Equities in Canada’s largest market registered positive readings at the open of business on Tuesday, propelled higher by tech strength and helped along by energy concerns.
The S&P/TSX Composite Index regained 34.07 points to open Tuesday at 16,611.35
The Canadian dollar docked 0.3 cents at 74.63 cents U.S.
Teck Resources reported a better-than-expected quarterly profit, boosted by its energy business and a slight increase in commodity prices.
Teck shares took on $1.12, or 3.4%, to $33.92.
CIBC raised the target price on Canadian Natural Resources to $49.00 from $45.00. Natural Resources shares picked up nine cents to $41.58.
CIBC raised target price on Imperial Oil to $39.00 from $35.00. IMO shares acquired 14 cents to $39.75
RBC raised the target price on Saputo to $52.00 from $46.00. Saputo gained 20 cents to $45.50.
On the economic ledger, Statistics Canada reported that wholesale trade in this country increased 0.3% to $63.7 billion in February, the third consecutive monthly gain.
Higher sales were recorded in two of seven sub-sectors, led by the motor vehicle and motor vehicle parts and accessories sub-sector. Excluding this sub-sector, wholesale sales declined 1.5%.
ON BAYSTREET
The TSX Venture Exchange dropped 1.73 points to 608.82
All but two of the 12 Toronto gained ground in the first hour on Tuesday, with information technology clicking 1% higher, consumer discretionary, up 0.7%, and energy positive by 0.4%.
The two laggards were health-care, off 1.3%, and communications, fading 0.1%
ON WALLSTREET
Stocks rose slightly on Tuesday as Wall Street cheered stronger-than-expected quarterly profits from some of the largest publicly traded U.S. companies.
The Dow Jones Industrial Average recovered 73.68 points to 26,584.73
The S&P 500 gathered 10.46 points to 2,918.43,
The NASDAQ Composite jumped 48.65 points to 8,063.92
Dow members Coca-Cola and United Technologies reported better-than-expected quarterly earnings on Tuesday. Their shares rose 1.2% and 2.9%, respectively.
Twitter shares jumped 10% on its stronger-than-expected results. The social media company said its monthly active users totaled 330 million, more than a FactSet estimate of 318 million.
Lockheed Martin also rallied more than 5% after its earnings easily topped expectations. The company reported strong operating margins across all its major businesses, which include aeronautics and missiles.
Procter & Gamble also posted stronger-than-forecast earnings, but its stock traded down 2.7%. Texas Instruments, eBay and Stryker are set to release their latest quarterly results after market close.
This is the busiest week of the corporate earnings season. Once the dust settles, more than 140 S&P 500 companies will have released their calendar first-quarter results.
So far, the results have largely topped expectations. More than 78% of the S&P 500 companies that have reported have surpassed analyst expectations
On the data front, new home sales data was scheduled for release this morning.
Prices for the benchmark 10-year U.S. Treasury were higher, weighing yields to 2.57% from Monday’s 2.59%. Treasury prices and yields move in opposite directions.
Oil prices gained 58 cents to $66.13 U.S. a barrel.
Gold prices slumped seven dollars to $1,270.60 U.S. an ounce.
