The Toronto stock market surged ahead on Tuesday as it played catchup with strength from the previous session on Wall Street and benefited from higher crude oil prices.
The S&P/TSX Composite index leaped 200.91 points, or 1.7%, to close at 11,863.50
The Canadian dollar moved higher 0.32 cents Tuesday to 100.29 cents U.S.
Much of the activity was in commodities stocks, with metals and mining stocks leading the way, up 3.9%.
The September copper contract moved up nearly 5.1 cents to $3.43 U.S. a pound.
Strengthening commodity companies included Ivanhoe Mines -- up 4.7% to $9.00 -- Niko Resources – up 6.5% to $19.80, and Canadian Natural Resources Ltd., jumping 7.1% to $29.94.
In corporate developments, CIBC signed a deal to buy the private wealth management business of MFS McLean Budden, which manages some $1.4 billion in assets for high net worth individuals’ families, endowments and foundations. CIBC shares rose 59 cents to $73.83.
Brookfield Infrastructure formed a joint venture to acquire a 60% interest in Brazilian toll road operator Obrascon Huarte Lain Brasil S.A. for $1.7 billion, including $600 million in assumed liabilities. Units gained 99 cents, or 2.9%, to $34.92.
Canadian gold miners advanced, as Iamgold Corp. added 5.5% to $11.67, while Eldorado Gold Corp. picked up 5.3% to $11.46 and NovaGold Resources Inc. rose 3.8% to $3.84.
Supporting the technology sector, shares of BlackBerry maker Research In Motion Ltd. rose 4.6% to $7.30. Celestica Inc., which delivers solutions to global manufacturers and services, tacked on 3% to $7.55, while Sierra Wireless Inc. added 2.3% to $9.06.
Economically speaking, Statistics Canada reported a slump in residential building permits in June, the number falling 2.5% to $6.8 billion, after a 7.1% increase in May. Slumps in the number of permits in Alberta and B.C. proved the main culprits.
ON BAYSTREET
The TSX Venture Exchange gained 3.61 points to 1,190.56. The Nasdaq Canada index added 2.14 points to 347.13.
All 14 Toronto subgroups were positive all through the session, led by metals and mining issues, up 4.4%, global base metals, ahead 3%, and energy, gaining 2.9%.
ON WALLSTREET
U.S. stocks rose Tuesday, extending gains for a third day, as investors continue to bet global central banks will step in to support the market.
The Dow Jones industrial average prospered 51.09 points, to finish at 13,168.60
The S&P 500 increased 7.09 points to 1,401.32. The Nasdaq tacked on 25.95 points to 3,015.86
All three indexes are at their highest levels since early May.
Pfizer discontinued clinical studies on an Alzheimer drug it was developing with a subsidiary of Johnson & Johnson.
Separately, Pfizer settled charges by the U.S. Securities and Exchange Commission that it bribed doctors and government officials in several overseas markets.
Shares of Fossil surged more than 30% after the watch retailer's second-quarter profit jumped 12% and topped forecasts.
Chesapeake Energy, which has been in the spotlight amid takeover chatter and a management shakeup, posted second-
quarter revenue that topped expectations.
Shares of Leap Wireless hit a new 52-week low, after the pre-paid cellphone company said it lost 289,000 customers in the second quarter. The company's management said is now considering selling assets to stay afloat.
Best Buy's stock was slightly lower one day after the company's founder and major shareholder, Richard Schulze, offered to take the electronics retailer private at $24 to $26 U.S. a share, a 36% to 47% premium.
Shares of Apple were flat Tuesday but have rebounded more than 8% since a 4% pummeling the day after it missed forecasts and guided lower. Apple shares are now just 3% below the all-time high of $644 U.S. set in April.
Disney, one of the Dow's best performers this year, reports after the closing bell Tuesday. Results due later in the week include Disney rival News Corp, Macy's and J.C. Penney
Economically speaking, consumer credit increased by $6.5 billion U.S. in June, according to data from the Federal Reserve. Economists had expected consumer credit to have risen by $10 billion U.S., according to a survey of analysts by Briefing.com.
The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.63% from 1.56% late Monday. Treasury prices and yields move in opposite directions.
Oil for September delivery jumped $1.28 to $93.48 U.S. a barrel.
Gold futures for August delivery fell $3.20 to $1,609.70 U.S. an ounce.
