Equity indices rose on Tuesday, the TSX brushing up temporarily against its highest intraday level in more than 20 months, as gold and health-care shares gained ground on the first trading day of 2017.
The S&P/TSX Composite gained 106.58 points – off its lows of the morning -- to close 2017’s first session at 15,394.17. The index earlier touched 15,450.27, the index’s highest peak since April 27, 2015.
The Canadian dollar poked up 0.03 cents to 74.41 cents U.S.
Canadian equity markets were closed Monday for New Year’s Day
Gold stocks showed the way for the rest of the market, as Iamgold climbed 35 cents, or 6.7%, to $5.54, while Goldcorp prospered 61 cents, or 3.3%, to $18.89.
Materials also strengthened, as Lundin Mining jumped 25 cents, or 3.9%, to $6.65, while First Quantum Minerals gained 14 cents, or 1.1%, to $13.49.
In the health-care sector, Concordia International rocketed 18 cents, or 6.3%, to $3.03, while Valeant Pharmaceuticals leaped $1.05, or 5.4%, to $20.52.
Utilities faded, as Hydro One gave back four cents to $23.54, while Fortis Inc. dropped 31 cents to $41.15.
On the economic slate, the Markit Manufacturing Purchasing Managers’ Index rose in December to 51.8, led by stronger new order growth, stronger than November's 51.5. The latest reading was the strongest since July and well above the survey-record low of 47.5 seen in December 2015
ON BAYSTREET
The TSX Venture Exchange roared ahead 10.65 points, or 1.4%, to 773.02
All but three of the 12 TSX subgroups were higher, with gold up 3.4%, materials ahead 2.1%, and health-care 1.2% to the good.
The three laggards were utilities, down 0.8%, and consumer staples, off 0.4%, and real-estate, sliding 0.2%.
ON WALLSTREET
Stocks rose on Tuesday, the first trading day of 2017, but closed off their session highs as oil prices gave back initial gains.
The Dow Jones Industrials resumed its quest for the elusive 20,000-point mark, picking up 119.16 points to 19,881.76, with Merck leading advancers and McDonald's the top decliner.
The S&P 500 picked up 19 points to 2,257.83, with telecommunications and health-care leading advancers.
The NASDAQ composite index stayed positive 45.97 points to 5,429.38
In corporate news, President-elect Donald Trump attacked General Motors in a tweet, claiming the auto giant is making a Chevy Cruze model in Mexico and then sending them to U.S. dealers tax-free. GM later responded by saying that most of its Cruze models are in fact built in the U.S.
In economic news, the final read on December IHS Markit manufacturing Purchasing Managers Index came in at 54.3, hitting a 21-month high. A number above 50 signals expansion, while a number below 50 shows contraction.
The Institute for Supply Management manufacturing index read for December, meanwhile, came in at 54.7, above November's read of 53.2, and construction spending hit its highest level in more than 10 years in November.
China's Caixin Manufacturing PMI rose to 51.9, compared with 50.9 in November and beating forecasts for 50.7, on the back of increased demand.
Prices for the benchmark 10-year Treasury note gained ground, lowering yields to 2.44% from Thursday’s 2.48%. Treasury prices and yields move in opposite directions. Bond markets were closed Friday.
Oil prices dropped $1.21 to $52.51 U.S. a barrel
Gold prices grew $8.80 to $1,160.50 U.S. an ounce.
