weighed on energy stocks.
The S&P/TSX composite index dropped 29.44 points to begin Tuesday at 12,897.71.
The Canadian dollar fell 0.06 cents to 71.62 cents U.S.
Manulife Financial is looking to revive a plan to list a real estate investment trust in Singapore this year after an initial public offering was shelved last year due to poor market conditions. Manulife shares slid 10 cents to $20.33.
Enbridge shut down a crude oil pipeline for approximately three hours on Monday morning, a company spokesman said, after protesters opposed to oil sands development partially restricted flow on the pipeline on Sunday night by tampering with a valve station. Enbridge shares lost 46 cents, or 1%, to $45.42.
BMO cut the target price on WestJet Airlines to $29.00 from $32.00 saying that the valuation is likely to remain pressured by elevated supply growth and uncertain demand outlook. WestJet shares docked 16 cents to $20.50.
RBC cut the target price on WSP Global to $47.00 from $50.00, with a sector perform rating, expecting moderate organic sales and margin growth for 2016. WSP eased 50 cents, or 1.2%, to $41.41.
On the economic front, Statistics Canada reported this morning that its industrial product price index declined 0.2% in November, mainly as a result of lower prices for primary non-ferrous metal products.
The agency’s raw materials price index fell 4% in the same month, led by lower prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange boosted 0.44 points to 526.09
Seven of the 13 TSX subgroups began the day higher, with metals and mining powering up 2.3%, health-care haler by 1.7%, and telecoms up 0.4%.
The five laggards were weighed by energy, doffing 1.3%, while industrials and consumer discretionary stocks fell 0.6% each. Gold stocks were unchanged in the first hour of trading.
ON WALLSTREET
U.S. stocks traded in a range Tuesday, attempting recovery from a sharply lower start to the year, as investors eyed oil prices and auto sales.
The Dow Jones industrial average docked 37.6 points to 17,111.34, with Wal-Mart leading advancers and Walt Disney the greatest laggard.
The S&P 500 squeaked higher 0.17 points to 2,012.83. Utilities fell more than 1% and energy briefly declined more than half a percent to weigh on the S&P 500, which held above the psychologically key 2,000 level in morning trade.
The NASDAQ index nosed up 0.02 points to 4,903.11. Apple traded more than 1% lower.
U.S. auto sales for December are due out this morning, and the Institute of Supply Management is due to post its economic activity index for January
Prices for the 10-year Treasury were unchanged, keeping yields at Monday’s 2.24%.
Oil prices demurred 36 cents a barrel to $36.40 U.S.
Gold prices gained $4.49 to $1,079.10 U.S. an ounce.
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