Equities in Canada’s biggest market rose to a one-week high on Tuesday, led by financial shares after one of the country's major banks reported better-than-expected earnings, while lower oil prices weighed on energy stocks.
The S&P/TSX Composite gained 15.06 points to begin Tuesday at 14,763.25
The Canadian dollar strengthened 0.39 cents to 77.47 cents U.S.
Bank of Montreal rose 2.5% to $86.50. Canada's fourth-largest bank reported quarterly results which beat analysts' expectations, benefiting from strength in its commercial banking and capital markets businesses.
Gains for the materials group were led by a 1.4% advance in shares of Potash Corporation of Saskatchewan Inc. to $21.35.
Energy stocks fell with crude prices. TransCanada Corp declined 0.7% to $61.39, while Suncor Energy was down 0.7% at $36.45.
ON BAYSTREET
The TSX Venture Exchange remained positive 1.35 points to 821.59
Seven of the 12 subgroups had dipped by noon, as gold slid 1.2%, materials were negative 0.7%, and consumer staples lagged 0.6%.
The four gainers were co-led by financials and information technology stocks, each ahead 0.7%, while real-estate gained 0.3%. Utilities were unchanged midday.
ON WALLSTREET
U.S. stocks traded higher on Tuesday as investors analyzed housing data and looked ahead to Federal Reserve Chair Janet Yellen's speech at the end of the week.
The Dow Jones Industrials fell from their morning highs, but remained upright at noon 32.94 points at 18,562.36, with American Express leading advancers and Boeing the greatest decliner.
The S&P 500 advanced 7.02 points to 2,189.66, with materials leading nine sectors higher and consumer staples the only decliner.
The NASDAQ Composite gained 20.32 points to 5,264.92, and hit a fresh all-time high as Apple picked up 0.4%.
Investors also digested quarterly results from Best Buy and Toll Brothers, among other firms. Best Buy shares soared 17.4% after beating expectations on both earnings and revenue. Toll Brothers' stock gained about 5.5%.
On the data front, new home sales for July unexpectedly surged, reaching their highest level in almost nine years. Other data released Tuesday included the Markit Manufacturing PMI for August, which came in at 52.1.
Prices for the 10-year Treasury dropped back, raising yields to 1.56% from Monday’s 1.54%. Treasury prices and yields move in opposite directions.
Oil prices regained 41 cents a barrel to $47.82 U.S.
Gold prices were unchanged at noon hour at $1,343.40 U.S. an ounce.
