The Toronto stock market gained some traction in early trading on Tuesday with broad gains across most major sectors alongside a mixed bag of data from both sides of the border.
The S&P TSX index took on 33.36 to begin Tuesday at 12,815.12
The Canadian dollar sagged 0.37 cents to 97.53 cents U.S.
Convenience store owner Alimentation Couche-Tard says profits rose 56% to $142.5 million, or 75 cents a share, from $86.8 million, or 48 cents, a year earlier. Shares of the company fell nearly 4%, or $2.19, to $53.40.
Home improvement retailer Rona Inc. is hiring Robert Sawyer, a senior executive from the Metro grocery business, to be its next president and chief executive starting next month. The company’s shares were up 5.3%, or 56 cents, to $11.12.
Lululemon Athletica Inc is pulling shipments of unexpectedly sheer women's yoga pants from its stores, in a move the athletic clothing maker said would hurt its bottom line. Shares in the company plummeted $3.61, or 5.4%, to $63.89
Barrick Gold Corp said a shipment of gold which had been detained for four days by customs authorities in the Dominican Republic has been released and shipped. Barrick shares forfeited a penny to $29.58
Fertilizer maker Agrium Inc received a boost Monday in its proxy fight against hedge fund Jana Partners, as another shareholder sided with the board's candidates. Agrium shares fell 22 cents to $102.94 soon after the opening bell.
Speaking of things economic, Statistics Canada reported this morning that manufacturing sales edged down 0.2% in January to $48 billion, the fourth downward month in five.
The nation’s number crunchers also told us that wholesale sales rose by 0.3% in January to $49 billion, mostly due to higher computer and communications equipment sales.
ON BAYSTREET
The TSX Venture Exchange squeezed higher by 0.10 points to 1,111.88.
All but four of the 14 Toronto subgroups were higher to begin the session. Consumer discretionary issues picked up 0.7%, while utilities and health-care gained 0.5% each.
The four laggards were weighed mostly by the metals and mining group, off 1.4%, global base metals were down 1.1%, and materials surrendered 0.4%.
ON WALLSTREET
U.S. stocks edged higher at the open Tuesday, as investors tried to shake off concerns about Cyprus and welcomed strong housing data.
The Dow Jones Industrials began the day up 23.91 points to 14,476.
The S&P 500 index was 3.81 points better to 1,555.91. The tech-heavy NASDAQ Composite moved up 1.74 points to 3,239.33.
In corporate news, shares of Canadian athletic apparel maker Lululemon Athletica tumbled after the company announced a recall of yoga pants that were unintentionally see-through.
Shoe retailer DSW missed revenue forecasts and issued cautious guidance about sales, prompting the company's stock to plunge.
Electronic Arts Inc shares declined after the company announced its chief executive was resigning. EA also said its revenue and earnings would be at the low end or below its January guidance.
Economically speaking, investors were encouraged by a report from the U.S. Census Bureau that showed housing starts rose 0.8% in February, while building permits jumped 4.6%.
Building permit data is considered a proxy of builder confidence. Shares of homebuilders Lennar,Toll Brothers and Hovnanian rose about 2%.
Despite the good news at home, investors continued to keep a wary eye on Cyprus. The heavily indebted nation has been in the spotlight since the weekend, as the European Union has been trying to impose a one-time tax on bank deposits as part of a €10-billion bailout package.
Lawmakers in Cyprus are scheduled to vote later Tuesday on the controversial measure.
Prices on the 10-year U.S. Treasury enjoyed a slight gain, lowering yields to 1.94% from Monday’s 1.96%. Treasury prices and yields move in opposite directions.
Oil prices acquired 10 cents to $93.84 U.S. a barrel.
Gold prices settled $1.30 to $1,603.20 U.S. an ounce.
