Equities in Toronto rose on Tuesday, helped by gains in energy stocks, as oil prices hit an 11-month high on tighter supply and hopes of a drop in U.S. stockpile.
The TSX added 39.79 points to pause for lunch at 17,974.24.
The Canadian dollar eked higher 0.10 at 78.39 cents U.S.
The largest percentage gainer on the TSX was Ballard Power Systems, which jumped $6.55, or 17.7%, to $43.50, its highest price level since 2002, after receiving a purchase order from U.K.-based Arcola Energy.
Its gains were followed by asset and wealth management company CI Financial, which rose $1.02, or 6.2%, to $17.46.
Pot producer Cronos Group dug itself a hole in the beginning, but had climbed out by noon EST, gaining 11 cents, to $12.61.
Ritchie Bros. Auctioneers fell $3.34, or 4%, the most on the TSX, to $80.93, after brokerage Scotiabank downgraded its rating to sector perform from outperform.
ON BAYSTREET
The TSX Venture Exchange gained 4.71 points to 890.04.
Seven of the 12 subgroups had shifted positive by midday, with energy racing 1.8%, while health-care and financials each tallied 0.7%.
The five laggards were co-weighed by gold and communications, each down 1%, while materials sank 0.8%.
ON WALLSTREET
Stocks traded along the flatline on Tuesday as traders weighed rising interest rates and a potential economic recovery from the coronavirus pandemic.
The Dow Jones Industrials came off its lows of the morning, pulling to 27.6 points of breakeven to 30,981.09.
Intel and Chevron each rose more than 2% to lead the Dow higher. Bank stocks rose broadly, with Goldman Sachs, Bank of America, JPMorgan Chase and Wells Fargo all gaining more than 2%.
The S&P 500 sagged six points to 3,793.61. The S&P 500's forward price-to-earnings ratio was at 22.7, near its highest level since 2000. The boarder-market index’s high valuation comes as investors continue to pile into stocks despite a backdrop of rising COVID-19 infections and political turmoil.
The NASDAQ gained 10.72 points to 13,047.15, though off its highs of the morning.
Prices for the 10-Year Treasury sagged, lifting yields to 1.18% from Monday’s 1.14%. Treasury prices and yields move in opposite directions.
Oil prices advanced 82 cents to $53.07 U.S. a barrel.
Gold prices faded $8.50 to $1,842.30 U.S. an ounce.
