Canadian stocks rose on Tuesday, with the benchmark TSX index on course for its seventh straight month of gains on optimism over a global economic recovery supported by stimulus measures and vaccination.
The TSX Composite Index acquired 68.96 points to kick off Tuesday’s session at 20,663.93.
The Canadian dollar sagged 0.13 cents to 79.18 cents U.S.
Australian mining billionaire Andrew Forrest's Wyloo Metals made a revised bid for Canadian nickel miner Noront Resources that was 27% more than BHP Group, Wyloo said on Monday.
Noront shares dipped three cents, or 3.3%, to 75 cents
RBC raised the price target on Automotive Properties REIT to $14.00 from $13.00. Automotive Properties units inched up five cents to $13.10.
Canaccord Genuity cut the price target on Emerge Commerce to $1.30 from $1.60. Emerge shares faltered three cents, or 3.7%, to 78 cents.
On the economic slate, Statistics Canada says real gross domestic product rose 0.7% in June, offsetting some of the declines in April and May, as 15 of 20 industrial sectors were up.
ON BAYSTREET
The TSX Venture Exchange faded 0.52 points to 894.16.
All but one of the 12 TSX subgroups surged to start the session, with industrials leaping 1.4%, health-care ahead 1.2%, and communications better by 0.9%.
The lone holdout was energy, down 0.3%.
ON WALLSTREET
Stocks retreated slightly on Tuesday as the S&P 500 looks to wrap up its seventh straight month of gains at a record high.
The Dow Jones Industrials retreated 17.03 points to get Tuesday started at 35,382.81. Apparel company Nike was one of the biggest losers in the Dow, falling more than 1%.
The S&P 500 lost 5.05 points to 4,523.74 from Tuesday’s record.
The NASDAQ Composite fell 41.07 points, to 15,265.89, which had also been an all-time peak.
Zoom shares fell about 16% in early trading on Tuesday after the video-conferencing software company showed slowing revenue growth in the second quarter, weighting on the NASDAQ. The drop in shares came even as Zoom’s earnings beat estimates and the company raised full-year guidance as the pandemic took a turn for the worse. Apple and Netflix also declined.
Tuesday marks the last trading day of August, and major averages are poised to post solid gains for the period. The S&P 500 is up 3% this month, while the tech-heavy NASDAQ has climbed 4%, on pace to post its third winning month in a row. The blue-chip Dow is up a more modest 1.3%.
On Tuesday, the S&P CoreLogic Case-Shiller national home price index showed that prices were up 18.6% year over year in June. An August consumer confidence report from the Conference Board showed a larger-than-expected decline.
On the political front, the Pentagon said the U.S. has finished its evacuation efforts from Kabul’s airport, effectively ending America’s longest war.
Prices for 10-Year Treasurys were unchanged, keeping yields at Monday’s 1.28%.
Oil prices sank 61 cents to $68.60 U.S. a barrel.
Gold prices grabbed $1.40 to $1,813.60 U.S. an ounce.
