Canada's main stock index inched higher at open on Tuesday, boosted by strength in commodity-linked stocks and upbeat domestic GDP figures, although escalating Russia-Ukraine crisis kept sentiment in check.
The TSX Composite began Tuesday up 68.87 points to 21,195.23.
The Canadian dollar squeezed 0.02 cents to 78.97 cents U.S.
Bank of Montreal beat analysts' estimates for first-quarter profit on Tuesday, driven by strength in the lender's capital markets unit.
BMO shares sprang $1.52, or 1.1%, to $146.25.
Bank of Nova Scotia beat market estimates for first-quarter profit on Tuesday, driven by strong mortgage and commercial loan growth that boosted its international banking segment.
Scotiabank shares acquired 42 cents to $92.27.
National Bank of Canada raised the price target on Toronto-Dominion Bank to $110.00 from $108.00. TD shares doffed 77 cents to $101.51.
CIBC raised the target price on Automotive Properties REIT to $17 from $16.50. Automotive Properties units inched up two cents to $14.21.
CIBC raised the target price on Morguard Corp to $180.00 from $175.00. Morguard slipped 32 cents to $132.55.
On the economic calendar, Statistics Canada reported real gross domestic product (GDP) grew 1.6% in the fourth quarter of 2021, following a 1.3% rise in the third quarter.
The agency went on to say real GDP posted a strong 4.6% growth in 2021, after the COVID-19 pandemic-induced decline (-5.2%) in 2020.
Prime Minister Justin Trudeau said Canada will supply anti-tank weapons and upgraded ammunition to Ukraine to support its fight against a Russian invasion, and it will ban imports of Russian crude oil.
ON BAYSTREET
The TSX Venture added 6.09 points to 855.66.
Of the 12 TSX subgroups, six were on the way up, as gold gained 1.9%, energy rumbled 1.6%, and materials took on 1.1%.
Health-care weighed most on the laggards, fading 1.2%, while consumer discretionary stocks settled 0.6%, and information technology, slid 0.5%.
Communication stocks were unchanged in the first hour.
ON WALLSTREET
U.S. stocks slipped on the first day of March as oil prices surged and investors continue to monitor the fighting between Russia and Ukraine.
The Dow Jones Industrials retreated 80.76 points Tuesday to 33,811.84
The S&P 500 inched forward 0.27 points to 4,374.21
The NASDAQ Composite Index added 12.48 points to 13,763.88.
The decline in stocks came as satellite cameras captured a convoy of Russian military vehicles apparently on its way to Kyiv, the Ukrainian capital.
The continued aggression from Russia pushed energy prices higher. West Texas Intermediate crude futures jumped 5% on Tuesday morning, breaking above $101 per barrel and hitting its highest level in seven years.
Financial stocks were some of the biggest loses on Tuesday, with Bank of America down 1.9%, Citigroup off 1.8% and Charles Schwab lower by 3%.
Some of the early stock losses were offset by strong Target earnings, as the Big Box retailer posted profit of $3.19 a share that was well ahead of Wall Street estimates. Shares jumped nearly 12%.
As corporate earnings season winds down, cloud giant Salesforce reports results after the close.
On the economic front, February’s Markit Manufacturing Purchasing Managers Index was released Tuesday morning. The Institute for Supply Management manufacturing PMI for February was also due out.
Prices for the 10-year Treasury gained sharply, lowering yields to 1.76% from 1.83% on Monday. Treasury prices and yields move in opposite directions.
The price of oil leaped $5.36 to $101.08 U.S. a barrel.
Gold prices hiked $20.20 to $1,920.90 U.S. per ounce.
