The Toronto stock market closed somewhat higher Tuesday as commodity prices rose but investors fretted about a Greek debt default despite indications that Athens was making progress in meeting the demands of creditors.
The S&P/TSX Composite Index was up 56.65 points to close the day at 12,205.48, after yesterday’s 238-point loss.
The Canadian dollar gained 0.69 of a cent to 101.41 cents U.S.
Meanwhile, on the Canadian corporate front, Brookfield Asset Management Inc. and Brookfield Renewable Power Fund said they plan to combine their power generating facilities into one of the world’s largest renewable power businesses with some $13 billion U.S. of assets.
Shares in Brookfield Asset Management lost 14 cents to $27.38, while shares in Brookfield Renewable Power added $1.38, or 5.9%, to $24.77.
Thompson Creek Metals Company Inc. said it was increasing the reserve estimate for its Endako molybdenum operation in British Columbia by 9% and extending its life by nearly two years to 2028. The company’s stock slumped eight cents to $7.51.
ON BAYSTREET
The TSX Venture Exchange added 15.76 points to 1,761.29, while the Nasdaq Canada index sprang back to life, gaining 6.10 points to 517.87
All but three of the 14 Toronto subgroups ended the day higher, with industrials leading the way, gaining 1.5%, metals and mining up 1.3%, and consumer staples advancing 1%.
The three laggards were telecoms, off 0.5%, gold and materials, down 0.1% each.
ON WALLSTREET
In New York, stocks remained choppy. After a rough start, U.S. stocks followed world markets slightly higher as worries about a possible credit downgrade of French banks receded.
The Dow Jones Industrials was 44.73 points better by the close to 11,105.80. The blue-chip index had been straddling the breakeven line much of the day, with 15 of its 30 components in the red.
The S&P 500 gained 10.60 points to 1,172.87, while the Nasdaq strengthened 37.06 points to 2,532.15.
The relative calm in Europe surfaced after executives from French banks BNP Paribas and Societe General debunked rumors that they were having trouble gaining access to funding.
Shares of consumer-electronics retailer Best Buy fell precipitously by mid-afternoon, down 7.2%.
It reported earnings per share of 47 cents U.S. on sales of $11.35 billion U.S. before the opening bell. Both figures missed forecasts.
Shares of Aetna rose more than 4.7% by midday. The health insurer raised its full-year outlook, citing strong results for the current quarter.
Investors are so on edge about all things Europe that every little bit of news gets a reaction.
U.S. stocks briefly got a boost when European markets advanced later in the session
Economically speaking, the latest data for imports and exports showed that import prices declined 0.4% in August, while export prices rose 0.5%.
Prices for the 10-year Treasury fell, upping the yield to 1.99% from 1.93% late Monday. Prices and yields for Treasurys move in opposite directions.
Oil for October delivery gained $1.75 to $89.98 U.S. a barrel.
Gold futures for December delivery added $24.80 to $1,838.50 U.S. an ounce
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