Equities in Toronto gained at the open on Tuesday with energy stocks leading the gains, as oil prices rose towards $68 on supply cuts by the Organization of the Petroleum Exporting Countries and expectations of lower U.S. inventories.
The S&P/TSX Composite Index roared out of the blocks 122.8 points to commence Tuesday trading at 16,188.66
The Canadian dollar gained 0.05 cents at 74.70 cents U.S.
China has suspended clearance of Canadian canola shipments by Viterra Inc and related companies from March 26, the General Administration of Customs said in a statement on its website.
Kinder Morgan has dropped out of a recently proposed U.S. Gulf Coast deepwater crude export venture, the project's leader, Enbridge, said on Monday. Kinder shares took on 10 cents to $15.95, while Enbridge shares jumped 55 cents, or 1.1%, to $49.47.
National Bank of Canada raised the target price on Emera to $51.00 from $50.00. Emera crept up three cents to $50.59.
RBC raised the target price on TransAlta Corp. to $11.00 from $9.00. TransAlta shares gained 17 cents, or 1.8%, to $9.60
Morgan Stanley cut the price target on Lundin Mining to $8.60 from $8.70. Lundin shares inched up three cents to $6.08.
ON BAYSTREET
The TSX Venture Exchange edged up 1.11 points to 633.65
All but two of the 12 Toronto subgroups were better in the first hour, with energy gushing 2.1%, while industrials and information technology each up 1%.
The two laggards were gold, down 1.2%, and materials, off 0.2%.
ON WALLSTREET
Stocks rose on Tuesday as a decline in Treasury yields stabilized, assuaging fears of an economic slowdown.
The Dow Jones Industrials gained 220.89 points to begin Tuesday’s trading at 25,737.72, led by a gain in Apple.
The S&P 500 spiked 26.13 points to 2,824.49, as the energy, tech and financials sectors outperformed.
The NASDAQ Composite grew 81.72 points, or 1.1%, to 7,719.40.
Apple rose more than 1.5%, recovering losses from the previous session as investors digested the company's launch of a slew of different services. Shares of Facebook and Amazon also traded more than 1% higher.
Shares of Bed Bath & Beyond skyrocketed more than 20% after The Wall Street Journal reported three activist investors are trying to replace the company's entire board of directors. The stock was on pace to post its biggest one-day gain since 2009.
Nvidia shares rose 3.8% after Piper Jaffray initiated coverage of the chipmaker with an overweight rating, noting its attractive valuation.
Housing starts fell 8.7% in February, widely missing expectations. Building permits declined, but at a slower rate than forecast by economists. Consumer confidence numbers are scheduled for release Tuesday morning.
Prices for the benchmark 10-year U.S. Treasury were down slightly, raising yields to 2.42% from Monday’s 2.41%. Treasury prices and yields move in opposite directions.
Oil prices were off $1.44 at $60.26 U.S. a barrel.
Gold prices slid $6.90 to $1,315.70 U.S. an ounce.
