Markets in Canada’s biggest market rose on Tuesday, led by energy and financial stocks, as the rally in crude oil prices supported the resource-linked market.
The S&P/TSX Composite Index came off early highs, and gained 20.05 points to begin a shortened week at 12,401.29.
Stock markets were closed Monday throughout North America, Toronto for Family Day, and the U.S. for Presidents Day.
Restaurant Brands International Inc , the owner of Burger King and Tim Hortons, reported a fourth-quarter profit, compared with a loss a year earlier, helped by strong demand for products such as Nutella pockets, grilled wraps and chicken fries.
Restaurant Brands shares jumped $3.07, or 6.9%, to $47.37.
Australian ports and rail giant Asciano Ltd formally dumped an A$8.9-billion ($6.4-billion) buyout from Canada's Brookfield Asset Management Inc after it failed to match a higher offer from local rival Qube Holdings Ltd.
Brookfield shares acquired 43 cents, or 1.1%, to $40.22.
Goldman Sachs cut the target price on Agrium Inc to $114.00 from $126.00, with a neutral rating.
Agrium shares hesitated 61 cents, or 0.5%, to $113.76.
Canaccord Genuity raised the rating on Parex Resources to buy from hold.
Parex shares took on 12 cents, or 1.3%, to $9.13.
On the economic front, Statistics Canada reported that manufacturing sales increased 1.2% to $51.6 billion in December, their second straight gain.
In December, sales increased in the motor vehicle and wood products industries, representing over half of the national gain.
Elsewhere, the Canadian Real Estate Association reported national home sales edged up by 0.5% from December to January. Actual (not seasonally-adjusted) activity was up 8% compared to January 2015. The number of newly listed homes retreated by 4.9% from December to January.
ON BAYSTREET
The TSX Venture Exchange advanced 2.85 points to 511.14
All but three of the 13 TSX subgroups were higher in the early going, with consumer discretionary and consumer staples each up 1.1%, and information technology up 0.9%.
The three laggards were gold, slumping 4.2%, materials slouching 2.1%, and telecoms, sliding 0.7%.
ON WALLSTREET
U.S. stocks traded higher Tuesday, attempting to stabilize on the first trading day of the holiday-shortened week as investors eyed oil prices and financial stocks.
The Dow Jones industrial average advanced 93.85 points in the first hour to 16,067.69. Home Depot and Goldman Sachs contributed the most to gains, while Travelers Cos and Wal-Mart were the greatest weights on the index.
The S&P 500 hiked 17.18 points to 1,881.96, as consumer discretionary led advancers.
The NASDAQ index leaped 63.95 points, or 1.5%, to 4,401.46, helped by gains in Apple, biotech stocks and semiconductors.
Oil held mostly lower, giving up gains from a sharp overnight rally as hopes for a supply cut were dashed. Four of the world's largest producers did agree to freeze output at January levels, if other major exporters joined the deal.
In economic news, the U.S. Empire Manufacturing Index for February came in at negative 16.64, a worse read than expected but better than January's print of minus 19.37.
Homebuilder sentiment in February declined to 58.
Prices for the 10-year Treasury dipped, raising yields to 1.77% from Friday’s 1.75%. Treasury prices and yields move in opposite directions.
Oil prices hiked $2.88 a barrel to $29.01 U.S.
Gold prices waned $7.98 to $1,238.72 U.S. an ounce.
