Equities in Toronto climbed to their highest levels in 11 months in early trade on Tuesday, boosted by shares of energy companies as the price of oil bounced off a two-month low.
The S&P/TSX Composite leaped 92.87 points to begin Tuesday trading at 14,454.75
The Canadian dollar strengthened 0.53 cents to 76.77 cents U.S.
On a day light on macroeconomic news, Canaccord Genuity raised the target price on Iamgold Corp to $6.50 from $4.50 based on the company’s strong leverage to gold and a modest increase in target multiple.
Iamgold shares lost 13 cents, or 2%, to $6.27.
Canaccord Genuity cut the rating on Detour Gold Corp to hold from buy. Detour shares were cheaper by $1.26, or 3.7%, to $33.17.
National Bank Financial raised the rating on Shaw Communications to outperform from sector perform. Shaw shares were unchanged at $33.61.
Barclays cut the target price on Sun Life Financial to $44.00 from $46.00. Sun Life acquired 68 cents, or 1.6%, to $42.20.
Alimentation Couche-Tard reports earnings today, projecting a fourth-quarter of 38 cents per share. Couche-Tard shares hiked 86 cents, or 1.5%, to $57.29.
ON BAYSTREET
The TSX Venture Exchange faded 3.68 points to 755.47
All but three of the 13 subgroups gained ground, led by metals and mining, moving 3.2% higher, while energy gushed 1.9% and health-care improved 1%.
The three laggards were gold, down 1.8%, while materials suffered 0.6%, and real-estate backpedaled 0.1%.
ON WALLSTREET
U.S. stocks traded higher Tuesday, amid oil gains, as fears over the United Kingdom leaving the European Union eased.
The Dow Jones Industrials gained 67.63 points to 18,294.56, after breaking above an all-time intraday high set May 19, 2015. Goldman Sachs and IBM contributed the most gains.
The S&P 500 gained 9.64 points to 2,146.80, led by a 1.5% rise in energy.
The NASDAQ Composite Index gathered 25.72 points to 5,014.36,
Stocks rallied Monday, with the NASDAQ and the Dow posting their best closes of the year, and the S&P hitting a new all-time high.
Investors also digested Alcoa quarterly results, which marked the unofficial start to the earnings season, as the former Dow component beat estimates on both the top and bottom lines.
On Thursday, financial giants JPMorgan Chase and BlackRock are scheduled to post results before the bell, along with Delta Air Lines.
From the data standpoint, wholesale inventories data for May showed a 0.1% gain, in line with expectations. Meanwhile, the Job Openings and Labour Turnover Summary (JOLTS) report for May showed openings were down to 5.5 million, from 5.79 million in April.
Prices for the 10-year Treasury dipped, raising yields to 1.48% from Monday’s 1.43%. Treasury prices and yields move in opposite directions.
Oil prices recovered 99 cents a barrel to $45.75 U.S.
Gold prices slid $12.90 to $1,343.70 U.S. an ounce.
