Equities in Canada’s biggest market advanced on Tuesday as gains in gold and oil prices helped boost the mining and energy sectors.
The S&P/TSX Composite Index grew 66.72 points to greet noon at 15,651.12
The Canadian dollar faded 0.2 cents at 74.51 cents U.S.
The energy group climbed as Canadian Natural Resources Ltd added 0.4% to $43.91, and Encana Corp gained 0.5% to $15.69.
The materials group, which includes precious and base metals miners and fertilizer companies, added strength, as Barrick Gold rose 0.9% to $26.07, and Goldcorp added 0.5% to $19.93.
Teck Resources climbed 53 cents, or 1.7%, to $31.21.
Health-care stocks were not so hale, however, as Canopy Growth Corporation skidded 11 cents, or 1.1%, to $10.07, while Valeant Pharmaceuticals faded 16 cents, or 1.1%, to $13.85.
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 1.76 points to 819.60
All but two of the 12 TSX subgroups moved higher midday, with gold up 0.8%, while materials and telecoms each improved 0.7%.
The two laggards were health-care, down 0.9%, and consumer discretionaries, off 0.1%.
ON WALLSTREET
U.S. equities reversed most losses on Tuesday after President Donald Trump hinted at deregulation for banks, while the energy sector outperformed.
The Dow Jones Industrials recovered 34.99 points to 20,685.20, with Caterpillar supplying the most muscle.
The S&P 500 wilted 1.31 points to 2,357.53, with real estate and energy outperforming
The NASDAQ Composite dipped 4.01 points to 5,890.67
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 U.S. from a five-year high.
Other data released Tuesday included factory orders for February, which rose 1%, in line with expectations.
Trump said his administration will make it easier for banks to lend money, adding they will do a "massive haircut" to Dodd-Frank.
Stocks traded lower earlier in the session as investors looked ahead to Trump's meeting with Chinese President Xi Jinping.
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 lower, raising yields to 2.36% from Monday’s 2.34%.
Oil prices rose 69 cents at $50.93 U.S. a barrel
Gold prices gained $2.80 at $1,256.80 U.S. an ounce.
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