The Toronto Stock Exchange experienced a slight rebound Tuesday on rising commodity prices and mixed North American corporate earnings.
The S&P/TSX Composite Index added 8.18 points to begin Tuesday’s trading day at 11,987.13
The Canadian dollar gained 0.18 cents, to 101.10 cents U.S.
In Canadian corporate earnings news, mining giant Teck Resources Ltd. said it earned $218 million, or 37 cents per share, in the first quarter. After excluding the impact of debt refinancing and other items, adjusted profit was $504 million or 86 cents per share -- a penny short of analyst estimates.
Teck's revenue for the quarter was $2.5 million, also short of the consensus estimate of $2.6 billion but above the 2011 first-quarter revenue of $2.4 billion.
The company's coal operations provided most of the increased revenue, with some help from zinc.
That was partially offset by reduced copper revenue as lower prices offset higher output.
Teck's profit attributable to shareholders in the first three months of this year was down from $461 million or 78 cents per share in the first quarter of 2011 before adjustments and $450 million or 76 cents per share after adjustments.
High-tech manufacturer Celestica Inc. says its first-quarter revenue was nearly $1.7 billion U.S. Celestica's net income was $43.2 million or 20 cents per share under International Financial Reporting Standards, up from $30 million or 14 cents per share.
Canfor Pulp Products Inc. reports first-quarter net income of $10.3 million or 13 cents per diluted share, down from $50.7 million or 71 cents per share in the same 2011 period. Revenue was $220 million, compared with $252.3 million in the prior-year period.
On the economic ledger, Statistics Canada said retail sales dipped 0.2% in February following a downwardly revised 0.2% gain in January and a flat reading in December. Disappointing sales for vehicles and parts proved the main factor.
ON BAYSTREET
The TSX Venture Exchange inched higher by 1.76 points to 1,372.79, while the Nasdaq Canada index eked higher 0.12 points to 403.41
In all, 10 of the 14 Toronto subgroups were higher to begin the day. Industrials moved ahead 0.8%, while information technology jumped 0.7% and metals and mining issues prospered 0.5%.
The three laggards were consumer staples, off 0.5%, health-care, down 0.4% and energy, slipping 0.03%. Global base metals were flat in mid-morning Tuesday trade.
ON WALLSTREET
In New York, stocks opened mixed Tuesday as investors turned their attention to two reports on housing and awaited Apple's earnings after the close.
The Dow Jones Industrials added 102.32 points to begin Tuesday at 13,029.50
The S&P 500 grew 6.23 points to 1,373.17, and the Nasdaq added 3.83 points to 2,974.28. The tech-heavy index was dragged lower by drops in shares of Netflix and Apple
Netflix's troubles continued late Monday when it reported a first-quarter loss. The company also issued a weak outlook, triggering a 14% selloff in shares.
Apple, the world's most valuable company, is set to release earnings after the market closes.
One of the busiest weeks for corporate results continues, as several heavyweights will weigh-in with first-quarter numbers. Dow components AT&T, 3M and United Technologies released generally better than expected earnings before the opening bell.
AT&T reported first-quarter earnings of 57 cents U.S. a share, down slightly from a year earlier but in line with the consensus forecast of analysts polled by Thomson Reuters. Revenue was weaker than expected at $31.2 billion U.S. Shares rose 1.6% in premarket trading.
United Technologies posted a better-than-forecast rise in earnings to $1.31 U.S. a share. 3M posted a rise in earnings to $1.59 U.S. a share, beating forecasts of $1.49 U.S. a share that would have been unchanged from year earlier.
Texas Instruments quarterly earnings dropped sharply, marking the fourth consecutive quarter of falling profits. But an upbeat outlook for growth boosted the chipmaker's stock.
Economically, Home prices hit yet another post-bubble low, according to the February reading of the S&P/Case-Shiller Home Price Index. Prices were down 0.8% from January and 3.5% from a year earlier. The data came in slightly wider than the 3.4% annual decline expected by economists surveyed by Briefing.com.
The U.S. Census released new-home sales at 10 a.m. ET. New-home sales for March are expected to come in at an annual pace of 318,000, up slightly from the prior month, according to economists.
The March Consumer Confidence Index, which speaks to the public's degree of optimism, is expected to come in at 69.5, down slightly from last month.
The price on the benchmark 10-year U.S. Treasury eased, driving the yield up to 1.95% from Monday’s 1.93%. Treasury prices and yields move in opposite directions.
Oil for May delivery gained 73 cents to $103.84 U.S. a barrel.
Gold futures for June rebounded, gaining $11 to $1,643.60 U.S. an ounce.
