Canada's main stock index rose on Tuesday, extending gains from the previous session, as miners found support in firmer gold and copper prices.
The S&P/TSX Composite was positive from the opening bell 53.89 points to commence business Tuesday at 21,152.18.
The Canadian dollar inched ahead 0.07 cents at 78.70 cents U.S.
Imperial Oil rose $2.29, or 4.4%, to $54.30, after posting a quarterly profit, compared with a year-ago loss, even as it missed estimates on disruptions from extreme cold weather.
Nutrien, the world's biggest potash miner, could boost production by up to 29% in coming years, depending on any sanctions facing rival producers in Russia and Belarus.
Nutrien shares were up $1.17, or 1.3%, in the first hour at $89.95.
CGX Energy on Monday reaffirmed it and parent Frontera Energy discovered an oil and gas reservoir off the coast of Guyana and said drilling on a second well could begin later this year.
CGX shares vaulted $1.38, or 48.6%, to $4.22.
RBC raised the target price on Bank of Montreal to $154.00 from $146.00. BMO shares began the session up 62 cents to $144.50.
BMO raised the rating on Canadian Western Bank to outperform from market perform. CWB shares advanced 35 cents to $38.98.
CIBC cut the target price on First Quantum Minerals to $37.00 from $38.50. First Quantum shares popped 77 cents, or 2.5%, to $32.08.
On the economic slate, Statistics Canada reported GDP rose 0.6% in November on increases across almost all industrial sectors in November.
Markit Canada’s Manufacturing Purchasing Managers Index registered at 56.2 for January, down slightly from 56.5 in December.
ON BAYSTREET
The TSX Venture Exchange gained 5.06 points, or 2.4%, to 864.20 to start Tuesday
Seven of the 12 TSX subgroups were higher in the first hour, with materials and energy each up 0.8%, industrials better by 0.3%.
The five laggards were weighed most by utilities and consumer staples, declining 0.2% each, while communications lost 0.1%.
ON WALLSTREET
Stocks fell Tuesday, following a wild January on Wall Street that saw investors struggle with a Federal Reserve policy shift.
The Dow Jones Industrials faded 45.77 points to start Tuesday at 35,086.09.
The S&P 500 slid 12.3 points to 4,508.25.
The NASDAQ docked 82.36 points to 14,157.62.
Shares of UPS jumped 13% after the shipping company beat earnings estimates and raised its quarterly dividend 49%. Its rival FedEx added 3%, despite suspending some services due to COVID.
Shares of Exxon Mobil gained more than 3% after the company reported better-than-expected quarterly earnings and revenue that jumped more than 80% year over year.
Tesla fell 2.7% after the company issued a recall on about 53,000 cars with its self-driving software in the U.S.
The moves follow a two-day rally on Wall Street that ended a volatile month of trading.
In corporate news of note, AT&T said it will be shedding its stake in WarnerMedia following a planned merger of the unit with Discovery.
AT&T’s board also approved a post-close annual dividend of $1.11, compared to the current rate of $2.08, due to the spinoff. Shares fell 4% following the news. Discovery shares fell 4.9%.
Investors are awaiting more key earnings reports, with Alphabet, General Motors, Starbucks, AMD and PayPal due after the close.
So far, of the 172 companies in the S&P 500 that have reported earnings to date, 78.5% topped analysts’ estimates
Prices for 10-year Treasurys faltered, raising yields to 1.81% from Monday’s 1.78%. Treasury prices and yields move in opposite directions.
Oil prices fell 32 cents to $87.83 U.S. a barrel.
Gold prices collected $7.20 to $1,803.60 U.S. an ounce.
