Equities in Canada’s largest centre rose on Tuesday, as gold miners tracked bullion prices higher, while hopes that a new U.S. stimulus bill would lead to a swift economic recovery also lifted sentiment.
The S&P/TSX Composite moved upward 59.43 points to begin Tuesday at 18,389.69.
The Canadian dollar fell 0.02 cents to 78.48 cents U.S.
Canopy Growth's aggressive cost-cutting measures and increased demand for cannabis products during the lockdowns helped the world's largest pot producer report a smaller third-quarter adjusted loss. Canopy shares gathered $1.96, or 3.5%, to $57.68.
Cannabis ivals Aphria jumped $3.81, or 15.8%, to $27.97, and Aurora Cannabis rose $1.38, or 7.3%, to $20.31.
Cenovus Energy said its losses narrowed for the three months to December from the previous quarter, as the oil industry rebounds from the COVID-19 hit. Cenovus lost 43 cents a share, or 5.2%, to $7.78.
BMO raised the target price on Pinnacle Renewable Energy to $11.30 from $9.00. Pinnacle shares deducted three cents to $11.12.
Stephens raises target price on TFI International to $107.00 from $100.00. TFI shares gained $3.94, or 4.2%, to $97.15.
Scotiabank raises price target on Capital Power to $40.00 from $37.00. Capital shares ditched 12 cents to $37.81.
SNC-Lavalin Group said it would sell its oil and gas business to Kentech Corporate Holdings Ltd, an energy services company backed by private equity firm Blue Water Energy. SNC shares hurtled $1.76, or 7.7%, higher to $24.55.
Oil sector competitor Vermilion Energy declined 19 cents, or 2.8%, to $6.59.
ON BAYSTREET
The TSX Venture Exchange faded 6.92 points from sky-high levels to 1,070.93.
Eight of the 12 TSX subgroups were positive in the first hour, led by health-care, up 5.9%, information technology, up 1.3%, and real-estate, up 0.5%.
The four laggards were weighed most by energy, doffing 2%, while financials and utilities each dipped 0.1%.
ON WALLSTREET
U.S. stocks fell on Tuesday, with the S&P 500 pulling back from a record high as the market’s blistering rally in February took a pause.
The Dow Jones Industrials subsided from record levels, 65.18 points to 31,320.58, falling for the first time in seven days.
The S&P 500 sank 1.95 to 3,913.64.
The NASDAQ Composite added to its all-time record, 43.27 points to 14,030.91.
Facebook and Netflix rose more than 2% each, while Amazon, Microsoft and Alphabet all traded in the green.
Investors could be taking some chips off the table following a strong rally boosted by optimism for a smooth reopening amid the COVID vaccine rollout. Cyclical sectors, which had outperformed in recent weeks, led the declines. Energy fell 2.4%, paring its month-to-date gains to 10%. Financials dipped 0.5% after rallying more than 7% this month.
However, Bank of America said a market correction could be on the horizon as the recent runup has shown signs of overheating, but it will be a buying opportunity for equity investors.
Lawmakers in Washington appear to be moving closer to another economic relief bill. House Democrats on Monday unveiled the details of a relief proposal that included $1,400 direct cheques with faster phase-outs than previous bills. Many believe additional stimulus could help drive the stock market higher
Prices for 10-Year Treasurys regained lost ground, lowering yields to 1.15% from Monday’s 1.18%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 40 cents to $57.57 U.S. a barrel.
Gold prices gained $5.60 to $1,839.80 U.S. an ounce.
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