Stocks in Toronto rose 1% in morning trade on Tuesday, led by financial shares and helped by telecoms and some consumer stocks.
The S&P/TSX composite index regained 119.27 points mid-morning Tuesday to 11,942.17, after triple-digit losses on Monday.
The Canadian dollar gained 0.25 cents to 68.94 cents U.S.
U.S.-based solid waste collection company Waste Connections Inc it agreed to buy Progressive Waste Solutions for $2.67 billion U.S. to expand in Canada. The $24.55-per-share offer represents a premium of 4.4% to the closing price of Progressive Waste's U.S.-listed stock. The combined company will be domiciled in Canada after the deal closes in the second quarter of 2016.
Progressive shares zoomed $2.87, or 8.5%, to $36.69.
Potash Corp said it would "indefinitely" suspend potash mining at Picadilly, New Brunswick in Canada in response to weakening demand for the crop nutrient. Potash Corp said the suspension would lead to 420-430 job cuts in New Brunswick.
Potash shares gained 78 cents, or 3.4%, to $23.81.
Canaccord Genuity cut the rating on Rock Energy to speculative buy from buy and cuts target price to $2.00 from $2.50 based on changes to the commodity price forecast.
Rock shares were static at $1.15.
On the economic beat, Statistics Canada reported that Canadian investors bought up a record $16.5 billion of foreign securities in November, most of them U.S. securities. Meanwhile, foreign investment in Canadian securities slowed to $2.6 billion, largely on lower acquisitions of Canadian bonds.
ON BAYSTREET
The TSX Venture Exchange gained 1.11 points Tuesday to 486.18.
All 13 TSX subgroups finished negative, energy and health-care shares in a dead-heat for the biggest drop at 2.6% each, while information technology plummeted 2.5%.
ON WALLSTREET
U.S. stocks traded higher in choppy trade Tuesday, attempting a bounce from a sharply lower start to the year as investors eyed oil and earnings reports.
The Dow Jones industrial average recovered 102.45 points to 16,090.53. UnitedHealth, Home Depotand Goldman Sachs were among the top contributors to gains.
The S&P 500 added 17.66 points to 1,897.99.
The NASDAQ index recouped 24.3 points to 4,512.72.
U.S. stock markets were closed Monday for Martin Luther King, Jr. Day.
Analysts also noted support for gains from encouraging Bank of America, Morgan Stanley and UnitedHealth earnings.
IBM, and Netflix are among the firms due to report after market close.
In economic news, the NAHB housing index held steady at 60 in January, but from a downwardly revised December reading and off a recent high of 65 in October.
Also on Tuesday, the International Monetary Fund cut its global economic growth forecast for 2016 to 3.4%, down from prior forecasts but up from a 3.1% forecast for 2015.
Prices for the 10-year Treasury moved lower, raising yields to 2.05% from Friday’s 2.03%. Treasury prices and yields move in opposite directions.
Oil prices lost 25 cents a barrel to $29.17 U.S.
Gold prices dropped $3.37 to $1,086.31 U.S. an ounce.
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