The Toronto stock market was sharply higher Tuesday after a string of sharp losses prompted by emerging market worries.
The S&P/TSX composite index gained back 105.37 points to close Tuesday at 13,687.66
The Canadian dollar dipped another 0.31 cents to 89.65 cents U.S.
Bank of Montreal is offering to buy U.K.-based investment manager F&C Asset Management PLC in a cash deal valued at $1.3 billion. BMO shares inched up eight cents to $70.54.
All TSX sectors were higher with gains paced by a rise in the base metals sector even as March copper on the Nymex was off a penny at $3.25 U.S. a pound.
Teck Resources was up 85 cents to $27.73 while Thompson Creek Metals gained 18 cents to $3.03.
The tech sector rose with BlackBerry ahead 34 cents to $11.18 as the company said that it's making several changes to its BlackBerry 10 smartphone operating system, including a revised incoming call screen.
The energy sector rose and Canadian Natural Resources advanced 93 cents to $36.30.
The gold sector moved up as Primero Mining ran up 11 cents to $6.00 while Franco Nevada rose $1.72 to $52.03.
Financials also lifted the TSX as Sun Life Financial moved up 62 cents to $36.87.
In earnings news, grocer Metro says its net earnings fell 15% to $99.2 million in the latest quarter on a slight dip in sales. Same-store sales decreased 0.5% in the quarter.
Adjusted profits were $1.11 a share, four cents lower than forecast. Metro is also increasing its quarterly dividend by 20% to 30 cents and its shares were up $2.76, or 4.4%, to $65.25.
ON BAYSTREET
The TSX Venture Exchange improved 6.88 points to end Tuesday at 958.63
All 14 Toronto subgroups were in the green, led by metals and mining issues, up 3%, global base metals, gaining 2.8%, while gold stocks grew on 2.7%.
ON WALLSTREET
Stocks bounced back Tuesday as emerging market turmoil eased and investors sifted through the latest earnings reports.
The Dow Jones Industrial Average recaptured 90.68 points to end the session at 15,928.56, to snap a five-day losing streak.
The S&P 500 index remained positive 10.94 points to 1,792.50. The NASDAQ gained 14.35 points to 4,097.96
Shares of Apple tumbled after the tech giant reported weaker-than-expected fourth-quarter iPhone sales.
The stock couldn't break out of its rut even after activist investor Carl Icahn said he bought another $500 million U.S. worth of shares, on top of the $1 billion U.S. worth he bought last week. Icahn has waged a public campaign advocating that Apple return cash to shareholders through a stock buyback.
In sunnier tech news, Netflix shares got a boost after a report surfaced claiming the company plans to expand to Europe.
Pfizer popped after the drugmaker reported better-than-expected earnings, though sales fell short of estimates.
Ford shares fell after initially rising when the automaker topped earnings forecasts and said it would pay record profit-sharing to its UAW members.
American Airlines Group, the child of the recently completed merger between American Airlines and U.S. Airways, reported a fourth-quarter profit that beat estimates.
After the close, results are due from Yahoo.
In economic news, the Case-Shiller 20-city home price index rose slightly, signaling that the housing market remains strong but is showing signs of topping out.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.75% from Monday’s 2.77%. Treasury prices and yields move in opposite directions.
Oil prices picked up $1.55 to $97.27 U.S. a barrel.
Gold prices faded $9.20 to $1,254.20 U.S. an ounce.
