Equities in Canada’s biggest market rose on Tuesday, hitting their highest level since August, as shares in oil and gas producers jumped with higher crude prices and banking stocks also lent support.
The S&P/TSX Composite leaped 117.33 points to greet noon ET at 14,479.21
The Canadian dollar strengthened 0.64 cents to 76.88 cents U.S.
Still, Canada's benchmark stock index will likely notch only minor gains by year-end, economists found, as investors remain cautious about global growth, the U.S. election in November, and whether oil prices will hold on to their recent strength.
Canadian Natural Resources advanced 2.5% to $40.93, Suncor Energy advanced 1.6% to $36.86, and Cenovus Energy advanced 2.6% to $18.41.
Shares in Northland Power jumped 8.5% to $24.64 after the green energy company said it was considering its strategic options as it eyes more and larger opportunities.
Canadian National Railway Co added 1.6% to $79.31 and rival Canadian Pacific Railway rose 1.3% to $176.73.
The most influential drags on the index were its gold miners, with Barrick Gold down 3% to $28.06, Goldcorp off 1.6% at $25.88, and Franco-Nevada Corp fell 2.6% to $100.86.
ON BAYSTREET
The TSX Venture Exchange faded 4.29 points to 754.86
All but two of the 13 subgroups gained ground, led by metals and mining, moving 3.2% higher, while energy gushed 2.8% and financials improved 1%.
The two lone laggards were gold, down 2.1%, while materials suffered 1%.
ON WALLSTREET
The S&P 500 moved higher in record territory Tuesday and the Dow Jones industrial average broke above its all-time intraday high as fears eased over Brexit and Japan signaled more economic stimulus.
The Dow rocketed 132.59 points to 18,359.52, with Goldman Sachs contributing the most gains.
The S&P 500 gained 17.73 points to 2,154.89, led by a more than 2% rise in energy and materials.
The NASDAQ Composite Index gathered 42.11 points to 5,030.75,
Investors also digested Alcoa quarterly results, which marked the unofficial start to the earnings season, as the former Dow component beat estimates on both the top and bottom lines.
On Thursday, financial giants JPMorgan Chase and BlackRock are scheduled to post results before the bell, along with Delta Air Lines.
From the data standpoint, wholesale inventories data for May showed a 0.1% gain, in line with expectations. Meanwhile, the Job Openings and Labour Turnover Summary (JOLTS) report for May showed openings were down to 5.5 million, from 5.79 million in April.
Prices for the 10-year Treasury dipped, raising yields to 1.5% from Monday’s 1.43%. Treasury prices and yields move in opposite directions.
Oil prices gathered $1.88 a barrel to $46.64 U.S.
Gold prices slid $20.70 to $1,335.90 U.S. an ounce.
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