Equities in Canada’s largest centre moved marginally higher by the closing bell on Tuesday, as strong performances by energy and consumer stocks powered the rise.
The TSX Composite index enjoyed gains of 25.77 points to end the session at 20,171.02.
The Canadian dollar declined 0.36 cents to 80.71 cents U.S.
Thursday, markets in Canada are closed in honour of Canada Day.
In the oil patch, ARC Resources soared 35 cents, or 3.4%, to $10.60, while Tourmaline Oil rebounded $1.35, or 4.2%, to $34.38.
In the consumer discretionary field, Gildan Activeweat popped $2.05, or 4.6%, to $46.49, while Canada Goose Holdings hiked $1.83, or 3.5%, to $54.02.
Industrials fared well, too, as Cargojet flew $8.69, or 5%, to $182.33, while Air Canada added 50 cents, or 2%, to $25.86.
On the flip side, health concerns got bruised, notably Tilray, tilting 80 cents, or 3.5%, to $22.18, while Aurinia Pharmaceuticals doffed 55 cents, or 3.3%, to $16.29.
Utilities also stumbled, with Algonquin Power & Utilities faltering 37 cents, or 2%, to $18.63, while Capital Power fell 58 cents, or 1.4%, to $41.11.
In the gold patch, Centerra Gold lost 27 cents, or 2.8%, of its lustre, to $9.48, while Equinox Gold slipped 17 cents, or 2%, to $8.55.
ON BAYSTREET
The TSX Venture Exchange gained 1.99 points to 946.79.
All but three of the 12 TSX subgroups were higher midday, with energy and consumer discretionary each ahead 1.1%, and industrials better by 0.9%.
The three laggards were health-care, down 2%, utilities falling 0.3%, and gold, duller by 0.2%.
ON WALLSTREET
The S&P 500 notched another record high on Tuesday amid bullish economic data but retreated later in the session as Wall Street continued its recent period of low volatility.
The Dow Jones Industrials managed to hang onto gains of 9.02 points to 34,292.29,
The S&P 500 added 1.19 points to Monday’s record, registering at 4,291.80, and good enough for its fourth-straight record close.
The NASDAQ regained 27.83 points, to surpass Monday’s all-time high, at 14,528.33.
Semiconductor stocks gained strength later in the session, with Skyworks taking on 4.5%, and Advanced Micro Devices climbing 2.8%. General Electric boosted the industrials sector, rising over 1% after Goldman Sachs named the stock a top idea.
The market has churned out a series of record highs in recent weeks, but the gains have been relatively modest and some strategists have pointed to weak market breadth, measured by the performance of average stocks and the number of individual names making new highs, as a potential area of concern.
Shares of Morgan Stanley jumped more than 3% after the bank said it will double its quarterly dividend. The bank also announced a $12 billion stock buyback program. The announcement follows last week’s stress tests by the Federal Reserve, which all 23 major banks passed.
However, some other bank stocks gave up early gains and weighed on the broader indexes despite increasing their own payout plans.
With the market entering the final trading days of June and the second quarter, the S&P 500 is on track to register its fifth straight month of gains. The NASDAQ is pacing for its seventh positive month in the last eight. The Dow, however, is in the red for the month, and on track to snap a four-month winning streak.
Through Monday’s close, the S&P 500 was up 14% and the Dow and NASDAQ were up 12% so far for 2021.
Homebuilder stocks moved higher after S&P Case-Shiller said home prices rose more than 14% in April compared to the prior year. Five U.S. cities, including Seattle, saw their largest annual increase on record. Shares of Lennar increased 1.7%, and PulteGroup rose 2.7%.
The Conference Board’s consumer confidence reading for June came in higher than expected, adding to the bullish readings about the economic recovery.
Prices for 10-Year Treasurys gained ground, lowering yields to Monday’s 1.48%. Treasury prices and yields move in opposite directions.
Oil prices gained 50 cents to $73.41 U.S. a barrel.
Gold prices dumped $19.10 to $1,761.60 U.S. an ounce.
