Advertisement
Canada markets closed
  • S&P/TSX

    21,969.24
    +83.86 (+0.38%)
     
  • S&P 500

    5,099.96
    +51.54 (+1.02%)
     
  • DOW

    38,239.66
    +153.86 (+0.40%)
     
  • CAD/USD

    0.7316
    -0.0007 (-0.09%)
     
  • CRUDE OIL

    83.66
    +0.09 (+0.11%)
     
  • Bitcoin CAD

    85,741.00
    -2,495.14 (-2.83%)
     
  • CMC Crypto 200

    1,306.95
    -89.59 (-6.41%)
     
  • GOLD FUTURES

    2,349.60
    +7.10 (+0.30%)
     
  • RUSSELL 2000

    2,002.00
    +20.88 (+1.05%)
     
  • 10-Yr Bond

    4.6690
    -0.0370 (-0.79%)
     
  • NASDAQ

    15,927.90
    +316.14 (+2.03%)
     
  • VOLATILITY

    15.03
    -0.34 (-2.21%)
     
  • FTSE

    8,139.83
    +60.97 (+0.75%)
     
  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     
  • CAD/EUR

    0.6838
    +0.0017 (+0.25%)
     

Another Positive Finish for TSX

Stocks in Canada’s largest market registered yet another strong finish, powered by health-care, telecom ...

Stocks in Canada’s largest market registered yet another strong finish, powered by health-care, telecom and financial stocks.

The S&P/TSX Composite Index progressed 42.04 points to close Tuesday at 15,770.36

The Canadian dollar strengthened 0.25 cents to 79.90 cents U.S.

Health-care stocks carried the day, as Canopy Growth Corporation jumped 34 cents, or 2.7%, to $12.82, and Aphria Inc. progressed 16 cents, or 2.2%, to $7.61.

Among telecoms, TELUS added six cents to $44.95, while Shaw Communications acquired 16 cents to $28.78.

Financials also moved forward, with Manulife Financial towering 2%, or 50 cents, or $25.93, while TD Bank vaulted 66 cents to $71.06

Online retail platform Shopify Inc extended its slide, which began last week after short seller Citron Research made critical comments about the company.

Among consumer staples, Metro shares gave back 38 cents to $41.73, while Loblaw Companies faded eight cents to $69.17.

Shopify shares fell $7.16, or 5.8%, Tuesday, at $115.76.

On matters economic, Statistics Canada reported Canadian municipalities issued $7.5 billion worth of building permits in August, down 5.5% from July. This was the second consecutive monthly decrease.

Despite these declines, says the agency, the year-to-date value of building permits is up 8.7% compared with the same period in 2016.
Elsewhere, Canada Mortgage and Housing Corporation revealed the trend in housing starts was 214,821 units in September, compared to 220,573 units in August.

ON BAYSTREET

The TSX Venture Exchange gained 5.13 points to end Tuesday at 793.45.

All but two of the 12 TSX subgroups stayed positive throughout the session, with health-care and telecoms each improving 0.7%, while financials grew 0.6%.

The two laggards were consumer staples, sliding 0.4%, and information technology, down 0.1%.

ON WALLSTREET

U.S. stocks rose to record highs on Tuesday after Wal-Mart announced a large buyback and Honeywell said it was splitting into two. Pfizer also contemplated a spinoff as Corporate America looked for ways to keep investors happy and keep this eight-year bull market going.

The Dow Jones Industrials took on 69.61 points to 22,830.68, an all-time peak. Wal-Mart contributed the most to the gains.

The S&P 500 gained 5.91 points to 2,550.64, with consumer staples among the best-performing sectors. The index notched a record high.

The NASDAQ recovered 7.52 points to build on Friday’s record high at 6,587.25

Retail giant Wal-Mart announced a $20-billion U.S. buyback before the bell and reiterated its earnings outlook for the current fiscal year. The company also said it plans to add 1,000 online grocery pickup locations at its U.S. stores in fiscal 2019. The news sent the Dow component more than 4% higher.

Pfizer, another Dow component, said Tuesday it was thinking about selling or spinning off its consumer health-care business, which generates $3.4 billion in annual sales. Pfizer's stock rose 0.7%.

Meanwhile, Honeywell announced it plans to spin off its Home Products and Transportation Systems businesses into two separate public companies by the end of next year.

BlackRock, the largest asset manager in the world, is set to report third-quarter earnings and revenue Wednesday before the bell. Big banks such as Citigroup, JPMorgan Chase, Bank of America and Wells Fargo are scheduled to report later this week.

The first two quarters of the year saw stellar earnings growth among S&P 500 stocks, with first- and second-quarter profits rising 15.5% and 10.8% respectively.

Elsewhere, Procter & Gamble shares pulled back 0.5% after shareholders voted against adding Trian's Nelson Peltz to its board of directors.
This round of corporate news comes as most major companies get set to release their quarterly results.

Prices for the benchmark 10-year Treasury note gained a bit of ground, raising yields to 2.35% from Monday’s 2.37%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.33 a barrel to $50.91 U.S.

Gold prices raised themselves $5.90 to $1,290.90 U.S. an ounce