Stocks in Canada’s largest market gained in early trade on Tuesday, driven by gains by heavily weighted energy shares, which followed the price of crude oil higher.
The S&P/TSX composite index picked up 26.17 points to open a short week at 14,494.61
The Canadian dollar inched up 0.12 cents to 76.14 cents U.S.
Markets in Toronto were closed for the Civic Holiday.
Canaccord Genuity raised the rating on Medical Facilities Corp to buy from hold as the company presents a very attractive yield of 7.9% and a payout ratio that is expected to remain below the company’s 80% annual target in the near and medium-term.
Medical Facilities took on 65 cents, or 4.6%, to $14.88.
CIBC cut the target price on Sandstorm Gold to $3.50 from $4 as the company has a higher risk profile than its peers in the royalty space, especially in today's gold market.
Sandstorm shares dipped five cents, or 1.5%, to $3.28.
5N Plus Inc reports earnings today, expecting Q2 loss of two cents per share. 5N shares vaulted seven cents, or 7.3%, to $1.03.
Aptose Biosciences expecting Q2 loss of 33 cents per share. Aptose shares gained five cents to $5.99.
Blackpearl Resources Inc also reports, expecting a Q2 loss of one cent per share. Blackpearl shares dropped four cents, or 4.9%, to $91 cents.
Saputo Inc expects Q1 earnings of 34 cents per share. Saputo shares gained 44 cents, or 1.5%, to $30.41.
Savanna Energy Services expects a Q2 loss of 14 cents per share. Savanna shares shed two cents, or 1.9%, to $1.06.
On the economic calendar, the RBC Canadian Manufacturing Purchasing Managers' index, a measure of manufacturing business conditions, rolled in for June this morning.
At 50.8 in July, the seasonally adjusted PMI dipped from June's six-month high of 51.3 but remained above the neutral 50.0 threshold.
The latest reading was still stronger than the average for 2015 so far (49.9), and signaled a marginal upturn in manufacturing sector business conditions.
ON BAYSTREET
The TSX Venture Exchange regressed 0.91 points to 593.40
Eight of the 14 TSX subgroups were lower to start the day, as gold lost 1.9%, metals and mining issues were off 1.4%, and materials slid 1%.
The half-dozen gainers were led by consumer staples, up 1.2%, consumer discretionary stocks, up 1.1%, and health-care, better by 1%.
ON WALLSTREET
U.S. stocks traded in a range on Tuesday as investors watched Apple and eyed a slight recovery in oil prices after the prior day's sharp decline.
The Dow Jones industrial average moved ahead 21.78 points to 17,619.98.
The S&P 500 fell 0.26 points to 2,097.78, with energy leading six sectors higher and utilities the greatest laggard.
The NASDAQ index eked up 0.97 points to 5,116.35
Shares of Apple will also be in focus after the $675-billion U.S. market cap stock plunged below its 200-day moving average on Monday.
The stock fell more than 3% in morning trade as the greatest blue-chip decliner.
Major earnings on Monday included Archer Daniels Midland, Coach,Norwegian Cruise Line, Regeneron, Sprint, Bloomin Brands, Time Inc., Beazer Homes, Kellogg, Cedar Fair and Och-Ziff Capital Management before market open.
Regeneron Pharmaceuticals jumped to an all-time high after the firm soundly topped estimates on both the top and bottom line. The firm raised its U.S. sales growth forecast for its macular degeneration drug Eyelea to 45-50% from the prior 30-35%.
On the data front, June factory orders figures showed an increase of 1.8%. On Wednesday, markets will be watching for the ADP employment report, which comes ahead of the labour report on Friday.
After the market close Activision Blizzard, Cerner, LendingClub, Pioneer Natural Resources, Dreamworks, Etsy, First Solar and Newfield Exploration are due after the bell.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.18% from Monday’s 2.21%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.01 a barrel to $46.18 U.S.
Gold prices moved higher $1.50 to $1,090.90 U.S. an ounce.
