TSX Barely Moves on Banking News

OceanaGold, Gran Tierra Also in Focus

Canada's main stock index remained fairly flat midday Tuesday, pressured by a fall in financial companies as Canada's banking regulator raised the minimum capital requirement for 'systemically important' banks.

The TSX Composite Index doggedly rose 5.08 points to wind into noon hour EST at 16,955.93

The Canadian dollar inched up 0.05 at 75.58 cents U.S.

Senior U.S. and Canadian officials were set to fly to Mexico City to work on the final changes to a languishing North American trade pact that could clear the way for a vote in the U.S. Congress before the end of the year.

The rule will be effective April 30 and will be applicable to banks such as Bank of Montreal (whose stocks picked up six cents to $99.78), Bank of Nova Scotia (down 45 cents to $74.51), Canadian Imperial Bank of Commerce (off 33 cents to $109.11), National Bank of Canada (sliding 21 cents to $71.77), Royal Bank of Canada (skidding 48 cents to $103.97) and Toronto-Dominion Bank (lower by three cents to $72.85).

The largest percentage gainers on the TSX were OceanaGold, which jumped five cents, or 2.2%, to $2.37 and Gran Tierra Energy, which rose three cents, or 2.1%, to $1.43, after it announced 2020 guidance update.

Ballard Power Systems dropped 29 cents, or 4.6%, the most on the TSX, to $6.02, after the company signed a product development agreement with HDF Energy.

ON BAYSTREET

The TSX Venture Exchange maintained gains of 49 points to 537.98

In Toronto, seven of the 12 subgroups had ducked south of breakeven, as communications gave way 0.6%, while information technology and health-care each slumped 0.5%.

The five gainers were led by consumer discretionary stocks, up 0.5%, while gold and energy each gained 0.2%.

ON WALLSTREET

Stocks were little changed on Tuesday as investor sentiment was kept in check by a looming deadline for U.S.-China trade talks.

The Dow Jones Industrials remained in the red 8.32 points to 27,901.28

The S&P 500 edged higher 0.65 points to 3,136.61

The NASDAQ recovered 11.02 points to 8,636.79

Dave & Buster’s, Designer Brands and AutoZone are among the firms reporting earnings Tuesday.

The Wall Street Journal first reported the U.S. plans to delay slapping China with additional tariffs as both sides try to work out a so-called phase one trade deal. A deadline for the two countries had been set for Dec. 15. If an agreement wasn’t reached by then, the new U.S. tariffs would take effect.

Investors also kept an eye on the Federal Reserve as the central bank kicks off its last two-day monetary policy meeting of the year. The Fed is expected to hold rates steady.

Prices for the 10-Year U.S. Treasury lost ground, raising yields to 1.85% from Monday’s 1.83%. Treasury prices and yields move in opposite directions.

Oil prices nicked up 19 cents at $59.21 U.S. a barrel.

Gold prices improved $3.40 at $1,468.30 U.S. an ounce.