Toronto stocks grew positive by noon, as a small rise in oil prices sparked energy stocks and investors braced for the outcome of one of the most contentious U.S. presidential elections in history.
The S&P/TSX Composite moved into positive country 24.12 points to greet noon at 14,676.57
The Canadian dollar gained 0.15 cents to 74.98 cents U.S.
Meanwhile, Valeant Pharmaceuticals International Inc slumped 20.2% to $20.37 after the drug maker cut guidance for the year and warned that 2017 could be even more challenging as some products face new competition.
Canadian Natural Resources forged positive eight cents to $40.72 and Suncor Energy strengthened 35 cents to $40.45
Industrials fell with Canadian Pacific Railway down 1.4% to $189.14 and Canadian National Railway Co declining 0.8% to $84.23.
Copper prices advanced 2.6% to $5,230 a tonne.
On the economic front, Statistics Canada revealed municipalities issued $6.9 billion worth of building permits in September, down 7.0% from August.
Quebec, British Columbia and Ontario recorded the largest declines. The overall decrease was attributable to lower construction intentions for non-residential buildings, led by commercial structures.
Canada Mortgage and Housing Corp. reported seasonally adjusted annual rate of housing starts fell to 192,928 units in October, down from 219,363 units in September.
The agency also says the drop came as the seasonally adjusted annual rate of urban starts fell 12.1% in October to 176,131 units. Rural starts were estimated at a seasonally adjusted annual rate of 16,797 units.
ON BAYSTREET
The TSX Venture Exchange fell 1.02 points to 756.85
Seven of the 12 TSX subgroups were higher, as energy and consumer discretionaries each climbed 0.4%, and materials garnered 0.3%.
The five laggards were weighed most by a 3.9% decline in health-care, while gold settled 1.5%, and utilities faded 0.1%.
ON WALLSTREET
U.S. equities rose on Tuesday, led by utilities and telecommunications, as investors awaited the results of the presidential election.
The Dow Jones Industrials recaptured 112.45 points by noon to 18,372.05, after a surge of 350 points Monday, with UnitedHealth and 3M contributing the most to gains.
The S&P 500 regained 12.24 points at 2,143.76.
The NASDAQ composite index sprang back to life 34.56 points to 5,200.12
Financial markets around the world had been pricing in a victory for Democratic nominee Hillary Clinton over her Republican counterpart, Donald Trump.
The economic calendar remains light Tuesday, with the September job openings and labour turnover survey (JOLTS) showing job openings were little changed at 5.5 million, with hirings down to 5.1 million.
Prices for the 10-year Treasury lost strength, boosting yields to 1.86% from Monday’s 1.83%. Treasury prices and yields move in opposite directions.
Oil prices regained nine cents to $44.98 U.S. a barrel
Gold prices retreated $3.20 to $1,276.20 U.S. an ounce.
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