Stocks in Canada’s largest market rose on Tuesday, led by a greater than 2% gain for the energy group as oil rallied.
The S&P/TSX Composite moved higher 58.69 points to begin Tuesday at 14,657.14
The Canadian dollar regained 0.27 cents, to 74.01 cents U.S.
Kirkland Lake Gold shares rose sharply on Monday on speculation there might be another bid for the Canadian gold miner which has rejected three offers, but at least one potential buyer said it would not jump into the fray.
Kirkland has rejected all three bids, saying they are "not financially superior" to its own plan to acquire Newmarket, a small Australia-focused miner, for about $1 billion in stock. Kirkland Lake shares dropped nine cents, or 1.1%, to $8.40.
Lundin Mining said it would sell its indirect stake in TF Holdings Ltd to an affiliate of Chinese private-equity firm BHR Partners for about $1.14 billion in cash.
Bermuda-based TF Holdings owns an 80% interest in Tenke Fungurume Mining SA. Lundin owns an indirect 30% stake in TF Holdings, resulting in an effective 24% interest in Tenke.
Lundin shares fell 16 cents, or 2.5%, to $6.19.
RBC cut the target price on Calfrac Well Services to $3.00 from $3.75, considering high debt levels and reluctance to consider divestitures to raise cash.
Calfrac shares gained 11 cents, or 4.2%, to $2.76.
RBC raised the target price on Canadian Energy Services & Technology to $8.00 from $7.00, citing an increased revenue progression for U.S. production chemicals.
Canadian Energy shares moved up 13 cents, or 2%, to $6.52.
On the economic beat, the Canadian Real Estate Association said national home sales rose 2.4% from September to October. Actual (not seasonally-adjusted) activity was up 2.0% year-over-year in October 2016.
ON BAYSTREET
The TSX Venture Exchange took on 3.75 points to 733.39
Eight of the 12 TSX subgroups were positive in the first hour, as energy gushed 2.6%, gold shone brighter 1.7%, and utilities clicked 0.8% higher
The four laggards were weighed most by financials, down 0.6%, while consumer discretionary and health-care stocks each faded 0.3%.
ON WALLSTREET
U.S. stocks traded mostly higher on Tuesday as investors parsed through a number of economic data sets while a post-election rally slowed down.
The Dow Jones Industrials faded 37.02 points from Monday’s all-time high, to 18,831.67, with Goldman Sachs and Home Depot contributing the most losses.
The S&P 500 gained 6.12 points at 2,170.32, with energy rising 2.4%, and technology picking 1.4%, to lead advancers.
The NASDAQ composite index strengthened 48.61 points to 5,267.15, as Apple and the so-called FANG stocks (Facebook, Amazon, Netflix and Google's parent firm Alphabet) all rose.
In economic news, retail sales rose 0.8% in October while import prices 0.5%, both beating expectations. The November read on the New York manufacturing index also came in above estimates.
Other data released Tuesday included business inventories for September, which came in line with expectations.
Treasury prices for the 10-year note regained lost ground, weighing yields to 2.21% from Monday’s 2.24%. Treasury prices and yields move in opposite directions.
Oil prices sprang higher $1.63 to $44.95 U.S. a barrel
Gold prices regained $3.70 to $1,225.40 U.S. an ounce.
