Equity markets in Toronto were hale once again Tuesday, as bargain hunters found what they were looking for in the rubble of heavy stock losses over the last few weeks.
The S&P/TSX composite index added 82.67 points to kick off Tuesday at 14,420.44
The Canadian dollar moved higher 0.18 cents at 88.79 cents U.S.
Billionaire investor William Ackman, whose fund is the largest shareholder in Allergan Inc., and Valeant Pharmaceuticals said the botox maker's Chief Executive Officer David Pyott tried to discredit Valeant as it was making a hostile takeover bid, court documents showed. Valeant shares hiked $4.22, or 3%, to $144.96.
Amaya Gaming Group Inc, which has pivoted to focus on the fast-growing online gambling market, said on Monday it is exploring a sale of its Cadillac Jack subsidiary that makes slot machines and electronic bingo games for casinos. Amaya shares gained $1.31, or 4.4%, to $30.81.
RBC raised the target price on Cogeco Cable to $70 from $68. Cogeco shares gained 84 cents to $58.56.
NBF resumed coverage on Enercare with an outperform rating, and a price target of $17. Enercare gained 16 cents to $14.78.
RBC raised the target price on Telus to $41 from $40. Telus shares docked 14 cents to $38.18.
ON BAYSTREET
The TSX Venture Exchange spiked 7.39 points to 818.74.
All but two of the 14 Toronto subgroups were positive to begin Tuesday, with energy hoisting 1.6%, global base metals better by 1.3%, and health-care healthier by 1.2%
The two laggards were consumer staples and telecoms, each down 0.2%.
ON WALLSTREET
U.S. stock futures retreated from session highs after the European Central Bank played down a news story about its plans to embark upon a bond-buying stimulus, plan.
The Dow Jones Industrials grew 75.17 points to 16,474.84.
The S&P 500 gained 18.62 points to 1,922.63. The NASDAQ index gained 54.04 points to 4,370.11.
Shares of Apple Inc. rose 2% in thin pre-market trading, after the company reported a 13% rise in profit, boosted by strong demand for its new, bigger-screen iPhones and blowing out Wall Street estimates.
Morgan Stanley lifted its price target on Apple to $115 U.S. from $110 U.S., and analysts at the investment bank said strong iPhone demand and gross margin expansion will help drive upside for shares.
Shares of Travelers Cos. and United Technologies both rose after results.
But McDonald’s shares fell 1.8% after the fast-food restaurant chain’s profit dropped by 30% in the third quarter.
Coca-Cola shares fell 4.7% after the company’s revenue slipped, while it lowered its long-term revenue target and warned it did not expect to meet its earnings view.
Yahoo Inc. will report after the close.
Among other stocks that may see action, Chipotle Mexican Grill Inc. warned sales growth may slow, even as it reported stronger-than-expected earnings late Monday.
Economists expect existing-home sales crept higher in September to an annual rate of 5.10 million from 5.05 million in August.
Prices for 10-year U.S. Treasuries slid, raising yields to 2.22% from Monday’s 2.17%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.14 to $83.85 U.S. a barrel.
Gold prices gained $8.50 to $1,253.20 U.S. an ounce.
