Canada’s main stock index ended slightly higher on Tuesday in see-saw trade as a 4.4% fall in Valeant Pharmaceuticals was more than offset by gains from some heavyweight banks and energy companies.
The S&P/TSX composite index moved forward 32.38 points, to close at 13,036.96
The Canadian dollar fell 0.14 cents at 74.52 cents U.S.
Valeant, the third-largest company in Canada’s benchmark equity gauge by market capitalization, fell $9.75 to $212.06. The company had its biggest decline in four years Monday after U.S. House Democrats asked to subpoena the company for documents relating to drug price increases.
Raw-materials producers increased after plunging to a 10- year low Monday. Oil advanced ahead of data Wednesday expected to show a decline in U.S. crude supplies. Glencore Plc jumped as much as 17%, a record, after plummeting 29% a day before.
Potash Corp. of Saskatchewan Inc. rose 30 cents, or 1.1%, to $27.25, as raw-materials companies advanced as a group. The gauge has slumped 10% in September, headed for a fifth straight monthly decline.
Canadian equities are among the worst-performing markets in the developed world this year with an 11% slide, led by declines among raw-materials and energy producers of at least 24 per cent. Commodity shares have retreated amid plunging oil prices and uncertainty about global economic growth, especially in China. China is Canada’s second-largest trading partner after the U.S.
The economic calendar today features Statistics Canada’s industrial product price index, which came in lower by 0.3% for August, due mostly to lower prices for energy and petroleum products. The agency’s raw materials price index declined 6.6% in the same month, led by lower prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange slid 2.99 points to 523.63
All but three of the 13 TSX subgroups were higher on the day, what with energy ahead 1.5%, metals and mining up 1.2%, and financials stronger by 0.8%.
The three laggards were health-care, sliding 4.2%, consumer staples, down 0.6%, and information technology, off 0.4%.
ON WALLSTREET
U.S. stocks closed mixed Tuesday, attempting to stabilize after a sharp selloff, as commodities recovered slightly but biotech stocks failed to hold gains.
The Dow Jones industrial average grew 47.24 to 16,049.13, as 3M and Johnson & Johnson contributed the most to gains in the blue-chip index, while Apple was the greatest weight.
The S&P 500 gained 4.36 points to 1,886.13, with health care leading six sectors higher and information technology leading decliners.
The Dow managed to end above the psychologically key 16,000 level, while the S&P 500 remained below 1,900 after closing below that level Monday.
The NASDAQ index fell 22.74 points to 4,521.23, weighed by a 3% loss in Apple.
On the economic slate stateside, S&P/Case-Shiller's 20-City Index reported a 5% rise in July, roughly in-line with analysts' estimates for a 5.1% increase.
The September U.S. consumer confidence index came in at 103.0, topping August's read of 101.3.
Prices for 10-year U.S. Treasuries gained slightly, lowering yields to 2.06% from Monday’s 2.10%. Treasury prices and yields move in opposite directions.
Oil prices gained 74 cents a barrel to $45.17 U.S.
Gold prices slouched $4.15 to $1,127.80 U.S. an ounce.
