TSX Hits New Record

Resource Stocks Prove Main Agents

Equities in Canada’s biggest centre appeared to be pointed only upward Tuesday, as strong performances in the gold and materials sectors shone brightest.

The S&P/TSX Composite rumbled ahead 83.44 points on top of Monday’s all-time closing high, closing Tuesday at 16,834.75

The Canadian dollar docked 0.02 cents at 75.52 cents U.S.

Gold was the undisputed leader among gaining subgroups, powered mostly by Detour Gold, hiking $1.21, or 6.2%, to $20.90, while Barrick Gold triumphed $1.31, or 5.8%, to $23.91.

Among materials, MAG Silver booted ahead 73 cents, or 4.9%, to $15.56, while Western Forest Products gained eight cents, or 6.3%, to $1.35.

Consumer discretionary stocks did well, particularly Restaurant Brands International, popping $3.16, or 3.3%, to $97.82, while Aritzia Inc. took on 47 cents, or 2.8%, to $17.54.

Energy stocks, kings of the carnival Monday, faltered by Tuesday’s end, with Encana giving back 46 cents, or 6.3%, to $6.89, while MEG Energy dwindled 38 cents, or 5.9%, to $6.20.

Health-care stocks were somewhat banged up, too, as CannTrust Holdings lost 30 cents, or 15.1%, to $1.69, while Aphria slumped 50 cents, or 5.7%, to $8.27.

Tech stocks had a tough time of it Tuesday, with Shopify sliding $11.81, or 2.6%, to $435.67, while Enghouse Systems ditched 69 cents, or 1.8%, to $37.31.

On the economic front, Statistics Canada revealed that manufacturing sales decreased 1.3% to $57.2 billion in July, mainly as a result of lower sales at primary metal and motor vehicle industries.

ON BAYSTREET

The TSX Venture Exchange faded 1.61 points to 586.90

All but three of the 12 Toronto subgroups gained ground, with gold rocketing 3.5%, while materials muscled ahead 2.2%, and consumer discretionary stocks climbed 1.3%.

The three laggards were weighed by energy, sagging 2.2%, while health-care doffed 1.8%, and information technology lost 0.5%.

ON WALLSTREET

Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.

The Dow Jones Industrials moved into positive territory by 33.98 points to end the session at 27,110.88

The S&P 500 recovered 7.74 points to 3,005.70.

The NASDAQ Composite gained 32.47 points to 8,186.02.

Real-estate stocks were the best performers as Treasury yields dipped. The sector rose 1.4%

Strong U.S. manufacturing data and a drop in oil prices helped keep the stock market’s losses in check.

Bank stocks fell broadly, as Citigroup, J.P. Morgan Chase and Bank of America all slid at least 0.5%

The Fed meeting is scheduled to end Wednesday, when the central bank is expected to announce its latest decision on monetary policy.

The Fed is largely expected to cut rates by 25 basis points. That would be the central bank’s second rate cut of 2019.

Prices for the benchmark 10-year U.S. Treasury gained ground, lowering yields to 1.81% from Monday’s 1.85%. Treasury prices and yields move in opposite directions

Oil prices stepped back $3.78 to $59.12 U.S. a barrel.

Gold prices dipped $1.70 to $1,509.80 U.S. an ounce.