Canada's main stock index waxed and waned Tuesday before finishing in positive country, led mostly by utility and industrial issues on the last day of the fiscal third quarter.
The TSX had gathered 50.9 points to close at 30,022.81.
The Canadian dollar weakened 0.3 cents at 71.84 cents.
In corporate developments, Imperial Oil said on Monday it would cut its workforce by about 20% by the end of 2027, part of a major restructuring that would eventually shutter most of its presence in Calgary.
Imperial Oil shares demurred $2.05, or 1.6%, to $126.19.
Elsewhere in energy, Tourmaline Oil pitched lower $2.72, or 4.3%, to $60.02.
Health-care stocks took the biggest lumps, however, as Bausch Health Companies lost five cents to $8.96, while Chartwell Retirement Residences skidded 10 cents to $20.18.
In consumer discretionary stocks, Aritzia plummeted $2.62, or 3%, to $84.18, while Restaurant Brands plunged $2.08, or 2.3%, to $89.28.
On the bright side, Atco Inc. led utilities upward, gaining 63 cents, or 1.3%, to $50.38, while Fortis Inc. gathered 87 cents, or 1.3%, to $70.59.
In industrial issues, Aecon Group collected 61 cents, or 2.6%, to $23.82, while Bird Construction flew 66 cents, or 2.2%, to $30.18.
Materials were stronger as well, with Fortuna Silver up 37 cents, or 3.1%, to $12.46, while Stella-Jones jumped $3.13, or 4.1%, to $79.41.
Canadians are pausing coast to coast Tuesday to observe the Day of Truth and Reconciliation with their indigenous population.
ON BAYSTREET
The TSX Venture Exchange moved forward five points to 947.84.
The 12 subgroups were split down the middle, with utilities stronger 0.6%, industrials improving 0.5%, and materials better by 0.3%.
The half-dozen laggards were weighed most by health-care, down 4.2%, energy capsizing 1.5%, and consumer discretionary stocks, off 0.7%.
ON WALLSTREET
Stocks rose on Tuesday as investors moved past worries of a potential U.S. government shutdown. Wall Street was also headed for an unusually strong September.
The Dow Jones Industrial Index recovered 81.76 points to 46,397.83.
The S&P 500 index revived 27.25 points to 6,688.46
The tech-heavy NASDAQ surged 68.86 points to 22,660.01.
The federal government is due to run out of funding at midnight, and House Speaker Mike Johnson, told reporters Tuesday that he’s “skeptical” that a shutdown can be averted by the deadline, saying that the outcome is in the hands of Senate Minority Leader Chuck Schumer, and House Minority Leader Hakeem Jeffries.
Jeffries, meanwhile, said about Republicans that “if the government shuts down, it’s their decision to do it.”
Although shutdowns aren’t usually market-moving events, this time could be different as investors are already wary about a slowing labour market, the risk of stagflation and elevated stock valuations.
A shutdown could also prompt rating agencies to rethink the condition of U.S. credit, which was downgraded in May by Moody’s.
The Labor Department also announced Monday that the September non-farm payrolls report scheduled to release Friday will not come out if the U.S. government suspends operations.
Even with Tuesday’s profit-taking, major U.S. stock indexes were on track for solid monthly gains as September wrapped up.
Tuesday also brought the end of the third quarter. The broad market S&P 500 is up 7% quarter to date, while the tech-heavy NASDAQ is set to notch a 10% quarterly gain. The blue-chip Dow is up 4% since the end of June, its fifth straight quarterly advance.
Prices for the 10-year Treasury fell, lifting yields back to Monday’s 4.15%. Treasury prices and yields move in opposite directions.
Oil prices shed 90 cents to $62.55 U.S. a barrel.
Gold prices recovered $30.60 to $3,885.80 U.S. an ounce.
