Canada's main stock index closed flat Tuesday as gains in marijuana stocks were offset by weakness in the materials group amid a pull back in the price of gold.
Shares of Canopy Growth Corporation advanced, up 5.54 percent to 42.07. Earlier in the session WEED shares hit a fresh 52 week high of $44.
The S&P/TSX Composite Index inched up 1.59 points Tuesday to 16,319.24.
The Canadian dollar lost 0.041 cents to 80.22 cents U.S.
In corporate news -- Blackstone Property Partners is buying Pure Industrial Real Estate Trust in an all-cash deal valued at about C$2.48 billion, the Canadian REIT said on Tuesday. Blackstone’s offer of C$8.10 per Pure Industrial’s unit represents a premium of 20.5 percent to its closing price on Monday on the Toronto Stock Exchange.
Toronto-Dominion Bank, Canada’s No. 2 bank, on Tuesday said it bought Layer 6 Inc, an artificial intelligence (AI) company for an undisclosed sum.
Canadian housing starts fell in December, as expected. A sharp decline in multiple unit urban starts outweighed a rise in single-detached starts, data from the Canada Mortgage and Housing Corporation showed on Tuesday. December’s decline bucked a strong year for homebuilding, with total urban starts up 6.2 percent from 2016. The seasonally adjusted annual rate of starts declined to 216,980 in December from November’s downwardly revised 251,675. Economists had expected a decline to a 212,500 annual rate.
Global oil markets extended gains ahead of what could prove to be critical inventory data from the United States later this week. February West Texas Intermediate crude rose $1.23, or 2%, to settle at $62.96 a barrel on the New York Mercantile Exchange.
Gold prices on Tuesday retreated for a second day in a row. February gold closed down $6.70, or 0.5%, to settle at $1,313.70.
ON BAYSTREET
The TSX Venture Exchange was ahead 3.58 points to 924.62 on Tuesday.
Six of the TSX subgroups traded positive Tuesday -- with health-care issues surging 3.20%, energy stocks ahead by 1.16% and real estate issues up 0.69%.
On the downside -- material stocks were off 1.03%, while gold issues backtracked 0.86% and base metal stocks shed 0.76%.
Advancers out numbered decliners on the TSX, 919 to 779 with 221 issues unchanged.
ON WALLSTREET
All main U.S stock indexes closed at records on Tuesday with the S&P 500 notching six consecutive records to kick off a new year, the first time since 1964.
The Dow Jones Industrial Average rose 106 points, or 0.4%, to 25,389. The S&P 500 added 3 points, or 0.1%, to end at 2,751 while the Nasdaq Composite Index gained 6 points to 7,163.
Target Corp. shares rose 3.0% after the retailer joined a handful of its peers that have reported positive comparable-store sales growth in the holiday period between November and December, driven by strong traffic and e-commerce sales. The big box chain reported on Tuesday, Jan. 9, comp growth of 3.4% and an expected 25% growth in digital sales.
Alibaba Group Holding Ltd.’s stock traded 0.24% higher after the Chinese e-commerce giant’s founder, Jack Ma, promised to consider listing in Hong Kong.
Shares in Intel Corp. traded down 2.5% after CEO Brian Krzanich delivered a speech at CES late Monday. He detailed advances in virtual reality and other technologies, while also addressing the dark cloud hanging over chip makers.
Prices for long-dated Treasury's fell, pushing yields higher, on Tuesday after the Bank of Japan reduced its bond purchases amid speculation that the central bank would signal an end to years of ultra-accommodative monetary policy. The yield for the 10-year benchmark note rose 6.2 basis points to 2.542%, its highest since March 14.
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