North American stocks held onto strong gains in midday trading on Tuesday, as Americans head to the polls in presidential elections – promising to end one of the key sources of uncertainty hanging over markets.
The S&P/TSX composite acquired 24.26 points to approach noon Tuesday at 12,377.04
The Canadian dollar moved higher 0.31 cents to 100.66 cents U.S.
Within Canada’s benchmark index, the moves were far milder. Materials and consumer staples rose slightly, while financials were flat.
In individual company news, MacDonald, Dettwiler and Associates Ltd., reported a slight decrease in third-quarter earnings from operations on Monday, as revenue declined due to lower levels of space robotics activity. Shares plummeted $2.09 to $53.96 midday.
Niko Resources Ltd. said one more of its wells in Trinidad turned out to be dry, adding to its recent disappointments in India and Indonesia. Niko shares faded 52 cents to $11.82.
Israeli officials plan to meet executives of Potash Corp in the next week before deciding on whether to allow the fertilizer producer's proposed $13.5-billion takeover of Israel Chemicals to move forward. Potash shares inched forward seven cents to $40.21.
On the economic front, the pace of purchasing activity in Canada slowed in October, according to Ivey Purchasing Managers Index data on Tuesday. The seasonally adjusted index fell to 58.3 in October from 60.4 in September. Analysts polled by Reuters had expected an adjusted reading of 58.2. Any reading above 50 indicates that activity picked up from the month before.
ON BAYSTREET
The TSX Venture Exchange advanced 2.38 points to 1,304.31.
The 14 Toronto subgroups were evenly divided between gainers and losers. Gold sprinted out ahead 1.9%, while materials took on 1.4% and the metals and mining gained 1.2%.
The seven laggards were weighed mostly by health-care, down 1.5%, while information technology was off 1% and utilities were down 0.6%.
ON WALLSTREET
U.S. stocks advanced Tuesday as voters headed to the polls on Election Day.
The Dow Jones Industrials gathered 147.32 points, or 1.1% to 13,259.80, with United Technologies, Hewlett-Packard and Boeing among the biggest gainers.
The S&P 500 moved up 12.38 to 1,429.64, and the Nasdaq Composite Index hiked 16.52 points at 3,016.18
While the latest national polls show that President Obama and Republican opponent Mitt Romney are neck-and-neck, the former Massachusetts governor is an overwhelming favourite of Wall Street, according to a survey of investment strategists and money managers.
In corporate news, Fossil posted quarterly earnings that beat forecasts, but revenue fell short of estimates, sending shares of the accessories maker lower.
Zillow shares dropped sharply after the real estate website delivered a weaker-than-expected revenue outlook for the rest of the year.
AOL shares soared after the company delivered strong earnings and revenue results, as advertising sales climbed 7% during the quarter.
Office Depot swung to a loss in the third quarter, as the company's sales fell 5%. But excluding certain charges, the office supply chain beat earnings expectations, sending shares higher.
News Corp. is on tap to report results after the bell.
The price on the benchmark 10-year U.S. Treasury sagged a bit, pushing the yield up to 1.71% from 1.68% late Monday. Treasury prices and yields move in opposite directions.
Oil prices were up $2.31 at $87.96 U.S. a barrel.
Gold prices surged $33.30 per ounce to $1,716.30 U.S.
