Toronto's main stock index opened higher on Tuesday, supported by stronger commodity prices, ahead of a crucial Italian parliamentary vote on budget reforms.
Soon after the opening bell, the S&P/TSX composite index gained 45.05 points to begin the session at 12,507.03
The Canadian dollar slipped 0.20 cents to 98.56 cents U.S.
Among Canadian stocks to watch this morning, TMX Group, which operates the Toronto Stock Exchange, reported a 21% rise in quarterly profit, helped by higher revenue from derivative markets trading.
Uranium One Inc. posted a third-quarter profit that beat analysts' estimates, helped by higher realized prices.
Capstone Mining Corp. reported its quarterly profit rose three-fold, gaining on derivative instruments, and the Canadian copper miner backed its full-year production outlook.
Minefinders Inc. posted third-quarter results below market estimates as gold and silver production were hit by cyanide supply issues.
Molybdenum specialist Thompson Creek Metals reported a lower adjusted profit on Monday, as production fell in the third quarter and a non-cash foreign exchange loss hit earnings.
Federal regulators ruled that Taseko Mines’ revised mine plan for its Prosperity copper-gold project in British Columbia will be studied by a federal review panel.
On the economic front, Canadian Mortgage and Housing Corporation reported Tuesday that housing starts remained essentially steady in October, falling 0.6% to 207,600 annualized units from September’s 208,800. Market expectations were for a bigger drop, of 6.1% to 195,000.
ON BAYSTREET
The TSX Venture Exchange prospered 9.72 points to 1,671.64, while the Nasdaq Canada index inched forward 2.16 points to 430.62
All but one of the 14 Toronto subgroups moved up in the early going. Metals and mining spiked 1.5%, while health-care issues made 1.1% progress and global base metals gained 0.9%.
Only gold moved lower, by 0.4%.
ON WALLSTREET
In New York, stocks edged higher Tuesday, as investors await the outcome of a parliamentary confidence vote for Italian Prime Minister Silvio Berlusconi.
The Dow Jones Industrials was higher by 54.04 points to start the session at 12,122.40
The S&P 500 improved 8.41 points to 1,269.53, while the Nasdaq Composite Index gained 25.36 points to 2,720.61.
Stocks clawed out gains after a choppy day of trading Monday, as the focus of the European debt crisis shifted from Greece to Italy. Borrowing costs in Italy skyrocketed Monday, with the yield on the 10-year note hitting a record high.
Shares of McCormick and Schmick's jumped after restaurant operator Landry's agreed to buy the seafood chain for $8.75 U.S. per share.
Fossil posted third-quarter earnings results that topped Wall Street's expectations, but lowered its guidance for the current quarter, due to a strengthening dollar. Shares of the fashion accessories maker dropped.
Over the weekend, tens of thousands took to the streets in Rome to protest Italian Prime Minister Silvio Berlusconi's reforms, and many expect that a vote on Italy's budget Tuesday will indicate that Berlusconi does not have enough support to remain in power.
The European debt crisis has kept investors on edge for months. And trading is likely to remain volatile in the near-term, with the Group of 20 summit in France last week failing to produce any tangible new solutions.
The price on the benchmark 10-year U.S. Treasury fell, raising the yield to 2.04% from 1.99% late Monday. Treasury prices and yields move in opposite directions.
Oil for October delivery gained $1.32 to $96.84 U.S. a barrel
Gold futures for December delivery gained $2.00 to $1,793.10 U.S. an ounce
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