Equities in Canada’s largest centre crawled to over a month's high as energy stocks surged, while investors were relieved annual and monthly consumer inflation eased further in December.
The TSX gained 30.8 points to open Tuesday trading at 20,390.33.
The Canadian dollar picked up 0.07 cents at 74.71 cents U.S.
Among company news, Fortuna Silver Mines reported annual production update for 2022 and its outlook for 2023. Fortuna shares fell 12 cents, or 2.4%, to $4.80.
Gold miner Barrick Gold Corp said its fourth-quarter production rose 13.4% sequentially, helped by strong performance at Cortez, Carlin and Tongon mines. Barrick shares backpedaled 43 cents, or 1.7%, to $25.67.
It’s a busy day ahead on the economic calendar: the Consumer Price Index rose 6.3% on a year-over-year basis in December, following a 6.8% increase in November. On a seasonally adjusted monthly basis, the CPI fell 0.1% in December.
Also, Canadian acquisitions of foreign securities totaled $14.1 billion in November, the largest investment since April. Meanwhile, non-resident investors purchased $12.8 billion of Canadian securities, up from a $9.1 billion investment in October.
CMHC said the standalone monthly Seasonally Adjusted Annual Rate (SAAR) of total housing starts for all areas in Canada declined 5% in December (248,625 units) compared to November (263,022 units). The SAAR of total urban starts also declined 5%, with 227,708 units recorded in December. Multi-unit urban starts decreased 4% to 182,850 units, while single-detached urban starts fell 11% to 44,858 units.
ON BAYSTREET
The TSX Venture Exchange shed 1.02 points to open Tuesday at 619.73.
Seven of the 12 subgroups were positive in the hour, with energy surging 1.1%, utilities improving 0.8%, and industrials up 0.6%.
The five laggards were weighed most by gold, off 1.3%, materials, sagging 0.4%, and health-care, off 0.2%.
ON WALLSTREET
The Dow Jones Industrial Average fell Tuesday as investors struggled to keep building on early 2023 momentum and weighed the latest earnings results.
The 30-stock index fell 152.13 points to begin a short week at 34,150.48.
The S&P 500 progressed 14.77 points to 4,013.87.
The NASDAQ Composite Index gathered 61.04 points to 11,140.20.
Year-to-date, the NASDAQ is leading the way up 5.9%, as investors bought beat-up technology shares amid rising hopes of an improving landscape for growth stocks. The S&P 500 has taken on 4.2%, and Dow has advanced 3.5%, since the start of the year.
Markets were shuttered Monday for Martin Luther King Day.
Goldman Sachs reported a smaller-than-expected profit for the fourth quarter, sending the stock down more than 3%. The bank’s results were pressured by declines in investment banking and asset management revenues. Meanwhile, rival Morgan Stanley posted better-than-expected numbers thanks in part to record wealth management revenue. Its shares jumped 6%.
Those results came after other major banks such as JPMorgan and Citigroup reported mixed quarterly results.
About 7% of S&P 500 earnings have reported earnings through Tuesday, according to FactSet. Of those companies 70% have beaten expectations. United Airlines will report its quarterly results after the bell.
Prices for the 10-year Treasury were flat, keeping yields at Friday’s 3.51%.
Oil prices gained 94 cents to $80.80 U.S. a barrel.
Gold prices dipped $3.90 to $1,917.80 U.S. an ounce.
