Stock markets in Canada’s largest centre made small gains in morning trading on Tuesday as Bank of Montreal led financial shares higher on a strong earnings report, while the energy sector weighed.
The S&P/TSX Composite eked up 6.03 points to greet noon at 15,101.20
The Canadian dollar inched up 0.02 cents at 75.29 cents U.S.
BMO rose 2.7% to $91.99. The “First Canadian Bank” reported quarterly earnings well ahead of market expectations, benefiting from strong performances at its capital markets and U.S. personal and commercial businesses.
One of the most influential gainers on the index was Kirkland Lake Gold, which surged 123% to $8.04 as its listing was updated to incorporate its acquisition of Newmarket Gold.
On the economic docket, Statistics Canada reported that Canada's imports fell 6.3% to $44.7 billion in October, while exports increased 0.5% to $43.6 billion.
As a result, Canada's merchandise trade deficit with the world narrowed from a record $4.4 billion in September to $1.1 billion in October.
Western University's Ivey Purchasing Managers seasonally-adjusted index index declined to 56.8 from 59.7 in October, while the unadjusted index was unchanged at 56.5. Any reading over 50 signifies expansion in orders.
ON BAYSTREET
The TSX Venture Exchange gained 2.53 points to 753.66
All but three of the 12 TSX subgroups were lower by noon, as information technology plummeted 1.7%, health-care backtracked 0.6%, and consumer staples eased 0.5%.
The three gainers were financials, up 0.6%, real-estate, up 0.1%, and consumer discretionary stock, creeping up 0.03%.
ON WALLSTREET
U.S. equities traded mostly flat on Tuesday as investors digested key economic data while bracing themselves for two key central bank meetings.
The Dow Jones Industrials had crawled to within 2.89 points of the breakeven point to 19,213.25, with Boeing and Nike contributing the most losses. Boeing shares were under slight pressure after President-elect Donald Trump threatened to cancel an order for a new 747 Air Force One.
The S&P 500 inched up 2.09 points to 2,206.08, with energy falling 0.6% to lead decliners and telecommunications rallying 1.6% the top advancer.
The NASDAQ composite index nicked ahead 0.59 points to 5,309.48
Economically speaking, third-quarter U.S. productivity rose at an annualized rate of 3.1%, according the U.S. Labor Department, while the U.S. trade deficit widened to $42.6 billion.
October factory orders rose 2.7%, slightly above a 2.6% estimate from experts.
The Fed is largely expected to raise interest rates next week by 25 basis points, as investors look for clues about the central bank's pace of normalization.
Treasury prices for the 10-year note fell slightly, raising yields back to Monday’s 2.4%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.01 to $50.78 U.S. a barrel
Gold prices remained lower $5.60 to $1,170.90 U.S. an ounce.
