Stocks in Toronto retreated from a near two-week high by midday on Tuesday, despite optimism around earnings, while shares of Iamgold Corp jumped on sale of its interest in some gold mines.
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 added 21 cents, or 14.3%, to $1.68, leading gains on the TSX, after Zijin Mining said its unit agreed to buy a stake in Rosebel Gold Mines for $360 million from the Canadian company.
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 gained 0.96 points to 587.59.
Eight of the 12 TSX subgroups gained ground, as industrials moved ahead 1.4%, information technology tacked on 1.2%, and financials captured 0.8%.
The three laggards proved to be energy, sliding 2.2%, health-care, waning 0.3%, and consumer staples, off 0.2%.
Materials were unchanged by lunch time.
ON WALLSTREET
Stocks rose again on Tuesday as investors looked to build on Monday’s rally amid a busy week of corporate earnings.
The Dow Jones Industrials came off its highs of the morning, but added 190.54 points nonetheless to 30,376.36.
The S&P 500 added 22.03 points to 3,700.88.
The NASDAQ Composite stayed afloat 51.26 points to 10,727.06.
Strong earnings results on Tuesday helped extend a rally that began on Monday. Goldman Sachs rose 3% 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 more than 5% after its earnings per share topped estimates.
Elsewhere, Salesforce rose almost 4% after activist Starboard Value LP revealed a stake in the software giant, boosting the Dow. Shares of Colgate-Palmolive gained nearly 2% after Dan Loeb’s Third Point built a stake in the company.
Treasury prices sagged by noon, lifting yields to 4.05% from Monday’s 4.01%. Treasury prices and yields move in opposite directions.
Oil prices dipped $2.96 to $82.50 U.S. a barrel.
Gold prices fell back $10.30 to $1,653.70 U.S. an ounce.
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