The Toronto stock market rode higher commodity prices to a slightly higher reading soon after Tuesday’s opening bell.
The S&P/TSX composite index was higher by 24.32 points to begin Tuesday at 12,772.47
The Canadian dollar eked higher by 0.08 cents to 99.61 cents U.S., as traders took in a statement by the G7 group of leading industrialized countries, including Canada, which affirmed their commitment to exchange rates determined by markets and not government policy.
Information technology stocks burst from the blocks, with CGI Group leading the charge, higher by 1.7% to $28.29.
Industrials also got off to a good start, with Toromont Industries leading the group, jumping 4.4% to $23.24.
Energy stocks were also positive, with Nexen Inc. gaining 2.2% to $27.53.
In Canada, the corporate earnings season picks up momentum this week.
Novagold Resources Inc. said Tuesday that the spinoff of its copper assets last year and other factors produced a $67.6-million net profit for the 2012 financial year, or about nine cents per share.
The Vancouver-based company, which is in the development phase and not producing sales revenue, had $253 million in cash and equivalents when the year ended Nov. 30. Novagold shares picked up 1.8% to $4.45.
Pipeline company TransCanada Corporation also posts quarterly results during the session. TransCanada stock slid 1% to $47.76.
Over the rest of the week, traders will take in reports from resource giants including Talisman Energy, Cenovus Energy, gas giant
EnCana Corp.and Barrick Gold. Outside of the resource sector, Sun Life Financial, and telecoms Telus Corp. and Rogers Communications will also hand in results.
ON BAYSTREET
The TSX Venture Exchange nipped up 0.22 points to 1,196.42
All but four of the 14 Toronto subgroups gained ground in the day’s first hour, with information technology issues improving 0.9%, industrials getting 0.5% better, and energy stocks 0.4% more robust.
The four laggards were weighed mostly by global base metals, off 0.5%, utilities, skidding 0.2%, and health-care, down 0.1%.
ON WALLSTREET
U.S. stocks opened little changed Tuesday, as the investors found little reason to jump into or out of them.
The Dow Jones Industrial Average acquired 28.30 points to open at 13,999.50
The S&P 500 index crawled up 1.78 points to 1,518.79. The tech-heavy NASDAQ Composite edged ahead 0.37 points to 3,192.37.
McGraw-Hill, the owner of rating agency Standard & Poor's, reported a rise in revenue and logged quarterly earnings per share that were in line with expectations. Barclays posted a drop in profit and announced that it is cutting 3,700 jobs.
Meanwhile, Coca-Cola reported earnings that slightly topped expectations, and Michael Kors posted results that blew past forecasts -- sending shares sharply higher.
The tail end of earnings season continues to paint a fairly healthy picture of Corporate America. But with little else to glom onto, investors aren't willing to place any big bets.
As of Monday, two-thirds of the companies in the S&P 500 had reported results for the fourth quarter, with 70% beating forecasts, according to market watchers.
Markets have had a good run so far in 2013. The Dow and S&P 500 are both up nearly 7% and still within range of their all-time highs, while the NASDAQ has gained nearly 6%.
At 2 p.m. ET Tuesday, the U.S. Treasury Department will release its monthly budget data.
Prices on the 10-year U.S. Treasury fell back, raising yields to 1.98% from Monday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices grew 44 cents to $97.47 U.S. a barrel.
Gold prices dropped $4.30 to $1,644.80 U.S. an ounce.
