Canada's main stock index rose at the open on Tuesday as higher oil prices lifted energy stocks and concerns around Turkey's currency crisis receded.
The S&P/TSX Composite Index regrouped 40.17 points to open Tuesday at 16,290.92
The Canadian dollar recovered 0.25 cents to 76.43 cents U.S.
Ensign Energy Services on Monday said it would make a $947-million hostile bid for Trinidad Drilling, as the recovery of Canada's oil industry lags a global rebound.
Ensign shares nicked ahead two cents to $6.30.
JP Morgan cut the price target on Magna International to $70 from $74. The car parts maker took on 62 cents to $70.33.
IA Securities raised the price target on Absolute Software to $10.50 from $10.25. Absolute shares were unchanged at $7.73.
RBC cut the target price on Premium Brands Holdings to $133.00 from $142.00. Premium shares decreased 29 cents to $102.79.
ON BAYSTREET
The TSX Venture Exchange erased 1.73 points to begin Tuesday at 679.26
The 12 subgroups were evenly divided between gainers and losers, telecoms and energy co-leading the former half, each up 0.7%, while consumer staples pressed ahead 0.6%.
The half-dozen laggards were weighed most by a 2.5% loss in health-care stocks, while gold tumbled 1.2%, and materials were off 0.6%.
ON WALLSTREET
Stocks rose on Tuesday as a rebound in the Turkish lira from an all-time low lifted investor sentiment.
The Dow Jones Industrial Average regained 53.4 points to 25,241.10,
The S&P 500 recovered 9.33 points to 2,831.26. Both Dow and S&P were also on track to snap four-day losing streaks.
The NASDAQ recouped 16.08 points to 7,835.79
Home Depot reported second-quarter earnings and revenue easily topped Wall Street estimates. The company also raised its full-year earnings outlook. The stock rose in the pre-market but fell about 1% after the open.
The Dow component is the latest company to report better-than-expected quarterly earnings in what has been a very strong reporting season. Through Tuesday morning, 76.8% of S&P 500 companies that have topped analysts' earnings estimates. Corporate earnings have grown more than 24% the second quarter on a year-over-year basis.
Advance Auto Parts and Fusion Connect Inc. are also due to report earnings Tuesday.
Energy shares were the best performers on Wall Street, as the sector rose nearly 1% on the back of a 1.6% gain in U.S. crude. Tech shares also contributed to the gains as Apple and Amazon both rose.
The lira rose more than 4% to trade at 6.56 after falling to a record-low 7.24 per U.S. dollar on Monday. The currency has been under pressure recently as market watchers became jittery over Turkish President Recep Erdogan's control of the economy and Donald Trump saying last week that he supported doubling metal tariffs on the Middle Eastern country.
Tensions between the two countries intensified after a Turkish delegation left Washington last week with no apparent progress on the detention of U.S. pastor Andrew Brunson, who is charged with supporting a group blamed for an attempted coup in 2016.
Prices for the benchmark for the 10-year U.S. Treasury were lower, dropping yields to 2.89% from Monday’s 2.87%. Treasury prices and yields move in opposite directions.
Oil prices improved 80 cents to $68.00 U.S. a barrel.
Gold prices picked up $5.30 to $1,204.20 U.S. an ounce.
