Equities in Canada’s largest centre managed doggedly to hang onto gains Tuesday, while most investors sat up and took notice of the purchase of Bellue Health by GSK.
The TSX remained buoyant 42.71 points to close Tuesday at 20,684.68.
The Canadian dollar eked up 0.01 cents to 74.66 cents U.S.
Health-care issues proved the runaway winner, with Bellus Health riding the GSK deal to an-almost doubling of price to $19.34, while Chartwell Retirement Residences advanced a more modest 13 cents, or 1.5%, to 8.76.
In financials, Fairfax Financial Holdings triumphed $37.43, or 4.3%, to $912.43, while Definity Financial picked up $1.12, or 3.1%, to $37.75.
Consumer discretionary was also in the green, with Gildan Activewear acquiring 74 cents, or 1.7%, to $43.27, while Linamar jumped 75 cents, or 1.2%, to $66.10.
Consumer staples backed off, however, as Loblaw slid $1.41, or 1.2%, to $122.73, while Maple Leaf Foods handed back 35 cents, or 1.3%, to $27.17.
In utilities, Algonquin Power & Utilities stumbled 53 cents, or 4.7%, to $10.84, while Boralex dropped $1.44, or 3.5%, to $40.11.
In real-estate, H&R REIT units faded 20 cents, or 1.6%, to $12.24, while FirstService dipped $3.76, or 1.9%, to $191.23.
On the economic calendar, the Consumer Price Index rose 4.3% on a year-over-year basis in March, following a 5.2% increase in February. On a seasonally adjusted monthly basis, the CPI rose 0.1% in March.
ON BAYSTREET
The TSX Venture Exchange backpedaled 1.2 points to close the session at 630.49.
Seven of the 12 TSX subgroups were higher, with health-care propelled higher 11.3%, financials richer by 0.8%, consumer discretionary stocks up 0.7%.
The five laggards were weighed most by consumer staples and utilities, each down 0.7%, and real-estate, off 0.6%.
ON WALLSTREET
The S&P 500 finished little changed Tuesday as traders digested a slew of earnings reports and their implications for the U.S. economy.
The Dow Jones Industrials subsided Tuesday 10.55 points to 33,976.63,
The S&P 500 poked 3.54 points to 4,154.86.
The NASDAQ bowed 4.31 points to 12,153.41.
Major benchmarks fluctuated as investors assessed the latest batch of key earnings reports. Despite a tough economic environment, Bank of America surpassed first-quarter expectations on the top and bottom lines as rates rose. Johnson & Johnson’s stock fell 2.8% even after it beat estimates and raised its 2023 guidance.
Elsewhere, Goldman Sachs shares slumped 1.7% after the banking giant reported lighter-than-expected revenue, dragged down by a $470 million hit from its Marcus loans.
Despite Tuesday’s moves, and expectations for declining profits against a backdrop of persistent inflation and rising interest rates, earnings season has so far proved resilient. All the major averages are up since the period kicked off.
Earnings season presses on after the bell with updates from United Airlines and streaming giant Netflix
Prices for the 10-year Treasury gained ground, lowering yields to 3.58% from Monday’s 3.60%. Treasury prices and yields move in opposite directions.
Oil prices dipped nine cents to $80.74 U.S. a barrel.
Gold prices recovered $9.80 to $2,016.80 U.S. an ounce.
