The Toronto stock market displayed some muscle as Tuesday grew older, while investors considered a major deal in the energy sector.
The S&P/TSX composite index moved up 31.28 points to greet noon at 15,540.67
The Canadian dollar fell 0.33 cents to 90.81 cents U.S.
After the markets closed Monday, Encana Corp. announced that it is selling its remaining stake in PrairieSky Royalty Ltd. in a deal valued at about $2.6 billion.
The company created PrairieSky earlier this year when it spun off a large portion of its royalty lands into the new public company that allows other companies to develop its oil and gas on its land in Alberta.
Elsewhere in the resource sector, Agnico Eagle Mines Ltd is buying Mexico focused exploration company Cayden Resources Inc. in a mostly stock deal valued at $205 million.
On the economic front, Canada Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts slipped to 192,368 last month from a downwardly revised 199,813 units in July.
ON BAYSTREET
The TSX Venture Exchange had strengthened 4.74 points to 989.94.
Eight of the 14 Toronto subgroups had moved higher as morning became afternoon, with energy higher 0.5%, while health-care and gold each moved up 0.4%.
The half-dozen laggards were felled mostly by metals and mining, down 1.1%, consumer staples, heading south 0.7%, and information technology, poorer by 0.6%.
ON WALLSTREET
U.S. stocks moved lower on Tuesday as investors digested earnings beats and misses, but kept their attention firmly focused on Apple Inc.’s hotly anticipated product event later in the day.
The Dow Jones Industrials was off its lows of the morning, but still negative by 64.93 points to 17,046.49
The S&P 500 shed 5.44 points to 1,996.10. The NASDAQ lost 11.03 points, to 4,581.26.
The iPhone maker will hold its product event at 10 a.m. PDT (1 p.m. Eastern) near its headquarters in Cupertino, Calif. The unveiling of the newest version of its flagship phone and a new iWatch wearable device are among the things that could help boost shares of Apple.
McDonald’s said global comparable sales fell 3.7% in August. The fast-food restaurant chain also warned that problems with a supplier in China will hurt third-quarter results.
Shares of Annie’s Inc. rose 37%, on the heels of a similar late-session rally after General Mills Inc. offered to buy the organic-foods company for $820 million U.S. in cash.
Shares of Pinnacle Foods Inc. fell 4.3% after the packaged-foods company said some shareholders tied primarily to investment firm Blackstone will sell 15 million common shares.
Barnes & Noble Inc. shares reversed losses made immediately in the wake of the bookseller’s quarterly results. They were up 2.6%. Same-store sales fell by more than expected, but the loss was not as large as expected.
Among economic news, small-business sentiment in August nudged up to its second-highest reading since October 2007, a trade group said Tuesday. July job openings ticked down to 4.67 million from to 4.68 million in June.
Prices for 10-year U.S. Treasuries lost ground, raising yields to 2.50% from Monday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices gained 36 cents to $93.02 U.S. a barrel.
Gold prices moved lower 90 cents to $1,253.40 U.S. an ounce.
