Stocks in Canada’s largest market fought their way into positive territory midday Tuesday, as tech and consumer stocks led the charge, amid hope for some kind of settlement in the Russia-Ukraine conflict
The S&P/TSX Composite Index charged into the green 46.76 points to break for lunch Tuesday at 22,024.59.
The Canadian dollar took on 0.07 cents to 79.93 cents U.S.
Toronto-listed technology shares rose, with Shopify up $32.38, or 3.7%, to $911.05. Converge Technology Solutions also sprang up, 64 cents, or 6.5%, to $10.43.
Consumer stocks also had a good morning, with Canada Goose Holdings up $1.66, or 4.9% to $35.25, while Magna International sprinted $3.54, or 4.4%, to $83.36.
Energy continued to take a pounding, as Vermilion Energy lost $1.64, or 6%, to $25.56. Parex Resources dived $1.48, or 5.3%, to $26.08.
The ongoing Russia-Ukraine war and concerns around soaring inflation have roiled global markets in recent months, still, the TSX is set to post its biggest monthly gain since October on surging commodity prices.
Russia has decided to drastically cut military activity around Kyiv and Chernihiv in Ukraine, its deputy defence minister said, after talks between Russian and Ukrainian negotiating teams in Istanbul.
Statistics Canada said the number of employees receiving pay or benefits from their employer—measured by the Survey of Employment, Payrolls and Hours as payroll employment—was little changed in January.
ON BAYSTREET
The TSX Venture Exchange was down 2.25 points to 873.18.
All but three of the 12 TSX subgroups were positive, with information technology pumping higher 1.6%, consumer discretionary stocks climbing 2.5%, and health-care haler 1.8%.
The three laggards proved to be energy, sliding 2%, materials, off 1.3%, and gold, dulling 0.5%.
ON WALLSTREET
Stocks rose Tuesday morning, putting the major averages on track to build on the previous session’s gain as traders monitored ceasefire negotiations between Russia and Ukraine.
The Dow Jones Industrials leaped 259.65 points to move into noon hour EDT Tuesday at 35,215.54
The S&P 500 gained 35.19 points to 4,610.71.
The NASDAQ Composite popped 178.76 points, or 1.3%, to 14,533.66.
Auto stocks were some of the biggest gainers in morning trading, with Ford and GM each rising more than 5%. In tech, Netflix and Snap added more than 2%.
In corporate news, shares of FedEx rose more than 3% after the company announced that founder Fred Smith would step down as CEO on June 1 and be replaced internally.
Health care giant UnitedHealth Group announced a deal to buy LHC Group for $170 per share, sending the smaller company’s stock up 7%.
The conference board’s consumer confidence index came in at 107.2, below the 107.5 expected, according to Dow Jones. The U.S. Job Openings and Labor Turnover Survey showed 11.3 million job openings, higher than the 11.1 million expected.
Growing hope for a Russia-Ukraine ceasefire appeared to help investor sentiment on Tuesday morning. Russian Deputy Defense Minister Alexander Fomin said Tuesday that the country will “drastically” reduce military activity near the Ukrainian capital Kyiv.
U.S. Secretary of State Antony Blinken said Tuesday the U.S. was focused on Russia’s actions more than its words.
Treasury prices strengthened, lowering yields to 2.41% from Monday’s 2.46%. Treasury prices and yields move in opposite directions.
Oil prices slipped $3.20 to $102.76 U.S. a barrel.
Gold prices faltered $27.10 to $1,917.60 U.S. an ounce.
