Equities in Canada’s financial capital opened higher on Tuesday, led by financial and energy stocks as the price of oil hit a 2016 high.
The S&P/TSX Composite Index gained 32.14 points to open at 13,454.90
The Canadian dollar eked up 0.08 cents to 77.62 cents U.S.
Goldman Sachs cut the target price Agrium Inc to $107.00 from $114.00. Agrium faded 20 cents in price to $113.37.
RBC raised the price target on Rogers Communications to $55.00 from $53.00. Rogers shares added 18 cents to $49.59.
Metals and mining concerns led the parade of gaining subgroups, as Teck Resources sprinted 77 cents, or 7.5%, to $11.08, and First Quantum Minerals shot higher 45 cents, or 6.9%, to $6.94.
ON BAYSTREET
The TSX Venture Exchange continued on the march, picking up 4.9 points to 624.69
Eight of the 13 TSX subgroups were positive in the first hour, with metals and mining bolting 3.2% higher, energy stronger by 0.8%, and industrials ahead 0.7%.
The five laggards were weighed most by gold, down 1%, while information technology and materials each subsided 0.2%.
ON WALLSTREET
Equities south of the border traded mostly higher Tuesday, helped by a rise in oil prices, as investors awaited the bulk of earnings due over the next few weeks.
The Dow Jones Industrials recovered 70.54 points to 17,626.95, as nearly all members of the Big 30 rose. 3M was the top contributor to gains in morning trade.
The S&P 500 was higher 7.08 points to 2,049.07. Energy traded about 0.8% higher to lead S&P 500 advancers.
The NASDAQ index fought its way up 0.9 points to 4,834.30, having briefly turned lower soon after the open as Starbucks dipped 3%.
Deutsche Bank downgraded the stock to hold from buy based on lofty near-term investors' expectations and premium valuation.
In economic news, March import prices showed a 0.2% rise from the prior month for the first time in nine months, although the gain was well below the expected 1% rise. Export prices were unchanged.
U.S. small business confidence fell to a fresh two-year low in March at 92.6, amid persistent worries about sales and profits, Reuters said, citing the National Federation of Independent Business.
The major economic data due in the next few days include retail sales and inflation reports.
Early Tuesday, the International Monetary Fund trimmed its global growth forecast to 3.2% for 2016.
Prices for the 10-year Treasury were lower, raising yields to 1.76% from Monday’s 1.72%. Treasury prices and yields move in opposite directions.
Oil prices gained 28 cents a barrel to $40.64 U.S.
Gold prices handed back $2.50 to $1,255.38 U.S. an ounce.
