Stocks in Canada’s biggest market kept the forward progress they had made during Monday’s session, as commodities rallied amid signs of a pickup in industrial demand in China.
The S&P/TSX Composite Index remained afloat 26.03 points to close the day at 13,422.76
The Canadian dollar jumped 0.55 cents to 77.53 cents U.S.
Canadian Pacific Railway Ltd. climbed $4.60, or 2.6%, to $179.91, the highest level since Dec. 3, after the railroad operator ended efforts to buy U.S. competitor Norfolk Southern Corp. and the takeover plan backed by investor Bill Ackman drew opposition from customers and U.S. lawmakers.
Norfolk Southern rejected three offers, including one in December that valued the company at $27 billion U.S.
Whitecap Resources Inc. climbed 72 cents, or 8.8%, to a three-month high of $8.87, after the oil and natural gas explorer lowered its monthly dividend and doubled its 2016 capital spending guidance to $148 million.
Valeant Pharmaceuticals International slipped $3.43, or 7.8%, to $40.43, for a second day of losses. The drug maker’s board has asked outgoing Chief Executive Officer Michael Pearson to co-operate with a subpoena to appear before a U.S. Senate committee that’s investigating drug pricing.
The committee said Friday it intended to start contempt proceedings against Pearson, after he failed to appear at a deposition that week.
Shares of Valeant have rebounded from a five-year low after winning the support of lenders to waive a default and ease some restrictions on its loan terms last week. Valeant shares remain down almost 90% from an August record.
ON BAYSTREET
The TSX Venture Exchange bolted higher 15.83 points, or 2.6%, to 619.79
Eight of the 13 TSX subgroups had drooped lower by day’s end, as health-care swooned 2%, telecoms lost 0.7%, and consumer staples were down 0.5%.
The five gainers were led by gold, spiking 5.1%, metals and mining, up 3.5%, and materials, ahead 3.4%.
ON WALLSTREET
U.S. stocks closed lower Monday as investors looked ahead to earnings season.
The Dow Jones Industrials sank 20.55 points to 17,556.41, after earlier adding more than 150 points. Goldman Sachs led advancers and Nike proved the greatest laggard.
The S&P 500 dwindled 5.14 points to 2,042.46. Consumer staples and health care were the greatest decliners in the S&P 500, which fell back into negative territory for the year so far. Only materials and financials held gains in the close.
The NASDAQ index dumped 17.29 points to 4,833.40.
Pfizer stock closed nearly 1.9% lower.
Alcoa is set to usher in unofficially the first-quarter reporting season with its earnings after the close, while major banks such as JPMorgan Chase, Bank of America and Citigroup are all due to post results later in the week.
In corporate news, Goldman Sachs will pay $5 billion U.S. to settle government probes into the firm's sale of mortgage-backed securities prior to the financial crisis, the Justice Department announced Monday.
Prices for the 10-year Treasury surged ahead, lowering yields to Thursday’s 1.72%. Treasury prices and yields move in opposite directions.
Oil prices gained 76 cents a barrel to $40.48 U.S.
Gold prices spiked $15.46 to $1,256.15 U.S. an ounce.
