Stocks rose out of the starting gate in Toronto on Tuesday as firming crude oil prices helped support the resource-linked market.
The S&P/TSX composite index gained 109.87 points to kick off Tuesday at 12,429.12, making a bid to end its current slump of nine straight sessions, the index’s longest since 2002.
During this slump, the index has surrendered 7.4% of its previous strength.
The Canadian dollar inched up 0.05 cents to 70.4 cents U.S.
A joint venture between SNC-Lavalin Inc. & Aecon Group Inc was awarded a $2.75-billion contract to replace the main reactor components at a nuclear power plant in Darlington, Ontario.
The refurbishment, expected to take 10 years, will provide 3,500 megawatts of power. The provincial government said the overall project is budgeted at $12.8 billion.
SNC shares took on 70 cents, or 1.9%, to $40.06, while Aecon shares gained eight cents to $14.47.
Eldorado Gold expects that the suspension of much of its mine activities in Greece after confrontation with the country's leftist-led government will cost more than 600 jobs, its chief executive said. Eldorado has said it would suspend construction at its Skouries project in northern Greece, warning that it would do the same at its Olympias project if it did not receive a permit by the end of March.
Eldorado shares capsized 73 cents, or 16.7%, to $3.63.
Goldcorp’s chief executive said the company will increasingly have to look for large gold deposits outside the Americas as these are scarcer than "hen teeth.” Goldcorp shares lost 65 cents, or 3.9%, to $16.15.
Canaccord Genuity initiated coverage on Quebecor Inc with a buy rating and $41.00 target price based on recent momentum in stock as wireless results strengthen and national wireless risk recedes. Quebecor shares vaulted $1.33, or 4%, to $34.63.
ON BAYSTREET
The TSX Venture Exchange added 3.26 points to 510.58
All but two of the 13 TSX subgroups were in positive territory for a change, led by information technology, moving up 2.1%, consumer discretionary, improving 1.9%, and health-care, haler by 1.6%
The two laggards were gold, taking it on the chin 3.3%, and materials, slacking 1.6%.
ON WALLSTREET
U.S. stocks gained back lost ground Tuesday, attempting further recovery from a sharply lower start to the year, helped by stabilization in oil prices and the Chinese yuan.
The Dow Jones industrial average jumped 149.64 points to start the day at 16,548.51, with UnitedHealth contributing the most to gains.
The S&P 500 hiked 22.36 points, or 1.2%, to 1,946.23, with energy leading nine advancers and utilities the only laggard.
The NASDAQ index roared ahead 66.75 points, or 1.4%, to 4,704.73, attempting to join the S&P 500 and Dow in trading within 10% of their 52-week intraday highs, out of correction territory in morning trade.
Overnight, the Chinese central bank set the yuan mid-point fix at 6.5628 against the U.S. dollar, similar to Monday's fix of 6.5626.
Prices for the 10-year Treasury inched up, lowering yields to 2.16% from Friday’s 2.17%. Treasury prices and yields move in opposite directions.
Oil prices improved 18 cents a barrel to $31.59 U.S.
Gold prices skidded $8.80 to $1,085.40 U.S. an ounce.
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