Canada's main stock index rose on Tuesday, eying gains for the eighth straight session after data showed that domestic inflation eased in December, while the industrial sector was boosted by Bombardier as the planemaker raised its outlook.
The TSX gained 33.4 points to pause for lunch Tuesday at 20,423.73.
The Canadian dollar picked up 0.1 cents at 74.74 cents U.S.
Bombardier, for its part, soared $3.45, or 6.1%, to $60.36, while Cargojet jumped $2.60, or 2.2%, to $121.07.
In utilities, Algonquin Power hiked 45 cents, or 5%, to $9.41, while Hydro One climbed 45 cents, or 1.2%, to $37.79.
Gold weighed things down, with Centerra Gold sliding 32 cents, or 2.9%, to $7.90, while Iamgold dipped 17 cents, or 4.5%, to $3.62.
Neovasc jumped $9.17, or 32.9%, to $37.02 after Shockwave Medical said it would buy Neovasc for $27.25 per share in an all-cash deal for $73.78 million.
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 5.26 points to 615.49.
Eight of the 12 subgroups were positive midday, with industrials and utilities each up 0.8%, and communications headed north 0.6%.
The four laggards were weighed most by gold, off 2.3%, materials, sagging 0.9%, and health-care, off 0.3%.
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 379.68 points, or 1.1%, to move into the afternoon at 33,922.93, dragged down by a drop in Goldman Sachs shares.
The S&P 500 fell back 5.32 points to 3,993.77.
The NASDAQ Composite Index inched up 3.55 points to 11,082.70.
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 slid about 7% after the bank reported its worst earnings miss in a decade for the fourth quarter. Its 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.
