Equities in Toronto notched a third-straight record close on Tuesday as gains in financials and drug maker Valeant Pharmaceuticals offset a sharp loss by Shopify and a retreat by a slew of resource issues.
The S&P/TSX Composite Index moved higher 22.81 points to end Tuesday at 16,025.59.
The Canadian dollar hesitated 0.4 cents to 77.53 cents U.S.
Valeant was one of the more influential gainers, climbing 45 cents, or 3.1% to $15.08 after the company said it would cut its debt by an additional $125 million, exceeding its previously stated goal of cutting $5 billion in debt and ahead of its February 2018 schedule.
Elsewhere in health-care, what’s becoming an old standby in cannabis concern Canopy Growth Corporation zoomed $1.03, or 6.8%, to $16.25.
In the energy field, Encana sprinted 66 cents, or 4.6%, to $15.11, while Crescent Point Energy gushed 48 cents, or 4.7%, to $10.63.
Among consumer discretionary issues, Magna International was positive 58 cents to $70.38.
Shopify tumbled $11.63, or 8.3%, to $128.59 despite posting strong earnings and turning an adjusted profit for the first time this quarter, as investors expressed disappointment the company did not do more to address concerns raised earlier this month by short-seller Andrew Left of Citron Research.
Eldorado Gold slumped 13 cents, or 7.5% to $1.61, while Goldcorp shed 27 cents, or 1.6%, to $16.88.
Agnico Eagle Mines dropped 35 cents to $57.63, and Wheaton Precious Metals fell 40 cents, or 1.4%.
On the economic beat, Statistics Canada reported Gross Domestic Product edged down 0.1% in August, after being essentially unchanged in July. The agency said declines in manufacturing and mining, quarrying and oil and gas extraction more than offset increases in most sectors.
The agency also reported its industrial product price index declined 0.3% in September, mainly due to lower prices for motorized and recreational vehicles and meat, fish, and dairy products.
The agency’s raw material price index edged down 0.1%, primarily due to lower prices for animals and animal products.
ON BAYSTREET
The TSX Venture Exchange recovered 0.54 points to 784.70
The 12 TSX subgroups were evenly split by day’s end. Health-care stocks popped 1.6%, while energy heightened 1.5%, and consumer discretionary stocks picked up 0.6%.
The half-dozen laggards were weighed most by information technology, sliding 1.5%, gold, down 0.6%, and materials, skidding 0.4%.
ON WALLSTREET
U.S. stocks rose slightly on Tuesday, the final trading day of the month, and posted another solid monthly gain.
The Dow Jones industrial average gained 28.5 points to close Tuesday at 23,377.24. The blue-chip index acquired 4.3% for the month of October.
The S&P 500 tacked on 2.43 points to 2,575.26, gaining 2.2% on the month. The two indexes also notched their seventh straight monthly gain. October has historically been one of the most turbulent months for stocks.
More than half of the S&P 500's gains came from just five stocks, however, according to Standard & Poor's: Facebook, Amazon, Apple, Google-parent Alphabet and Microsoft. All of these companies, except for Apple, have already reported blockbuster quarterly earnings, sending their shares higher. Apple will release its latest quarterly figures Thursday after the close.
The NASDAQ added 28.71 points on the day to 6,727.67, a hike of 3.6% on the month. The index recorded its fourth straight monthly gain and closed at a record high.
Overall, tech stocks had a great month. The sector gained 7.7% in October, its best monthly gain since July 2016.
Among the stocks on the S&P, consumer staples led advancers Tuesday. But the index's gains were capped by a sharp decline in Under Armour.
Under Armour Class A shares tumbled 23.7%. The sports apparel retailer posted mixed quarterly results — beating earnings estimates and missing revenue expectations — but also cut its full-year guidance.
The U.S. Federal Reserve is scheduled to announce its latest monetary policy decision on Wednesday.
However, most investors are not expecting any changes in policy. Market expectations for a Fed rate hike Wednesday are just 2%, according to experts. Rather, the Fed is expected to raise rates in December.
Speaking of the Fed, President Donald Trump is scheduled to announce his pick to be the next head of the central bank this week. Fed Governor Jerome Powell is likely to be named the next Fed chair.
Prices for the benchmark 10-year Treasury note were down slightly, raising yields to 2.38% from Monday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices strengthened 29 cents a barrel to $54.44 U.S.
Gold prices lost six dollars an ounce to $1,271.70 U.S.
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