(CORRECTS WORDING IN REFERENCE TO TSX VENTURE EXCHANGE)
Stock indices in Toronto opened higher on Tuesday as energy stocks gained tracking oil prices, which rose on signs that the Organization of the Petroleum Exporting Countries would not be prepared to raise output to address shrinking supplies.
The S&P/TSX Composite Index gained 31.58 points to begin Tuesday at 16,113.89
The Canadian dollar regained 0.37 cents to 76.98 cents.
Foreign Minister Chrystia Freeland on Monday said she would return to Washington, this week for fresh talks on the North American Free Trade Agreement as time is running very short to meet a U.S. demand for a deal by Oct. 1.
Toshiba is in talks with Brookfield Asset Management Inc for the potential sale of its U.K. nuclear unit NuGen, a source familiar with the matter said on Tuesday.
Brookfield shares gained 24 cents to $55.75.
Barclays starts coverage on Spin Master Corp. with overweight rating and $65.00 price target. Spin Master shares took on 62 cents, or 1.2%, to $53.45.
In things macroeconomic, Statistics Canada reported that manufacturing sales increased for the third consecutive month in July, rising 0.9% to $58.6 billion. Higher sales in the transportation equipment and chemical industries drove the increase.
ON BAYSTREET
The TSX Venture Exchange gained 5.19 points to 724.55
Eight of the 12 subgroups were higher, as health-care zoomed 1.85%, while energy acquired 1.4%, and information technology picked up 0.8%
The four laggards were weighed most consumer discretionary stocks, sputtering 0.7%, real-estate, going backward 0.3%, and industrials, subtracting 0.2%.
ON WALLSTREET
Stocks rose on Tuesday as the latest tariffs on U.S. and Chinese goods are not as bad as previously feared. Strong gains in tech also lifted the broader market.
The Dow Jones Industrial Average restored 77.24 points to begin the day’s trading at 26,139.36, as Caterpillar and Apple outperformed.
The S&P 500 recovered 11.88 points to 2,900.45, led by tech and energy.
The NASDAQ rebounded 66.2 points to 7,962, as Amazon, Apple, and Alphabet traded higher.
China announced tariffs targeting more than 5,000 U.S. products will go into effect on Sept. 24. However, China will put a 10% tariff on some goods it had previously earmarked for a 20% levy. The announcement comes after the Trump administration announced the U.S. will impose 10% tariffs on $200 billion worth of Chinese imports, and those duties will rise to 25% at the end of the year.
Caterpillar picked up 1.5%, and Boeing – also considered a trade bellwether for their large overseas exposure — rose 0.8%.
Tech shares bounced back after steep losses in the previous session. Amazon rose nearly 2% after posting its worst day since April on Monday. Netflix, meanwhile, grew 2.4%, and Apple rose 1.4%.
Prices for the benchmark for the 10-year U.S. Treasury plummeted, raising yields to 3.03% from Monday’s 2.99%. Treasury prices and yields move in opposite directions.
Oil prices charged up $1.21 to $70.12 U.S. a barrel.
Gold prices faded three dollars to $1,202.80
