Stocks in Canada’s largest centre rocketed higher Tuesday, as gains in energy and gold overcame telltale weakness in the health-care sector.
The S&P/TSX Composite Index grew 84.67 points to conclude Tuesday’s session at 15,669.07
The Canadian dollar faded 0.1 cents at 74.61 cents U.S.
Among energy issues, EnCana flexed its muscles, gaining 37 cents, or 2.4%, to $15.98, while Crew Energy advanced five cents, or 1%, to $5.02.
Gold stocks hiked, particularly Barrick Gold, ahead 25 cents, or nearly 1%, to $26.10, and Goldcorp, up 10 cents to $19.94.
In the materials sector, Teck Resources sprinted 47 cents, or 1.5%, to $31.15, while First Quantum Minerals added 26 cents, or 1.8%, to $14.36.
Health-care stocks, however, were battered, as Canopy Growth Corp. slid 13 cents, or 1.3%, to $10.05, while Valeant Pharmaceuticals settled 35 cents, or 2.5%, to $13.65.
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 3.84 points to 821.68
All but three of the 12 TSX subgroups moved higher on the day, with energy gushing 1.5%, gold up 1.1%, while materials improved 0.9%.
The three laggards were health-care, down 1.4%, consumer discretionaries, off 0.4%, and consumer staples, sidling lower 0.01%.
ON WALLSTREET
U.S. equities ended Tuesday's session only slightly higher ahead of a key meeting between President Donald Trump and Chinese President Xi Jinping.
The Dow Jones Industrials recovered 39.03 points to 20,689.24, with Caterpillar the strongest stock.
The S&P 500 squeezed into the green 1.32 points to 2,360.16, with real estate lagging and energy outperforming
The NASDAQ Composite turned positive 3.93 points to 5,898.61
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 82 cents at $51.06 U.S. a barrel
Gold prices gained $3.90 at $1,257.90 U.S. an ounce.
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