Canada's main stock index rose on Tuesday as energy stocks gained on the back of a rally in oil prices on U.S. presidential election day.
The TSX increased 184.71 points, or 1.2%, to begin a suspenseful Tuesday at 15,881.58.
The Canadian dollar leaped 0.54 cents at 76.18 cents U.S.
The largest percentage gainer on the TSX was Constellation Software, up $95.26, or 6.9%, to $1,475.26, and Torex Gold, rising $1.40, or 7.4%, to $20.21, after reporting upbeat third-quarter results.
Aurinia Pharmaceuticals fell $2.49, or 12.2%, the most on the TSX, to $18.00, after its drug candidate for the treatment of dry eye syndrome did not meet the main goal in a mid-to-late stage study, while the second-biggest decliner was Bausch Health Companies, down $1.40, or 6.1%, to $21.51.
Nutrien Ltd on Monday narrowed its full-year profit forecast and said it has seen an improvement in market conditions globally, helped by higher crop and fertilizer prices. Nutrien shares fell $3.21, or 5.8%, to $51.79.
Scotiabank cut the target price on Air Canada to $21.00 from $24.00. Shares in the Maple Leaf Airline took on 25 cents, or 1.7%, to $15.23.
National Bank of Canada started coverage on Nuvei Corp with an
outperform rating and price target of $70. Nuvei raced $2.72, or 5.3%, to $54.28.
ON BAYSTREET
The TSX Venture Exchange marched 6.59 points, or 1%, to kick off Tuesday at 697.82.
All but three of the 12 TSX subgroups were in positive territory to start Tuesday, with information technology better by 3%, energy improving 2.2%, and financials, up 2%.
The three laggards were health-care, stumbling 5.2%, to materials, slumping 0.7%, and gold, fading 0.2%.
ON WALLSTREET
Stocks jumped on Tuesday as investors hoped a clear winner would emerge from the U.S. presidential election and a delayed, or contested, result would be avoided.
The Dow Jones Industrials popped 565.5 points, or 2.1%, to 27,490.55.
The S&P 500 jumped 75.43 points, or 2.3%, to 3,385.67.
The NASDAQ heightened 227.24 points, or 2.1%, to 11,184.85.
Shares of Facebook, Amazon, Netflix, Microsoft and Apple were all up more than 1%. UnitedHealth and Goldman Sachs both gained about 4% to lead the Dow higher.
Heading into Tuesday’s vote, former Vice President Joe Biden held a lead in national polling over President Donald Trump. The former vice president earned 52% of support from registered voters compared to 42% for the president, according to a Wall Street Journal poll from Sunday. In swing states, where the election will be decided, polling averages are tighter than the national polls.
Stocks also got a boost after manufacturing activity in October jumped to its highest level in more than two years, pointing to a resilient economy in the face of the coronavirus. The Institute for Supply Management Manufacturing Purchasing Managers Index rose to 59.3, a reading that indicates the percentage of companies reporting that activity expanded during the month.
In addition to the presidential election, the U.S. is also facing a surge in Covid-19 cases. Coronavirus cases in the U.S. continued to rise over the weekend, with more than 81,400 new infections recorded on Sunday, according to Johns Hopkins data. That brings the seven-day average of new cases past 81,000 for the first time ever, according to an analysis of Johns Hopkins data.
After the bell Monday, Royal Caribbean cancelled all of its sailings through the end of the year. The shares fell slightly in after hours.
Prices for the 10-Year Treasury sagged, lowering yields to 0.88% from Monday’s 0.85%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.29 at $38.10 U.S. a barrel.
Gold prices picked $15.00 to $1,895.70
