Markets in Canada’s biggest centre found their way slightly higher on Tuesday, helped by strong gains for energy shares catching up to higher oil prices while gold miners weighed with cheaper bullion.
The S&P/TSX Composite stayed red by 4.7 points to break for noon at 14,561.56
The Canadian dollar withered 0.4 cents to 75.5 cents U.S.
The exchange was closed on Monday, when the price of Brent oil hit its highest in a year.
The energy group climbed, and the index's most influential movers included Suncor Energy, which rose 1% to $37.25, and Cenovus Energy, which advanced 2.2% to $20.22.
Barrick Gold lost 2.3% to $20.43, as the prospect of a December U.S. Federal Reserve interest rate hike weighed on gold prices.
Teck Resources advanced 4.1% to $24.19. The company owns a 22.5% stake in one of Peru's top copper and zinc mines, which is planning to double its zinc output next year.
Shares in online gambling company Amaya fell 5.1% to $22.21 after surging late last week on confirmation the company is in talks to merge with William Hill plc.
On the economic slate, Canada Mortgage and Housing Corporation revealed that housing starts registered 199,503 units in September compared to 196,465 in August. The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.
ON BAY STREET
The TSX Venture Exchange faded 2.27 points to 778.53.
Eight of the 12 TSX subgroups approached noon lower, as information technology lost 1.3%, consumer discretionary issues dipped 0.7%, and utilities fell 0.5%.
The four gainers were led by energy, up 1%, telecoms, ahead 0.2%, and materials, inching up 0.1%.
ON WALL STREET
U.S. stocks traded lower on Tuesday, led by health-care, as corporate earnings season began while oil prices slipped from one-year highs.
The Dow Jones Industrials hurtled earthward 171.69 points to 18,157.35, with Merck leading decliners and Apple the top advancer.
The S&P 500 slumped 22.56 points, or 1.1%, to 2,141.03, with health-care shedding nearly 2%
The NASDAQ Composite surrendered 69.34 points, or 1.3%, to 5,259.33
Alcoa kicked off earnings season on a sour note, reporting weaker-than-expected quarterly results. The firm posted earnings per share of 32 cents and revenues of $5.21 billion U.S.
Analysts expected Alcoa to report profits of 35 cents per share on sales of $5.31 billion U.S. Alcoa shares fell more than 10% in late-morning trade.
Building supplier Fastenal also posted weaker-than-expected results, sending the stock down 2.5%. Other companies slated to report this week include CSX, Wells Fargo and JPMorgan Chase.
Oil prices received a boost Monday after Russian President Vladimir Putin said Russia is ready to join a proposed cap on oil output by OPEC members.
Prices for the 10-year Treasury sagged, raising yields to 1.75% from Monday’s 1.74%. Treasury prices and yields move in opposite directions.
Oil prices fell 67 cents to $50.68 U.S. a barrel
Gold prices dropped $1.10 to $1,259.30 U.S. an ounce.
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