Canada's main stock index stayed solid by noon on Tuesday, as some investors pinned hopes on a resolution to the Sino-U.S. trade war, while the country's fourth-largest lender Bank of Montreal slipped after reporting a quarterly profit below estimates.
The S&P/TSX Composite remained positive 47.19 points to greet noon at 16,145.98
The Canadian dollar slipped 0.17 cents to 75.3 cents U.S.
BMO reported a third-quarter profit below market expectations, hurt by higher loan loss provisions.
Rival Bank of Nova Scotia beat estimates for quarterly profit, as strength in its international division buffered the bank from higher credit provisions.
Shares of Scotiabank rose 57 cents to $68.34 while BMO fell $3.81, or 4.1%, to $88.57. Royal Bank of Canada was down 23 cents to $97.65 and Canadian Imperial Bank of Commerce, which reported results last week, was down $1.02, or 1%, to $99.83.
The largest percentage gainers on the TSX were Labrador Iron Ore Royalty, which rose 96 cents, or 3.8% to $26.00 and Shopify Inc , which rose $14.37, or 2.7%, to $538.71.
CannTrust Holdings fell 12 cents, or 5.1%, the most on the TSX, to $2.25.
ON BAYSTREET
The TSX Venture Exchange slid 0.05 points to 583.19
All but three of the 12 Toronto subgroups were positive by noon with gold up 2.7%, materials stronger by 2%, and information technology ahead 1%,
The three laggards were weighed most by health-care, losing 2.2%, financials, off 0.4%, and energy, down 0.2%.
ON WALLSTREET
Stocks turned lower on Tuesday, giving back solid gains from earlier in the day, as investors digested the latest developments from the U.S.-China trade war.
The Dow Jones Industrial Average lost most of its gains by noon ET and stood positive by only 1.79 points to 25,900.62. The Dow rose as much as 155 points earlier on Tuesday.
The S&P 500 hung onto 0.85 points to 2,878.79
The NASDAQ drew back 7.14 points to 7,846.59.
Sentiment initially got a lift on Tuesday after China announced measures aimed at boosting consumption, including potentially removing car-buying restrictions. Auto stocks rose on the news. Ford Motor gained 0.3%. Fiat Chrysler and Ferrari rose around 1% each.
Johnson & Johnson shares rose 2.9% after the company was forced to pay $572 million in an opioid case in Oklahoma. The fine was much less than what prosecutors were looking for.
Prices for the benchmark 10-year U.S. Treasury gained sharply, lowering yields to 1.48% from Monday’s 1.54%. Treasury prices and yields move in opposite directions
Oil prices gained 30 cents to $53.94 U.S. a barrel.
Gold prices added $12.70 to $1,549.90 U.S. an ounce.
