Canada's main stock index opened higher on Tuesday as global risk sentiment improved on reports that some Russian troops near Ukraine were returning to their bases, although weakness in commodity-linked shares limited gains.
The S&P/TSX Composite restocked 58.61 points to begin Tuesday at 21,411.12.
The Canadian dollar hesitated 0.17 cents at 78.39 cents U.S.
TD Securities raised the target price on Bank of Montreal to $170 from $160. BMO shares charged ahead 76 cents to $149.49.
TD Securities also raised the target price Canadian Western Bank to $47.00 from $43.00. CWB shares gained 28 cents to $38.94.
TD Securities then raised the target price on Royal Bank of Canada to $165.00 from $150.00. RBC shares collected 43 cents to $145.43.
Prime Minister Justin Trudeau on Monday activated rarely used emergency powers in an effort to end protests that have shut some U.S. border crossings and paralyzed parts of the capital.
On the economic slate, Canada Mortgage and Housing told us housing starts registered at 254,133 units in January, down from 261,352 units in December.
Elsewhere, the Canadian Real Estate Association reported home sales edged up 1% between December 2021 and January 2022. Actual (not seasonally-adjusted) monthly activity came in 10.7% below the record January in 2021.
ON BAYSTREET
The TSX Venture Exchange regained 6.93 points to 861.41.
All but three of the 12 TSX subgroups gained ground early on, with health-care springing 3.5%, consumer discretionary stocks up 2.3%, and industrials booming 1.3%.
The three laggards were gold, down 2.4%, energy, off 2.2%, and materials, lower 1.2%.
ON WALLSTREET
The Dow Jones Industrial Average rose for the first day in four on Tuesday after Russia appeared to be backing away from an immediate invasion of Ukraine, cooling geopolitical tensions that have knocked the stock market down the last three days.
The 30-stock index recovered 375 points, or 1.1%, to 34,846,
The S&P 500 regained 51 points, or 1.2% to 4,445.
The NASDAQ surged 212 points, or 1.5%, to 14,465.
The Russian Defense Ministry said it had begun returning some troops to deployment bases after training exercises near the Ukrainian border.
Airline and cruise stocks led the gainers while energy companies were the biggest losers as oil prices fell. American Airlines rose 5% and Carnival Corp. added more than 4.5%. Meanwhile, Exxon Mobile fell 2% and ConocoPhillips lost 3%.
Certain technology names also charged higher. Netflix added 2% and Tesla rose more than 3.5%.
The producer price index, which measures final-demand goods and services, increased 1% for the month, against the Dow Jones estimate for 0.5%. Over the past 12 months the gauge rose an unadjusted 9.7%. Excluding food, energy and trade services, co-called core PPI increased 0.9% for the month, topping the 0.4% estimate.
Prices for 10-year Treasurys fell, raising yields to 2.04%, from Monday’s 1.99%. Treasury prices and yields move in opposite directions.
Oil prices dumped $4.52 to $90.94 U.S. a barrel.
Gold prices sank $17.50 to $1,851.90 U.S. an ounce.
