Equities in Canada’s biggest market made gains in the early going Tuesday, helped by momentum in gold stocks and for one of its largest banks after reporting earnings, while energy stocks dragged as crude oil prices fell.
The S&P/TSX Composite Index was positive 50.81 points to open for business Tuesday at 12,896.44.
The Canadian dollar dipped 0.33 cents to 72.63 cents U.S.
Bank of Montreal posted a higher quarterly profit, lifted by growth in its U.S. personal and commercial banking business.
BMO shares galloped $1.36, or 1.8%, to $75.23.
Bank of Nova Scotia has approached a unit of Bank of China, Maybank and two Japanese banks to gauge their interest in its $1.7-billion stake in Thai lender Thanachart.
Scotiabank shares picking up 57 cents, or 1%, to $56.05.
Brookfield Asset Management Inc and its Australian rival, Qube Holdings Ltd are weighing a joint A$9-billion ($6.5-billion U.S.) bid for Asciano Ltd, Australia's biggest rail and port operator.
Brookfield shares took on 19 cents to $42.47.
CIBC cut the rating on Endeavour Silver to underperform. Endeavour shares leaped five cents, or 2.2%, to $2.32.
Euro Pacific cut the rating on Great Panther Silver to neutral from buy. Great Panther shares hiked five cents, or 5.2%, to $1.02.
CIBC cut the rating on Primero Mining to sector perform. Primero shares advanced three cents, or 1.5%, to $2.00.
ON BAYSTREET
The TSX Venture Exchange gained 2.55 points to 536.96
Nine of the 13 TSX subgroups were higher, as health-care began its climb back 3.7%, gold soared 2.2%, and materials gained 1.1%.
The four laggards were weighed by energy, off 1%, metals & mining, down 0.4%, and utilities, sliding 0.3%.
ON WALLSTREET
U.S. stocks traded lower Tuesday, stabilizing after recent gains, as investors eyed oil prices and economic data.
The Dow Jones industrial average dropped 115.91 points to 16,504.75, as declines in Goldman Sachs and JPMorgan Chase weighed.
Morgan holds its investor day Tuesday.
The S&P 500 settled 8.52 points to 1,936.98, with energy leading all 10 sectors lower.
The NASDAQ index fell 43.8 points, or 1%, to 4,526.81.
Home Depot pared earlier gains but remained the top contributor to gains following encouraging earnings.
Home Depot, the number-one U.S. home improvement chain, reported better-than-expected quarterly sales, boosted by an improving housing market and unseasonably warm weather in the holiday quarter.
Stocks extended losses after The Conference Board said its consumer confidence index fell to 92.2 in February, down from a downwardly revised 97.8 in January. Analysts had expected the index to hold near January levels.
Elsewhere on the data front, the S&P/Case-Shiller 20 city composite home price index showed a 5.7% increase year-over-year in December.
U.S. home resales unexpectedly rose in January, reaching a six-month high, in the latest sign that the economy remains on firmer ground despite slowing global growth and tightening financial market conditions.
The National Association of Realtors said on Tuesday existing home sales increased 0.4% to an annual rate of 5.47 million units, the highest level since July. Last month's sales pace was also the second highest since 2007.
Prices for the 10-year Treasury were down, raising yields to 1.77% from Monday’s 1.76%. Treasury prices and yields move in opposite directions.
Oil prices slid 87 cents a barrel to $32.52 U.S.
Gold prices regained $14.68 to $1,223.31 U.S. an ounce.
