Markets in Canada’s largest financial centre moved up slightly, as higher oil prices supported energy stocks, while financial sector and materials stocks also advanced, offsetting losses for railway stocks.
The S&P/TSX Composite Index inched up 6.34 points to 13,802.33
The Canadian dollar recovered 0.15 cents to 79.03 cents U.S.
Teck Resources reported a surprise quarterly profit as cost-cutting measures and a weak Canadian dollar helped cushion the impact of lower coal and copper prices.
Teck shares climbed 28 cents, or 2.1%, to $13.34.
Canadian National Railway lowered its full-year earnings forecast, citing weaker-than-expected freight demand in some markets and a strengthening Canadian dollar.
CN shares dumped $5.82, or 7.3%, to $76.95.
Bombardier faces a pivotal week that may see a key deal announced with Delta Air Lines Inc but a federal aid package is unlikely to be approved in time for its annual meeting on Friday.
Bombardier shares rocketed 11 cents, or 6.1%, to $1.91.
Danske Bank cut the rating on Lundin Mining to hold from buy. Lundin shares retreated 14 cents, or 3.1%, to $4.25.
Desjardins initiated coverage on Pembina Pipeline with top pick rating. Pembina shares acquired 43 cents, or 1.2%, to $37.56.
ON BAYSTREET
The TSX Venture Exchange gained 1.7 points Tuesday to 653.61
Eight of the 13 TSX subgroups were higher, as consumer discretionaries bolted 1% higher, real-estate solidified 0.5%, and financials gained 0.4%.
The five laggards were weighed most by industrials, off 1.7%, health-care, sliding 0.7%, and gold, off 0.5%.
ON WALLSTREET
Equities south of the border traded higher Tuesday, amid gains in oil prices, ahead of major central bank meetings and earnings reports.
The Dow Jones Industrials gained 27.22 points to 18,004.46, with Boeing and DuPont contributing the most to gains. 3M was the greatest contributor to declines.
The S&P 500 garnered 8.39 points to 2,096.18.
The NASDAQ Composite Index recovered 6.36 points to 4,902.15
3M reported earnings that beat on both the top and bottom line, helped by increased profit margins. However, net sales fell 2.2% from the same period last year. The firm maintained its guidance for the year.
DuPont late Monday reported earnings that topped expectations and raised its forecast for 2016, citing a weakening of the dollar against "most currencies," Reuters said. The firm said Tuesday it expected the U.S. Securities and Exchange Commission (SEC) to complete the review of DuPont's proposed merger with Dow Chemical by the end of June.
Procter & Gamble reported better-than-expected earnings but revenue that missed, falling for a seventh-straight quarter. The firm now estimates a decline of 3% to 6% in earnings per share for the fiscal year, versus a fall of 3% to 8% previously.
The U.S. Federal Open Market Committee is scheduled to kick off its two-day meeting Tuesday and release its statement on monetary policy Wednesday afternoon. No move on rates is expected, but investors will parse the statement for clues on the timing of the next hike.
In economic news, durable goods orders rose a less-than-expected 0.8% in March after a downwardly revised 3.1% decline in February.
Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, were unchanged after a downwardly revised 2.7% decline in the prior month. Reuters reported these so-called core capital goods orders were previously reported to have decreased 2.5% in February.
Shipments of core capital goods — used to calculate equipment spending in the gross domestic product report — rose 0.3% after slumping 1.8% in February
The S&P/Case-Shiller 20-City Composite's year-over-year gain was 5.4% in February, down from 5.7% the prior month.
The flash Markit services PMI rose to 52.1 in April from 51.3 last month. Consumer confidence for April was 94.2.
Prices for the 10-year Treasury sagged, lifting yields to 1.92% from Monday’s 1.91%. Treasury prices and yields move in opposite directions.
Oil prices gained 76 cents a barrel to $43.40 U.S.
Gold prices added $5.73 to $1,243.70 U.S. an ounce.
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