A surge in shares of Valeant Pharmaceutical International helped Canada's main stock index extend its push to its strongest level in over a year on Tuesday
The S&P/TSX Composite gained 61.87 points to greet noon at 14,817.49
The Canadian dollar gained 0.26 cents to 76.25 cents U.S.
The most influential gainer by far was Valeant, which jumped 11.5% to $32.91 after it stuck to its full-year forecast and said it expects to sharply reduce its debt load.
The energy group climbed, with Canadian Natural Resources up 1.3% to $41.69 and Suncor Energy adding 1% to $35.98.
The materials group, which includes precious and base metals miners and fertilizer companies, added strength, with Goldcorp up 2% to $23.68.
Royal Bank of Canada rose 0.3% to $80.14, Toronto-Dominion Bank gained 0.3% to $57.18, and Bank of Nova Scotia added 0.3% to $66.84.
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 5.45 points to 821.01
All but two of the 13 subgroups were higher, with health-care soaring 5.1%, consumer staples stronger by 0.9%, and gold, pumping 0.8% higher
The two laggards were real-estate, down 0.6%, and utilities, off 0.4%.
ON WALLSTREET
U.S. stocks held higher on Tuesday, with the S&P 500 and the NASDAQ new record highs, as investors kept an eye on oil prices.
The Dow Jones Industrials remained higher 13.45 points—off its highs of the morning -- to 18,542.74, with Walt Disney contributing the most to gains
The S&P 500 moved higher 2.03 points to 2,182.92, led by consumer staples.
The NASDAQ Composite gained 13.42 points to 5,226.72
Both the NASDAQ and the S&P broke above their previous respective all-time intraday highs of 5,231.94 and 2,185.54 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 1.56% from Monday’s 1.59%. Treasury prices and yields move in opposite directions.
Oil prices dipped 22 cents a barrel to $42.82 U.S.
Gold prices improved $4.50 to $1,345.80 U.S. an ounce.
