The Toronto stock market moved its way doggedly higher Tuesday, helped along by economic data showing a better than expected read on U.S. retail sales during the all-important Christmas shopping season.
The S&P/TSX Composite Index gained 16.72 points to greet noon at 12,619.81
The information technology sector dipped, as Research In Motion Ltd. gave back some of Monday's 10% surge, down 52 cents to $14.18. Elsewhere in the group, Celestica Inc. fell 39 cents to $7.91.
Financials also weighed with Manulife Financial dropped 32 cents to $14 while Scotiabank declined 23 cents to $57.41.
Industrials were also weak with Canadian Pacific Railway down 84 cents to $108.46.
The base metals sector was off while March copper on the New York Mercantile Exchange shed early losses and was unchanged at $3.63 U.S. a pound. HudBay Minerals declined 12 cents to $10.89.
The energy sector was down and Canadian Natural Resources gave back 16 cents to $29.10.
The gold sector advanced as Gold Corp. was ahead 57 cents to $34.24.
In Canada, Corus Entertainment Inc. will raise its dividend by more than 6%. The entertainment and media company announced the increase late Monday as it reported higher first-quarter earnings. Net income attributable to shareholders was $52.2 million or 62 cents per diluted share, up 3% from the year-earlier period.
However, Corus said its consolidated revenues slipped to $226.1 million, down five per cent from $236.9 million the previous year. Corus shares gained 19 cents to $24.42.
Canadian Satellite Radio Holdings Inc. — which is changing its name to Sirius XM Canada Holdings — reported a profit of $3.3 million in the first quarter of 2013 compared to a loss of $3.4 million a year earlier.
The satellite radio company's revenue increased to $68.9 million for the quarter ended Nov. 30, compared to $63.1 million in the first quarter of 2012 and its shares lost nine cents to $6.10.
Lululemon Athletica Inc. shares fell 7.2% to $66.05 after it said Monday that it now expects diluted earnings per share of 74 cents for the current quarter. That compared with earlier guidance of between 71 and 73 cents per share. But it forecast revenue near the $475 million to $480 million previously forecast, below analyst expectations of $488.1 million
Economically speaking, figures released this morning by the Canadian Real Estate Association (CREA), national home sales activity was little changed on a month-over-month basis in December 2012, holding it in line with levels reported in August when demand first geared down in the wake of tighter mortgage lending rules.
The number of home sales processed through the MLS systems of real estate Boards and Associations in Canada edged down 0.5% on a month-over-month basis in December 2012.
ON BAYSTREET
The TSX Venture Exchange reversed course and slipped 1.76 points to 1,227.77
Eight of the 14 Toronto subgroups gained ground midday, led by gold, shining 1.2% brighter, materials, hiking 0.8%, and health-care, soaring 0.5%.
The half-dozen laggards were weighed by information technology, down 1.1%, while global base metals and real-estate each moved 0.3% lower.
ON WALLSTREET
U.S. stocks edged down Tuesday, with tech shares dragged lower by Apple, and a series of uninspiring economic reports keeping investors sidelined.
The Dow Jones Industrial Average was negative 8.77 points by midday to 13,498.50
The S&P 500 fell 2.35 points to 1,468.33. The Nasdaq Composite pointed down 10.30 points to 3,107.20
Shares of Apple fell below $500 U.S. for the second time this week amid worries about slowing demand for the iPhone 5.
Homebuilder Lennar reported earnings that beat expectations, yet shares fell more than 2%.
Goldman Sachs and JPMorgan Chase will report results Wednesday, while Intel, Bank of America and General Electric are due later in the week.
Overall, S&P 500 companies are expected to report earnings growth of 3.2% for the last three months of 2012, according to S&P's Capital IQ.
Dell shares rose more than 2%, extending the previous day's rally that was sparked by reports of the PC maker considering a buyout.
Shares of Facebook edged higher in anticipation of its mystery announcement, scheduled to take place at 1 p.m. ET at the company's headquarters in Menlo Park, Calif.
On the economic front, U.S. producer prices for December came in lower than expected, falling 0.2%, and the index measuring manufacturing activity in New York State came in negative for the sixth straight month in January, according to the New York Federal Reserve Bank.
U.S. retail sales rose 0.5% in December, led by an improvement in auto sales. The numbers modestly beat expectations.
Business inventories for November increased 0.3% slightly more than analysts had forecast, according to data released by the Census Bureau.
Prices on the 10-year U.S. Treasury note spiked, lowering yields to 1.82% from Monday’s 1.86%. Treasury prices and yields move in opposite directions.
Oil prices dipped 27 cents to $93.87 U.S. a barrel.
Gold prices improved $13.90 an ounce to $1,683.30 U.S.
