Canada's main stock index opened higher on Tuesday, supported by a jump in energy stocks as the slowing number of new coronavirus cases in China eased concerns about a lasting hit to oil demand.
The TSX Composite Index continued its rise, gaining 58.15 points to start off Tuesday at 17,798.72
The Canadian dollar lost 0.11 cents to 75.23 cents U.S.
Hudson's Bay Co on Monday named a president to lead its off-price business, known as Saks Off 5th, the latest example of a department store chain trying to bolster its outlet stores.
Shares in the Bay were static at $10.94.
Police in Canada arrested 33 indigenous rights protesters on Monday, ending the closure of Vancouver ports in the British Columbia province by demonstrators opposed to construction of the Coastal GasLink natural gas pipeline, but movement of commodities and passenger trains was still disrupted by the ongoing rallies.
The company at the centre of the controversy, TC Energy, lost eight cents to $73.48.
CIBC raised the price target on CI Financial to $25.00 from $21.00. CI shares picked up 11 cents to $24.32.
Canaccord Genuity cut the rating on Cineplex to hold from buy. Cineplex shares crept up two cents to $33.80.
RBC cut the price target on Just Energy Group to $2.00 from $3.00. Just shares stayed put at $1.53.
ON BAYSTREET
The TSX Venture Exchange slid 0.11 points to start Tuesday at 570.68.
All but three of the 12 TSX subgroups were stronger, with energy rumbling 1.5%, while materials and real-estate each gathered 0.5%.
The three laggards were gold, down 0.2%, while information technology and consumer staples each tailed off 0.1%.
ON WALLSTREET
Stocks rose on Tuesday as Wall Street shrugged off concerns over the economic impact of the coronavirus outbreak.
The Dow Jones Industrials zoomed 120.52 points to 29,397.34. United Technologies and Caterpillar both traded about 1% higher to lead the Dow
The S&P 500 increased 21.75 points at 3,373.84. The S&P 500 was led higher by energy, real estate and tech.
The NASDAQ added 58.15 points to 9,702.44. Both the S&P 500 and NASDAQ reached fresh intraday records.
China’s National Health Commission on Monday night said the death toll had risen to 1,016 people with 42,638 confirmed cases. However, data from Johns Hopkins University showed the number of new confirmed cases was its lowest since late January, increasing optimism around the country’s efforts to contain the outbreak.
However, companies such as Under Armour have noted they will take a hit from the outbreak. Under Armour warned Tuesday the outbreak could lower sales by $50 million to $60 million.
Under Armour shares dropped more than 16% as lackluster quarterly results also pressured the apparel maker.
In other corporate news, a judge approved a merger between T-Mobile and Sprint. Sprint shares soared more than 72% while T-Mobile advanced 10.6%.
On the data front, JOLTS job openings for December are due out at 10 a.m. ET.
Federal Reserve Chairman Jerome Powell is also slated to testify in front of Congress. In prepared testimony, he said the central bank is "closely monitoring" the coronavirus situation for a potential hit to China and the global economy.
Prices for the 10-Year U.S. Treasury moved higher, lowering yields to 1.59% from Monday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices picked up 94 cents to $50.51 U.S. a barrel.
Gold prices dipped $5.40 to $1,574.10 U.S. an ounce.
