Stocks in Canada’s biggest edged higher on Tuesday as higher gold prices supported mining issues, while news of an acquisition boosted shares of the country's largest pipeline company.
The S&P/TSX Composite gained 17.32 points by Tuesday’s close to 14,813.02
The Canadian dollar added 0.53 cents at 77.88 cents U.S.
Markets on both sides of the border were shuttered Monday for Labour Day
Tech stocks took the worst drubbing on the day, as BlackBerry lost 11 cents, or 1.1%, to $9.89. Intrinsyc Technologies swooned five cents, or 3.1%, to $1.54.
Among industrials, Bombardier tumbled nine cents, or 4.3%, to $2.03, after the company more than halved its CSeries aircraft delivery forecast for the year. Car parts behemoth Magna International dropped 34 cents to $53.05.
In the consumer staples field, Alimentation Couche-Tard fell 32 cents to $67.94, while grocer Metro Inc. slid 33 cents to $44.67.
Gold stocks roared ahead, as Yamana Gold galloped 34 cents, or 5.7%, to $6.28, and Barrick Gold gained 86 cents, or 3.7%, to $24.45.
Among health-care concerns, Valeant Pharmaceuticals took on 52 cents, or 1.4%, to $37.86.
Enbridge gained $2.05, or 3.9%, to $55.30 after saying it would buy Spectra Energy Corp in an all-stock deal valued at about $37 billion to create the largest North American energy infrastructure company.
ON BAYSTREET
The TSX Venture Exchange soared 14.46 points, or 1.8%, to close Tuesday at 825.38
Seven of 12 TSX subgroups were down on the day, as information technology dipped 1.2%, industrials faded 0.8%, and consumer staples gave back 0.5%
The five gainers were led by gold, ahead 3.5%, materials, better by 2.3%, and health-care, up 0.5%.
ON WALLSTREET
U.S. stocks closed higher Tuesday, led by energy, as Wall Street despite shockingly weak economic data while keeping an eye on oil prices.
The Dow Jones Industrials turned positive 46.16 points to 18,538.12, with Chevron leading advancers and Nike the top decliner.
The S&P 500 gained 6.5 points to 2,186.48, with energy rising more than 1.5%.
The NASDAQ Composite shot ahead 26.01 points to 5,275.91, a new all-time high.
Other corporate news that hit the tape Tuesday included Bayer raising its bid for Monsanto to $127.50 U.S. per share from $125, and molecular diagnostics firm Cepheid announced it's being bought out by Danaher for $53 U.S. per shares.
The ISM non-manufacturing PMI index for August came in at 51.4. Economists expected the index to come in at 55.0, slightly below a July read of 55.5. A number above 50 indicates expansion, while one below 50 shows contraction.
Prices for the 10-year Treasury strengthened, lowering yields to 1.54% from Friday’s 1.6%. Treasury prices and yields move in opposite directions.
Oil prices recovered 42 cents at $44.86 U.S. a barrel
Gold prices hiked $28.20 at $1,354.90 U.S. an ounce.
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