Canada's commodity-heavy stock index rose on Tuesday, tracking strength in gold miners and energy stocks, while shares of cannabis firm Hexo Corp plunged after a buyout deal from Tilray Brands Inc.
The TSX approached noon up 129.99 points to 20,405.81.
The Canadian dollar gained 0.15 cents to 74.20 cents U.S.
Health-care stocks were dragged by a fall in Tilray Brands after the cannabis producer said it would buy Hexo for $56 million. Tilray ditched 34 cents, or 9%, to $3.40. Shares of Hexo Corp, too, plunged 64 cents, or 28.7%, to $1.59.
Among other major movers, shares of Teck Resources rose 49 cents to $58.25 after miner Glencore Plc proposed Teck shareholders would receive 24% of the combined metals group and $8.2 billion in cash.
Shares of Centerra Gold advanced 65 cents, or 7%, to $9.91, after Canadian Imperial Bank of Commerce upgraded the stock to "outperform" from "neutral".
ON BAYSTREET
The TSX Venture Exchange added 4.75 points to 631.37.
All but two of the 12 TSX subgroups were higher midday, with materials better by 1.8%, gold up 1.4%, and energy gushed 1.3%
Health-care moved into the red 2.2%, while information technology slid 0.6%.
ON WALLSTREET
The S&P 500 was little changed Tuesday as investors look toward the release of economic data later this week for insight into the pace of future interest rate hikes.
The Dow Jones Industrials powered higher 132.05 points to pause for lunch Tuesday at 33,718.57.
The broader index moved higher 4.86 points to 4,113.97.
The NASDAQ, however, fell 44.73 points to 12,039.62.
CarMax shares jumped 11% after the used car retailer posted a stronger-than-expected quarterly profit. Meanwhile, Moderna shares shed more than 4% after the biotech firm said it’s delaying its flu vaccine.
Investors are anticipating the March readings of the consumer price index, due Wednesday, and the producer price index, out Thursday. Both inflation metrics could give further clarity into how the Federal Reserve might proceed on its rate-hiking campaign.
Further, Wall Street is heading toward another season of earnings announcements, with several major U.S. banks scheduled to release their earnings reports for the first time since the series of bank crises in March. JPMorgan Chase, Wells Fargo and Citigroup are set to report Friday.
Prices for the 10-year Treasury sagged, lifting yields to 3.45% from Monday’s 3.42%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.59 to $81.33 U.S. a barrel.
Gold prices recovered $15.20 to $2,019.00 U.S. an ounce.
