Stocks in Toronto enjoyed marginal improvement, as gains in gold and oil prices helped boost the mining and energy sectors, offsetting a decline in the financial sector.
The S&P/TSX Composite Index began Tuesday’s session up 23.03 points at 15,607.43
The Canadian dollar faded 0.27 cents at 74.44 cents U.S.
In the gold sector, IAMGOLD Corporation inched up eight cents, or 1.4%, to $5.64, while Barrick Gold climbed 31 cents, or 1.2%, to $26.16.
In the materials sector, Teck Resources gained 54 cents, or 1.8%, to $31.22
Bombardier tried to contain a public relations debacle on Monday after protests and a dressing down by Prime Minister Justin Trudeau over hefty executive pay hikes just weeks after its latest government loan.
Bombardier shares acquired a penny to $2.07, while Magellan Aerospace gained 30 cents, or 1.5%, to $20.30.
TD Securities cut the rating on Premium Brands Holdings to hold from action list buy. Premium shares faded $1.38, or 1.6%, to $83.38.
On the economic calendar, Statistics Canada reported that our merchandise trade balance with the world posted a $972-million deficit in February. Exports were down 2.4% while imports edged up 0.6%.
ON BAYSTREET
The TSX Venture Exchange improved 3.53 points to 821.37
Seven of the 12 TSX subgroups moved higher in early trading, with gold soaring 1.1%, materials better by 0.7%, and industrials 0.2% to the good.
The five laggards were co-led by consumer discretionary, consumer staple and health-care stocks, each subsiding 0.3%.
ON WALLSTREET
U.S. equities started Tuesday trading lower as investors exercised caution ahead of an important meeting between President Donald Trump and Chinese President Xi Jinping.
The Dow Jones Industrials slid 16.4 points to 20,633.81, as IBM sank heaviest among losers.
The S&P 500 fell 3.22 points to 2,355.62, with financials lagging.
The NASDAQ Composite dipped 0.33 points to 5,894.35
The U.S. Commerce Department reported that the country’s trade deficit narrowed in February to $43.56 billion. Economists expected it to have narrowed to $44.8 billion from a five-year high.
Other data scheduled for Tuesday include factory orders for February, set for release at 10 a.m. ET.
Xi and Trump will meet Thursday and Friday at Mar-a-Lago. Last week, Trump said via Twitter the meeting would not be easy because "we can't have massive trade deficits … and job losses."
Trade — specifically fair U.S. trade — was one of the Trump's campaign pillars, as he promised the U.S. would renegotiate trade deals he considered to be unfair. The administration has already moved forward to renegotiate the North American Free Trade Agreement with Mexico and Canada.
Prices for the benchmark 10-year Treasury note were unchanged, keeping yields at Monday’s 2.34%.
Oil prices rose 36 cents at $50.60 U.S. a barrel
Gold prices gained $3.40 at $1,257.40 U.S. an ounce.
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