Stocks in Canada’s largest centre opened higher on Tuesday, extending its strongest level in over a year, helped by a jump in shares of Valeant Pharmaceutical International after the drug company stood by its full-year forecast.
The S&P/TSX Composite gained 54.75 points to begin Tuesday at 14,810.37
The Canadian dollar gained 0.15 cents to 76.15 cents U.S.
Valeant Pharmaceuticals International said on Tuesday it would reorganize, and stood by its full-year forecast, as it attempts to restore investor confidence after facing a storm of criticism over its business practices.
Valeant shares rocketed $3.30, or 11.2%, to $32.81.
Bank of Nova Scotia has applied to Taiwan's financial regulator to exit the local market, part of a revamp of its Asia strategy.
Scotiabank shares gained 15 cents to $66.82.
Agrium has reportedly suspended operations at its Vanscoy potash mine in Saskatchewan after a worker was injured.
Agrium shares took on 19 cents to $120.17.
CIBC cut the rating on Richmont Mines to sector perform from outperform. Richmont shares dipped 27 cents, or nearly 2%, to $13.54.
RBC raised the target price on Vermilion Energy to $47.00 from $43.00.
Vermilion shares surged 38 cents to $47.24.
On the economic scene, Canada Mortgage and Housing Corporation reported that the seasonally-adjusted annualized rate of housing starts declined to 198,395 in July, down from a revised 218,326 in June. Economists had forecast 195,000 starts in July.
ON BAYSTREET
The TSX Venture Exchange progressed 4.95 points to 820.51
All but two of the 13 subgroups were higher, with health-care soaring 3.5%, energy gushing 0.8%, and consumer staples stronger by 0.6%.
The two laggards were industrials and utilities, each off 0.2%.
ON WALLSTREET
U.S. equities higher on Tuesday as investors watched oil prices amid the announcement of a key meeting of the Organization of Petroleum Exporting Countries (OPEC).
The Dow Jones Industrials recovered 36.53 points to 18,565.82, with Goldman Sachs and McDonald's contributing the most gains.
The S&P 500 moved higher 5.05 points to 2,185.78, led higher by consumer staples and health-care.
The NASDAQ Composite gained 17.61 points to 5,230.87
Both the NASDAQ and the S&P broke above their previous respective all-time intraday highs in mid-morning trade.
In corporate news, luxury-goods maker Coach posted mixed quarterly results, missing expectations on revenue, but with profits coming in better than expected. Embattled drug maker Valeant Pharmaceuticals, on the other hand, missed Wall Street expectations on both the top and bottom line.
Delta Air Lines, meanwhile, is issuing refunds for canceled flights as well as $200 travel vouchers for certain passengers.
On the economic data front, second-quarter U.S. productivity fell unexpectedly by 0.5%. Economists expected a gain of 0.4%
Wholesale inventories for June rose 0.3%, with economists expecting and unchanged reading.
OPEC said Monday an "informal meeting" between member countries will take place on the sidelines of the International Energy Forum in Algeria next month.
Prices for the 10-year Treasury gained ground, lowering yields to 1.57% from Monday’s 1.59%. Treasury prices and yields move in
opposite directions.
Oil prices picked up 23 cents a barrel to $43.25 U.S.
Gold prices improved $6.80 to $1,348.10 U.S. an ounce.
