Equities in Toronto trod water on Tuesday, as losses in financials were offset by gains in the technology sector.
The S&P/TSX Composite Index dipped 9.63 points to open Tuesday at 16,346.66
The Canadian dollar lost 0.17 cents to 74.24 cents U.S.
The energy sector dropped 0.3%, hurt by a 4% drop in shares of Enerflex after Raymond James cut its price target for the company's shares.
Enerflex shares were rocked 91 cents, or 5.2%, to $16.59.
The top percentage gainers on the TSX were shares of NFI Group Inc, which jumped $2.31, or 7.1%, to $34.98, followed by shares of Bombardier Inc, which rose six cents, or 2.9%, to $2.13.
Bank of Nova Scotia, Canada's third-biggest lender, missed analysts' estimates for second-quarter profit, as a jump in provisions for bad loans and non-interest expenses offset gains from its international banking division. Scotiabank shares dumped $1.60, or 2.3%, to $68.97.
Credit Suisse cut the target price on First Quantum Minerals to $12.00 from $23.00. First Quantum shares just sat there, at Monday’s close of $10.02.
British Columbia said on Monday that its public drug plan will switch as many as 20,400 patients from three branded biologic drugs to cheap near-copies called biosimilars, saving an estimated $96.6 million over three years.
ON BAYSTREET
The TSX Venture Exchange added 1.19 points to 609.01.
Seven of the 12 Toronto subgroups were positive to start the session, as information technology sprang 1.3%, consumer discretionary picked up 0.7%, and health-care improved 0.6%
The five laggards were weighed most by financials, sliding 0.6%, energy, subsiding 0.5%, and gold, dulling in price 0.3%.
ON WALLSTREET
Stocks rose on Tuesday, but the gains were kept in check as trade tensions between China and the U.S. lingered.
The Dow Jones Industrials emerged from a long weekend to gain 62.93 points to 25,648.62, led by Visa.
The S&P 500 progressed 6.56 points to 2,832.62, as the communications services sector outperformed.
The NASDAQ Composite advanced 24.97 points to 7,662.07
Tech shares rose broadly, as shares of Facebook, Amazon, Netflix and Alphabet all traded higher. Advanced Micro Devices added to tech’s gains, rising more than 6%.
In corporate news, Fiat Chrysler shares rose more than 8% on news it is seeking a merger with French automaker Renault. Meanwhile, Total Systems Services rose more than 4% after agreeing to merge with Global Payments.
Consumer confidence data also boosted sentiment. The Conference Board said consumer confidence rose this month to its higher level since November.
Still, worries over U.S.-China trade talks prevented the broader market from posting sharp gains. President Donald Trump said Monday the U.S. was “not ready” to make a deal with China, before adding he expected one in the future. Trump also said tariffs on Chinese imports could go up “substantially.”
Trump’s comments come after a commentary piece in Chinese state-run newspaper Xinhua hinted China would not bend to U.S. demands change its state-run economy. The U.S. has raised concern over state-run companies and the forced surrender of intellectual property.
Prices for the benchmark 10-year U.S. Treasury strengthened, lowering yields to 2.29% from Friday’s 2.32%. Treasury prices and yields move in opposite directions.
Oil prices took on 28 cents to $58.91 U.S. a barrel.
Gold prices sagged $7.50 to $1,276.10 U.S. an ounce.
