Canadian equities edged higher Tuesday following better-than-expected data on U.S. retail sales and economic growth in Germany, with gains led by the financial and energy sectors.
The S&P/TSX Composite index moved up 42.87 points to open Tuesday at 11,881.20
The Canadian dollar inched up 0.03 cents to 100.78 cents U.S.
Shares of Encana Corp. tacked on 2.1% while Manulife Financial Corp. added 2%.
Shares of Aecon Group Inc. were a standout, falling 6% after the company said adjusted earnings were flat in the second quarter and revenue fell 13%.
Other stocks to watch this morning included Aecon Group Inc. The construction company's quarterly profit more than doubled as costs fell.
Iamgold Corp. said its second-quarter earnings from continuing operations fell about 29% as it incurred higher mining costs.
Oil and gas whiz Niko Resources Ltd. posted a bigger quarterly loss as costs related to its D6 block, off India's east coast, rose and output from the block fell.
Uranium One Inc. reported quarterly earnings fell 2% as it sold less uranium at lower prices.
ON BAYSTREET
The TSX Venture Exchange stepped back 0.45 points to 1,196.92. The Nasdaq Canada index edged back 0.72 points to 347.54.
In all, 10 of the 14 Toronto subgroups gained ground at the start of the day. Energy led the parade, taking on 0.7%, while financials gathered 0.6%, and consumer discretionary stocks were 0.3% stronger.
The four laggards were weighed most by global base metals and information technology, each off 0.3%, and the metals and mining group, down 0.1%.
ON WALLSTREET
U.S. stocks opened higher Tuesday after several better-than-expected euro-zone economic reports.
The Dow Jones industrial average opened ahead 23.97 points to 13,193.36.
The S&P 500 gained 2.74 points to 1,406.85. The Nasdaq picked up 4.18 points to 3,026.70.
Home Depot shares rose after the home improvement retailer's second quarter earnings topped expectations. The company's revenue fell short of estimates.
Shares of Saks were also higher on stronger-than-expected earnings.
TJX shares edged higher after the company beat earnings expectations by a penny.
Groupon shares dove after the company beat earnings estimates but missed on revenue.
France and Germany released second-quarter gross domestic product figures that beat analysts' expectations, but preliminary data showed the euro-zone economy on the whole continued to shrink.
Euro-zone GDP shrank by 0.2% between April to June compared to the previous quarter and 0.4% year-over-year, according to flash estimates published by Eurostat, the statistical office of the European Union. In the first quarter of 2012, GDP was unchanged.
While the data came in higher than forecasts, economists say that the numbers still point to a gloomy picture, leaving concerns about the euro-zone crisis intact.
On the economic ledger, retail sales in the U.S. climbed for the first time in four months, up 0.8% in July, the Census Bureau reported Tuesday. Economists had expected a 0.2% increase.
Producer prices also beat estimates, increasing 0.3%, according to the U.S. Bureau of Labor Statistics. Prices were expected to rise by 0.2%.
Meanwhile, business inventories data will be released this morning from the Census Bureau. They're expected to have risen by 0.2% in June.
The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.71% from Monday’s 1.65%. Treasury prices and yields move in opposite directions.
Oil for September delivery strengthened 97 cents to $93.70 U.S. a barrel.
Gold futures for December delivery fell $11 to $1,601.60 U.S. an ounce.
