The Toronto stock market was modestly higher Tuesday, held back by falling resource stocks as oil prices backed off following a sharp runup and mining stocks declined amid another round of weak data from China.
The S&P/TSX composite index pulled ahead 11.82 points to close Tuesday at 15,112.52, after spending much of the day in the red.
The Canadian dollar demurred 0.75 cents to 79.46 cents U.S.
The TSX energy sector fell as prices for oil fell sharply. International Energy Agency says the price of crude is poised to recover soon but won't come close to the levels reached last summer.
The IEA says the current price recovery is unlike those of the past, because of the sharp increase in production by non-OPEC countries, especially in the United States, as well as slowing demand in China.
Talisman Energy posted a quarterly $1.59 billion U.S. net loss, mostly as a result of asset writedowns because of the collapse of oil prices. Its shares gained 16 cents to $9.57.
March copper fell three cents to $2.55 U.S. a pound and the base metals group shed some of its strength as data showed that inflation in China fell below 1% in January. Consumer prices rose 0.8%, down from December's 1.5% gain, which suggested weak consumer demand.
Teck Resources plummeted 84 cents, or 4.5% to $17.78, while Sherritt International fell 12 cents, or 5.3%, to $2.13.
The gold sector dropped as Goldcorp subtracted three cents to $29.19, while Agnico Eagle Mines gave back 45 cents to $39.52.
The TSX found support from non-resource component including consumer staples, tech and health-care issues. Among consumer staples, Loblaw Companies hiked $2.10, or 3.5%, to $62.96.
Among techs, Sierra Wireless leaped $2.94, or 7.3%, to $43.22, while Aviglion climbed 73 cents, or 3.1%, to $24.03.
In the health-care field, Valeant Pharmaceuticals rocketed $6.74, or 3.4%, to $206.11
ON BAYSTREET
The TSX Venture Exchange erased 5.15 points to 691.04
Eight of the 14 Toronto subgroups were higher on the day, with information technology clicking 2.3%, while consumer staples and health-care each gained 1.9%.
The half-dozen laggards were weighed most by metals and mining, tumbling 3.4%, energy, going south 2.5%, and gold, fading 1.2%.
ON WALLSTREET
U.S. stocks closed up on Tuesday as investors shook off early negative news out of Greece on hopes of a resolution.
The Dow Jones Industrials surged 139.55 points to 17,868.76, with Pfizer and Coca-Cola leading gains, and Caterpillar the greatest laggard.
The S&P 500 gained 21.85 points to 2,068.59, with utilities leading all sectors higher except energy.
The NASDAQ index spiked 61.64 points to 4,787.65.
The major indices closed in the black for the year, with the NASDAQ leading gains with a 1.1% year-to-date gain.
Boosting the Dow, Coca-Cola gained about 3% after posting earnings of an adjusted 44 cents U.S. per share for the fourth quarter, two cents above estimates, with revenue above forecasts as well. Global case volume was roughly in line with estimates.
Economically speaking, the U.S. National Federation of Independent Business reported that U.S. small business optimism fell 2.5 points to 97.9 in January amid worries over the near-term outlook, but a strengthening labor market should keep the economy on solid ground early in the year.
The decline reversed December's gains, which had taken the index over the 100 threshold for the first time in eight years.
Wholesale Sales for December showed an increase in inventories by 0.1%, below expectations, and a decline in sales of 0.4%. The nearly flat figures are the latest suggestion, after the fourth-quarter greater-than-expected trade deficit, that fourth-quarter GDP could be revised lower.
Job openings in December stateside rose above five million for the first time since January 2001, marginally higher than openings in November. The hiring rate improved to 3.5%, up from 3.3% in November.
Investors are watching closely for a Greek debt deal when the euro group of finance ministers meets in Brussels on Wednesday where Greece's Finance Minister Yanis Varoufakis is expected to detail new reform proposals.
Prices for 10-year U.S. Treasuries fell, raising yields to 1.99% from Monday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices slipped $2.37 per barrel to $50.49 U.S.
Gold prices faded $6.60 an ounce to $1,233.90 U.S.
