Stocks in Toronto Post Gains
Equities in Toronto enjoyed respectable, if not spectacular, gains Tuesday, as resource stocks powered the surge, with investors in suspense about trade and economic developments.
The TSX Composite Index collected 47.43 points to close Tuesday trading at 27,364.43.
The Canadian dollar gained 0.39 cents at 73.50 cents U.S.
Trade negotiations appeared shaky after EU diplomats said the 27-nation bloc was considering broader counter-measures against Washington.
Meanwhile, the Bank of Canada said in a survey Canadian businesses see less chance of a worst-case tariff scenario but remain cautious, while keeping hiring and investment in check.
In corporate news, Alimentation Couche-Tard said on Monday it was resuming its share repurchase program days after the Circle K-parent scrapped a $46-billion attempt to buy Japan's Seven & I. Couche-Tard shares nosed up 14 cents to $76.81.
In the materials sector, Ivanhoe Mines progressed 79 cents, or 7%, to $12.05, while Agnico Eagle Mines triumphed $7.12, or 4.2%, to $175.04.
Among gold plays, Iamgold hiked 32 cents, or 3.3%, to $10.18, while OceanaGold added 64 cents, or 3.3%, to $19.87.
In telecoms, Rogers took on 81 cents, or 1.8%, to $46.44, while BCE spiked 32 cents, or 1%, to $33.15.
Tech weighed things down, though, with Celestica slipped $9.77, or 4.4%, to $213.32, while Shopify sagged $7.34, or 4.2%, to $168.45.
In health-care, Sienna Senior Living shares gave back 42 cents, or 2.3%, to $18.18, while Chartwell Retirement Residences dumped 34 cents, or 1.9%, to $17.62.
Among industrials, Bombardier lost $6.06, or 3.7%, to $159.64, while MDA retreated $1.93, or 4.7%, to $41.32.
ON BAYSTREET
The TSX Venture Exchange moved ahead 3.58 points to conclude Tuesday at 806.38.
Eight of the 12 TSX subgroups were higher, with materials stronger 2.7%, gold, better by 2.6%, and telecoms adding 0.7%.
The four laggards were weighed most by information technology, down 1.6%, health-care, backpedaling 0.8%, and industrials, off 0.2%.
ON WALLSTREET
The S&P 500 was relatively unchanged on Tuesday, a day after the broad market index hit fresh records, as traders weighed the latest earnings reports and new trade developments.
The Dow Jones Industrial Average found late momentum and climbed 179.12 points to 44,502.19.
The much-broader index recovered 3.99 points to 6,309.59.
The NASDAQ stepped back, however, 81.49 points, to 20,892.69.
Chip stocks came under pressure, as downbeat sentiment in the space was fueled by a report by The Wall Street Journal that said SoftBank and OpenAI’s $500-billion AI project has faced difficulties in getting underway and scaled down its near-term plans.
Broadcom was more than 3% lower and artificial intelligence darling Nvidia shed more than 2%. Taiwan Semiconductor Manufacturing dropped nearly 2%.
Meanwhile, shares of aerospace and defense name Lockheed Martin were down 8% after the company’s revenue for the second quarter missed analyst estimates. Similarly, Philip Morris lost 6% after the tobacco company’s second-quarter revenue fell short.
However, those declines were offset by gains in the broader market outside of tech. Investors flocked to the health-care sector in particular, which outperformed with a rise of nearly 2% on the day.
That was bolstered by the advance of IQVIA – which soared 18% on the heels of an earnings and revenue beat, leading the S&P 500 – as well as other names like Amgen and Merck.
This comes as 88 S&P 500 companies have reported, with more than 82% of those topping analysts’ estimates, according to FactSet data.
Eyes are on commentary from companies about macroeconomic certainty, the impact of tariffs and details on demand and spending related to AI.
Prices for the 10-year treasury climbed, lowering yields to 4.34% from Monday’s 4.38%. Treasury prices and yields move in opposite directions.
Oil prices were lower 84 cents to $66.36 U.S. a barrel.
Gold prices popped $38.10 to $3,444.50 U.S. an ounce.
