Equity markets in Canada’s largest centre rose on Tuesday, helped in large part by a nearly 1% gain in energy stocks, which moved in step with firmer crude oil prices.
The S&P/TSX composite index recovered 18.66 points from Monday’s 100-point-plus loss, to begin Tuesday at 13,372.
The Canadian dollar inched up 0.08 at 75.48 cents U.S.
BMO raised the target price on Valeant Pharmaceuticals to $293.00 from $285.00.
Valeant shares dipped eight cents to $295.26.
Transition Therapeutics Inc reports Q4 results today, projecting a loss of $1.22 per share. Transition shares were unchanged at $2.73.
On the economic slate, the Canadian Real Estate Association reported national home sales activity edged up by 0.3% from July to August.
Actual (not seasonally-adjusted) activity stood 4.0% above August 2014 levels. CREA also said the number of newly listed homes rose 0.5% from July to August.
ON BAYSTREET
The TSX Venture Exchange regained 1.6 points to 545.70
Eight of the 14 TSX subgroups began the session on the upside, mostly energy, which muscled 1.4% higher, while gold shone 0.7% brighter, and materials strengthened 0.4%.
The half-dozen laggards were weighed mostly by telecoms, down 0.5%, while the metals and mining and global base metals groups each settled 0.4%.
ON WALLSTREET
U.S. stocks traded mostly higher Tuesday as investors eyed data ahead of the important U.S. Federal Reserve meeting that kicks off in one day.
The Dow Jones industrial average picked up 54.05 points to 16,425.01, with Chevron leading advancers and Walt Disney the greatest decliner.
The S&P 500 nicked back up 2.1 points to 1,955.13, with energy leading nine sectors higher and consumer discretionary the only decliner.
The NASDAQ index slid 0.75 points to 4,805.02.
August retail sales showed an increase of 0.2%, missing expectations of a 0.3% gain. Ex-autos, retail sales increased 0.1%. July retail sales were revised up to 0.7% from 0.6%.
In other economic news, July business inventories gained 0.1%. August industrial production data showed a decline of 0.4%, worse than the expected 0.2% drop.
September U.S. Empire Manufacturing showed negative 14.7, versus August's read of negative 14.9.
While today's economic reports could give markets some direction, major market moves were not expected ahead of the Fed meeting.
The Federal Open Market Committee could raise short-term interest rates for the first time in more than nine years at its two-day meeting, which begins Wednesday and culminates in a statement release and press conference Thursday.
Many economists see enough support from labour market conditions for the Fed to hike in September, while financial markets price in a small chance of a move.
Prices for 10-year U.S. Treasuries fell, raising yields to 2.22% from Monday’s 2.18%. Treasury prices and yields move in opposite directions.
Oil prices took on 44 cents a barrel to $44.44 U.S.
Gold prices retreated $3.10 to $1,104.60 U.S. an ounce.
