Stock markets in Toronto opened higher on Tuesday, boosted by gold miners after prices of the yellow metal climbed as a weakening dollar drove investors holding other currencies to the safe-haven asset.
The TSX gained 50.45 points to open Tuesday at 16,706.57.
The Canadian dollar gained 0.33 cents to 75.96 cents U.S.
A group of Cirque du Soleil creditors is the front-runner to win control of the financially strapped entertainment group ahead of a Tuesday deadline for bids
Scotiabank raised the price target on Exchange Income Corp. to $32.00 from $27.00. Exchange Income shares dropped 13 cents to $30.87.
CIBC cut the target price on Aurora Cannabis to $20.00 from $24.00. Aurora shares nicked up two cents to $13.41.
Federal Finance Minister Bill Morneau resigned on Monday amid friction with Prime Minister Justin Trudeau over spending policies and after coming under fire for his ties to a charity tapped to run a student grant program.
His replacement will be former Foreign Affairs Minister Chrystia Freeland, the country’s first female finance minister.
Canada refuses to release emails with U.S. about the arrest of Huawei Chief Financial Officer Meng Wanzhou as she sought more confidential documents relating to her 2018 detention.
ON BAYSTREET
The TSX Venture Exchange climbed 10.19 points, or 1.4%, to 761.06.
Eight of the 12 TSX subgroups moved ahead in the first hour, with materials surging 1.3%, gold up 1.2%, and information technology gaining 0.4%.
The four laggards were weighed most by energy, dawdling 0.3%, financials, off 0.1%, and consumer discretionary, down 0.02%.
ON WALLSTREET
The S&P 500 rose on Tuesday, breaking above an all-time high that was set before the coronavirus pandemic sent the broader market index tumbling.
The Dow Jones Industrials recovered 34.44 points to 27,879.35.
The S&P 500 gained 12.33 points to 3,394.53.
The NASDAQ added to Monday’s all-time high, gaining 72.17 points to 11,201.89.
Earlier this year, the S&P 500 tumbled more than 30% from its February record as the coronavirus pandemic sent profit expectations and economic activity tanking. However, the benchmark index for the U.S. stock market did not stay down for long.
Amazon shares outperformed, rising nearly 3%. Netflix and Alphabet both gained more than 1%. Consumer discretionary was the best-performing sector in the S&P 500, rising more than 1%.
Home Depot said sales last quarter jumped 23% as consumers stuck in their homes increased do-it-yourself projects. Earnings and sales exceeded Wall Street expectations.
Walmart’s earnings and revenue topped Wall Street estimates last quarter as same-store sales increased by 9.3%. E-commerce sales nearly doubled.
Tesla shares rose 1.6%. The stock is set to split five-for-one later this month.
U.S. housing starts for July totaled 1.496 million, easily topping an estimate of 1.24 million.
Prices for the 10-Year Treasury gained slightly, lowering yields to 0.69% from Monday’s 0.69%. Treasury prices and yields move in opposite directions
Oil prices ditched 32 cents at $42.57 U.S. a barrel.
Gold prices hiked $23.10 to $2,021.80 U.S. an ounce.
