Shares in Canada’s biggest market rose in early trade on Tuesday, led by gains for its heavyweight financial sector, while energy stocks weighed with lower oil prices.
The S&P/TSX Composite gained 57.31 points to open at 14,553.54
The Canadian dollar dipped 0.26 cents to 75.53 cents U.S.
General Motors and the Canadian autoworkers union known as Unifor announced a tentative contract deal early on Tuesday, averting a strike that would have shut some of the automaker's Canadian manufacturing facilities.
GM opened the day on Wall Street up eight cents to $31.80 U.S. per share.
Dundee raised the target price on B2Gold to $4.50 from $4.25. B2Gold moved up five cents, or 1.2%, to $3.72.
Canaccord Genuity cut the target price on IGM Financial to $35.50 from $35.75, with a hold rating. IGM shares fell 18 cents to $35.92.
Among said financials, Manulife jumped 23 cents, or 1.3%, to $18.42, while TD Bank picked up 26 cents to $57.54.
In the tech field, BlackBerry moved forward 15 cents, or 1.5%, to $9.83.
ON BAYSTREET
The TSX Venture Exchange inched up 1.92 points to 803.60
All but three of the 12 TSX subgroups were gainers in the first hour of trading, as information technology and utilities each soared 1%, while consumer staples took on 0.9%.
The three laggards were energy, down 0.4%, while materials settled 0.1%, and gold was off 0.04%.
ON WALLSTREET
U.S. stocks gained ground on Tuesday on the heels of disappointing housing data, while investors awaited the latest monetary policy decisions from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrials recovered 80.43 points to 18,200.60, with Goldman Sachs contributing the most to gains.
The S&P 500 regained 8.72 points to 2,147.84, with financials leading
The NASDAQ Composite pulled out of its funk to gain 18.75 points to 5,253.77
Housing starts in the U.S. came in at an annualized rate of 1.14 million in August, shy of the expected 1.19 million. Construction permits fell 0.4% to a 1.14 million-unit rate last month.
Housing starts and permits were two of the last data sets released as the Fed began its two-day policy meeting on Tuesday. Market expectations that the Fed will raise interest rates on Wednesday were low.
Prices for the 10-year Treasury increased, lowering yields to 1.67% from Monday’s 1.71%. Treasury prices and yields move in opposite directions.
Oil prices fell 40 cents at $42.90 U.S. a barrel
Gold prices dropped 90 cents at $1,316.90 U.S. an ounce.
