Stocks in Canada’s largest centre, with energy stocks leading broad gains as oil prices rose and strong domestic manufacturing sales data added further evidence of a third-quarter economic rebound.
The S&P/TSX Composite improved 63.49 points to open Tuesday at 14,660.01
The Canadian dollar inched up 0.12 cents to 76.29 cents U.S.
William Hill and Amaya have abandoned merger talks, leaving the British bookmaker struggling to find a partner in a fast consolidating industry.
Amaya shares tumbled $1.63, or 8%, to $18.70.
Yamana Gold said on Monday it plans to spin off its Brio Gold subsidiary, which owns non-core gold mining properties in Brazil, as a standalone public company to its shareholders.
Yamana shares crept up three cents each to $4.87.
RBC raised the target price on Enerplus to $12.00 from $11.00, citing the company’s capable management team, solid balance sheet, and impressive operating performance.
Enerplus shares gained 26 cents, or 2.8%, to $9.63.
Canaccord Genuity started coverage on Gear Energy with a speculative buy rating, after the company reduced capex and cut costs over the past year.
Gear shares acquired two cents, or 2.7%, to 77 cents.
National Bank Financial cut the target price on Intact Financial Corp. to $98.00 from $99.00, due to severe weather conditions which breached the company’s catastrophe threshold.
Intact shares faded 23 cents to $93.08.
Barclays raised the target price on Rogers Communications to $55.00 from $53.00, after the company appointed industry veteran Joe Natale as CEO, who has a strong track record.
Rogers shares increased 44 cents to $54.65.
On the economic slate, Statistics Canada reported manufacturing in this country increased 0.9% to $51.1 billion in August, reflecting higher sales of food, primary metal, and petroleum and coal products.
ON BAY STREET
The TSX Venture Exchange sprang up 5.35 points to 777.63
All but one of the 12 TSX subgroups were positive, with materials sprinting 1%, gold shining brighter 0.9%, and energy improving 0.8%.
The lone naysayer was consumer discretionary stocks, off 0.2%.
ON WALL STREET
Equities south of the border traded higher on Tuesday as investors parsed through a series of stronger-than-expected quarterly reports as well as mixed inflation data.
The Dow Jones Industrials strengthened 86.74 points to 18,173.14, with UnitedHealth Group leading advancers and IBM the top decliner.
The S&P 500 recovered 12.62 points to 2,139.12, with materials leading nine sectors higher and utilities and telecommunications the only decliners.
The NASDAQ composite index picked up 49.58 points to 5,249.40
Meanwhile, investors digested a slew of corporate quarterly reports. Goldman Sachs continued what has already been a very strong earnings season for the big banks, easily beating estimates on both the top and bottom line. Johnson & Johnson also beat Wall Street estimates.
On Monday after the close, streaming giant Netflix beat expectations on both lines, bolstered by international subscriber growth that blew away any guidance. Netflix shares rose nearly 20% in mid-morning trade Tuesday.
Health insurance giant UnitedHealth Group saw its stock pop more than 5.5% on the back of strong quarterly results.
The U.S. Labor Department said on Tuesday its Consumer Price Index rose 0.3%, meeting expectations. However, the so-called core CPI rose just 0.1% missing expectations.
Prices for the 10-year Treasury sagged, raising yields to 1.78% from Monday’s 1.77%. Treasury prices and yields move in opposite directions.
Oil prices were down two cents at $49.92 U.S. a barrel
Gold prices regained $1.20 to $1,257.80 U.S. an ounce.
