Equities in Canada’s biggest market wavered on either side of flat in early trade on Tuesday, as slipping energy stocks were offset by a jump in Bank of Montreal shares after its earnings beat expectations
The S&P/TSX Composite eked up 8.87 points to open the session at 15,104.04
The Canadian dollar settled 0.08 cents at 75.21 cents U.S.
Industrial Alliance Insurance and Financial Services Inc said it would acquire financial network HollisWealth from ScotiaBank. The cash-and-stock deal is expected to "modestly" add to Industrial Alliance's earnings in 2018.
IAG shares faltered $1.92, or 3.4%, to $54.86.
Bank of Montreal has reported fourth-quarter earnings well ahead of market expectations, benefiting from strong performances at its capital markets and U.S. personal and commercial businesses.
BMO shares bolted $2.41, or 2.7%, to $91.99.
Hudson's Bay Co reported a 28.6% rise in quarterly sales, helped by its expansion in Europe and the acquisition of online retailer Gilt. The company's consolidated retail sales increased to $3.30 billion in the quarter ended Oct. 29.
Bay shares slumped 82 cents, or 5.6%, to $13.72.
Suncor Energy said on Monday that it had resolved a dispute with the Canada Revenue Agency over its income tax treatment from 2007. The Tax Court of Canada's decision closes the dispute between CRA and Suncor over the company's income tax treatment of realized losses in 2007 on the settlement of certain derivative contracts.
Suncor shares crept up two cents to $43.11.
Canaccord Genuity raised the price target on Canadian Energy Services & Technology to $9.25, considering a significant sequential cash flow recovery of the company.
Canadian Energy shares were unchanged at $7.18,
Canaccord Genuity raised the rating on Mullen Group to buy from hold, citing a secular increase in frac intensity, a significant operating leverage in cost structures and an exposure to the most economically advantaged drilling locations.
Mullen Group shares prospered 21 cents, or 1.1%, to $19.21.
On the economic docket, Statistics Canada reported that Canada's imports fell 6.3% to $44.7 billion in October, while exports increased 0.5% to $43.6 billion.
As a result, Canada's merchandise trade deficit with the world narrowed from a record $4.4 billion in September to $1.1 billion in October.
Western University's Ivey Purchasing Managers seasonally-adjusted index index declined to 56.8 from 59.7 in October, while the unadjusted index was unchanged at 56.5. Any reading over 50 signifies expansion in orders.
ON BAYSTREET
The TSX Venture Exchange gained 2.53 points to 753.66
Seven of the 12 TSX subgroups were lower in the first hour of trading, as health-care and information technology each dived 0.5%, and industrials fell 0.4%.
The four gainers were led by gold, up 1.3%, materials, up 0.7%, and financials, up 0.4%.
Utilities were unchanged.
ON WALLSTREET
U.S. equities chopped around the flatline on Tuesday as investors digested key economic data while bracing themselves for two key central bank meetings.
The Dow Jones Industrials dipped 17.84 points to 19,198.40, with Boeing contributing the most losses. The aircraft maker was under slight pressure after President-elect Donald Trump threatened to cancel an order for a new 747 Air Force One.
The S&P 500 inched up 0.38 points to 2,205.09, with energy falling 1% to lead decliners.
The NASDAQ composite index added 13.17 points to 5,322.06
Third-quarter U.S. productivity rose at an annualized rate of 3.1%, according the U.S. Labor Department said, while the U.S. trade deficit widened to $42.6 billion.
October factory orders were also due this morning.
The Fed is largely expected to raise interest rates next week by 25 basis points, as investors look for clues about the central bank's pace of normalization.
Treasury prices for the 10-year note gained slightly, lowering yields to 2.39% from Monday’s 2.4%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.18 to $50.61 U.S. a barrel
Gold prices fell $1.40 to $1,175.10 U.S. an ounce.
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