Equities in Canada’s biggest market overcame a generally negative morning on Tuesday, as lower commodity prices weighed on energy and mining stocks, while industrials also fell after one of the country's major railways said it expected revenue to decline due to lower volumes and a major wildfire.
The S&P/TSX Composite inched ahead 2.04 points to greet noon at 14,017.18
The Canadian dollar dropped 0.02 cents to 78.07 cents U.S.
Canadian Pacific Railway slid 2.6% to $158.85 after warning it expects revenue to fall about 12% in the second quarter from a year ago.
Rival Canadian National Railway was also among the most influential decliners, falling 1.8% to $74.16.
The materials group, which includes precious and base metals miners and fertilizer companies, lost territory as gold and copper prices fell.
First Quantum Minerals Ltd fell 3.5% to $8.95 and Potash Corp lost 1.9% to $21.21.
The country's big banks and other financial stocks bolstered the index, with Royal Bank of Canada edging up 0.3% to $78.22 and Brookfield Asset Management Inc adding 0.8% to $43.66.
ON BAYSTREET
The TSX Venture Exchange dipped 1.91 points to 713.49
Eight of the 13 subgroups were lower by noon, with metals and mining off 1.7%, materials behind 1.4%, and gold down 1.3%.
The five gainers were led by financials, ahead 0.6%, telecoms, up 0.5%, and real-estate, better by 0.2%.
ON WALLSTREET
U.S. stocks tried for gains Tuesday, amid declines in oil prices, as investors eyed the latest Brexit polls and remarks from U.S. Federal Reserve Chair Janet Yellen.
The Dow Jones Industrials remained positive 20.28 points – off its highs of the morning -- to 17,825.15, with Microsoft leading advancers and McDonald's the greatest decliner.
The S&P 500 gained 4.12 points at 2,087.37. Tech led S&P 500 advancers in mid-morning trade, helped by gains of nearly 3% in shares of Micron Technology. Red Hat also traded more than 2% higher.
The NASDAQ stayed lower 0.22 points to 4,837
The European Union referendum is set for Thursday in Britain. Ahead of that, Yellen kicked off her two-day testimony before Congress Tuesday morning before the Senate Banking Committee.
In prepared remarks, Yellen said a cautious approach to monetary policy remains appropriate and while the pace of improvement in the labor market has slowed, it's important not to overreact to one or two labor reports.
Prices for the 10-year Treasury moved slightly lower, raising yields to 1.68% from Monday’s 1.67%. Treasury prices and yields move in opposite directions.
Oil prices shed 79 cents a barrel to $48.58 U.S.
Gold prices dropped $19.50 to $1,272.60 U.S. an ounce.
