Equities in Canada’s biggest centre opened much higher on Tuesday, with Iamgold Corp leading gains after a unit of China's Zijin Mining agreed to buy stakes in some of the Canadian company's mines against the backdrop of higher gold prices.
The TSX Composite moved skyward 261.92 points to kick off the Tuesday session at 18,892.94.
The Canadian dollar nicked 0.01 cents to 72.93 cents U.S.
Iamgold, for its part, saw its shares vault 24 cents, or 16.3%, to $1.71.
Elsewhere, RBC cut forest product companies Western Forest Products and Resolute Forest Products to sector perform from outperform.
Western shares docked six cents, or 4.1%, to $1.29, while those for Resolute backpedaled 20 cents to $28.51.
In the economic docket, Statistics Canada said foreign investment in Canadian securities growth accelerated in August and reached $22 billion, the largest investment since April.
Meanwhile, Canadian investors reduced their holdings of foreign securities by $1.4 billion, after buying $4.3 billion in July.
Also, Canada Mortgage and Housing Corporation reported 271,068 housing starts in September, a drop from 284,757 starts recorded in August.
ON BAYSTREET
The TSX Venture Exchange tacked on four points to begin Tuesday at 590.63.
All 12 TSX subgroups had momentum, as information technology stocks soared 2.6%, while health-care and materials each acquired 1.7%.
ON WALLSTREET
Stocks rose sharply Tuesday as investors looked to build on Monday’s rally amid a busy week of corporate earnings.
The Dow Jones Industrials sprang 513.43 points, or 1.7%, Tuesday, to 30,699.25.
The S&P 500 hiked 66.37 points, or 1.8%, to 3,744.32.
The NASDAQ Composite shot higher 210.38 points, or 1.9%, to 10,886.18.
Strong earnings results on Tuesday were adding fuel to a rally that began on Monday. Goldman Sachs rose more than 4% after strong trading results helped the investment bank beat expectations for earnings and revenue.
That report continued a strong stretch of bank earnings, including beats from Bank of America and Bank of New York Mellon on Monday. Lockheed Martin also rose nearly 3% after its earnings per share topped estimates.
Elsewhere, Salesforce rose 6% after activist Starboard Value LP revealed a stake in the software giant, boosting the Dow. Shares of Colgate-Palmolive gained nearly 3% after Dan Loeb’s Third Point built a stake in the company.
Treasury prices advanced, lowering yields to 3.97% from Monday’s 4.01%. Treasury prices and yields move in opposite directions.
Oil prices dipped $1.78 to $83.68 U.S. a barrel.
Gold prices fell back $5.40 to $1,656.60 U.S. an ounce.
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