The Toronto stock market moved higher Tuesday despite falling commodity prices and reports from several big-name companies, including food distributor George Weston Ltd., WestJet Airlines and Husky Energy that disappointed traders.
The S&P/TSX composite index inched up 10.19 points to conclude Tuesday at 12,464.11
The Canadian dollar gained 0.25 cents to 99.56 cents U.S.
The gold sector led with the most declines on the TSX. Nearly all companies in the sector fell including Agnico Eagle Mines, which lost 99 cents to $30.41, Alamos Gold, down 34 cents to $13.87, and Barrick Gold, off 69 cents to $19.77.
The July copper contract was down a penny at $3.30 a pound, with the metals and mining sector falling.
Shares in Teck Resources spent much of the day negative, but fought its way back to gain 11 cents to $27.97, while base metal miner First Quantum Minerals Ltd. beat analysts’ expectations by two cents per share as it reported Monday earnings of $153.8 million or 32 cents per share on revenue of $901.2 million. Its shares were up by 16 cents to $17.75.
In earnings news, Canada’s second-largest airline reported its "best ever" quarter but left investors worried whether the carrier will be able to fill its new capacity profitably, sending its stocks down $1.19, or 8%, to $22.75.
WestJet earned $91.1 million or 68 cents per share in its latest quarter, up from $68.3 million or 49 cents per share in the same 2012 period. However, the airline said its load factor — a measure of how full its planes are flying — fell 3.5 percentage points to 82.7 during April, compared to the same month a year earlier.
Food processor and distributor giant George Weston Ltd. reported an almost 34% increase in is first-quarter net earnings, due to foreign currency translation and amendments to its defined benefit pension plan among other things.
However, the company’s adjusted earnings missed analyst expectations by two cents per share and the stock was only down 18 cents to $80.91 following declines earlier in the day.
Husky Energy shares were down 16 cents to $29.76 after it reported its first-quarter profit was down from a year ago, as the price for its heavy crude oil came under pressure. The company said it earned $535 million or 54 cents per diluted share, down from $591 million or 60 cents per diluted share a year ago.
ON BAYSTREET
The TSX Venture Exchange fell 5.96 points to 961.42
Eight of the 14 Toronto subgroups were positive on the day, as health-care proved 1.3% more robust, consumer discretionary stocks grew 1%, and consumer staples were 0.6% to the good.
The half-dozen laggards were sent lower by gold, down 2.7%, materials, doddering 1.2%, and information technology, clicking 1% lower.
ON WALLSTREET
Tuesday, investors pushed both the S&P 500 and the Dow Jones Industrial Average to new record trading highs.
The Dow Jones Industrials bounced higher by 87.31 points, to end Tuesday at 15,056.20 – its first finish ever above the 15,000 plateau!
The S&P 500 index moved higher 7.27 points to 1,624.77 – yet another all-time high close -- while the NASDAQ Composite regained 3.66 points to 3,396.63, after several hours in the red.
Stocks have had a remarkable run this year, with all three indexes logging gains of 14% to 15% so far.
Shares of DirecTV popped after the company reported better-than-expected earnings.
Molson Coors Brewing, meanwhile, reported sales and profits that fell short of forecasts.
First Solar's stock plunged, after the company missed earnings estimates.
Tesla's stock dropped, after CEO Elon Musk said that a self-driving Tesla car is still several years from production.
OfficeMax widely missed earnings forecasts and said revenue this year would come in below analysts' estimates. At the same time, the office supply company issued a special dividend of $1.50 U.S. a share.
Also, Walt Disney Company, which reports earnings after the close, inked a deal with Electronic Arts to co-develop Star Wars video games.
Whole Foods and Kraft spin-off Mondelez are among the other companies set to report results after the market close..
Prices on the 10-year U.S. Treasury fell, raising yields to 1.78% from Monday’s 1.77%. Treasury prices and yields move in opposite directions
Oil prices sank 60 cents to $95.57 U.S. a barrel.
Gold prices moved lower by $16.40 at $1,451.60 U.S. an ounce
