Equities in Canada’s biggest market enjoyed a big day, growing in the triple digits, as initial fear over the Brexit vote subsided.
The S&P/TSX Composite leaped 115.79 points to close Tuesday at 14,477.67
The Canadian dollar strengthened 0.56 cents to 76.8 cents U.S.
Canada’s stocks were led upwards by base metals issues, most notably, First Quantum Minerals, which triumphed $1.03, or 10.6%, to $10.78, while Teck Resources grew 43 cents, or 2.4%, to $18.58.
Energy stocks moved higher, as EnCana Corporation leaped 56 cents, or 5.6%, to $10.56, and Baytex Energy added 34 cents, or 4.8%, to $7.50.
In the financial sector, Manulife popped 52 cents, or 3%, to $17.68, and Royal Bank of Canada climbed 97 cents, or 1.2%, to $79.08.
Gold stocks, however, took it on the chin, as Barrick Gold slid $2.03, or 7%, to $26.89, and Kinross Gold descended 38 cents, or 5.2%, to $6.92.
Still, an economist poll found that Canada's benchmark stock index will likely notch only minor gains by year-end, as investors remain cautious about global growth, the U.S. election in November, and whether oil prices will hold on to their recent strength.
ON BAYSTREET
The TSX Venture Exchange faded 9.56 points Tuesday to 749.59
All but two of the 13 subgroups gained ground, led by metals and mining, moving 4.3% higher, while energy grew 3.2% and financials prospered 1.3%.
The two lone laggards were gold, hurtling lower 4.1%, while materials dropped 2.3%.
ON WALLSTREET
U.S. stocks closed higher Tuesday as fears eased over Brexit and Japan signaled more economic stimulus.
The Dow Jones Industrials rocketed 120.74 points to 18,347.67, with DuPont leading advancers and Wal-Mart the greatest laggard.
The S&P 500 gained 14.98 points to 2,152.14 – also higher into record territory -- with materials and energy leading seven sectors higher, while utilities lagged. Energy stocks soared 2% on the day.
The NASDAQ Composite Index gathered 34.18 points to 5,022.82, putting it into positive territory for 2016.
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 1.51% from Monday’s 1.43%. Treasury prices and yields move in opposite directions.
Oil prices gathered $2.05 a barrel to $46.81 U.S.
Gold prices slid $23.50 to $1,333.10 U.S. an ounce.
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