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Positive Start to Short Week
Stocks in Canada’s largest centre rose at the open on Tuesday, as energy shares, fueled by higher crude oil prices, led broad gains across most sectors.
The S&P/TSX Composite Index acquired 46.74 points to begin a short week at 15,775.06
The Canadian dollar strengthened 0.43 cents to 80.07 cents U.S.
Markets in Canada were closed Monday for Thanksgiving.
Brookfield Asset Management's Public Securities Group has agreed to buy Center Coast Capital Holdings, an energy infrastructure-focused investment firm, for an undisclosed amount, according to a statement on Tuesday.
Brookfield shares gained 18 cents to $52.83.
Bombardier’s largest business jet is to make its debut on Sunday in Las Vegas, giving a glimpse of the ultra long-range plane the Canadian company is counting on for growth at a time of sluggish industry sales and as it fights a trade battle over a separate jet
Bombardier shares were stuck on the runway at $2.21.
Saudi Arabia has cut November allocations by 560,000 barrels per day, in line with its commitment to a supply reduction pact led by the Organization of the Petroleum Exporting Countries. In the United States, some production remains offline following Hurricane Nate, lending additional support.
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 2.5 points to begin Tuesday at 790.82.
All but three of the 12 TSX subgroups began the week positive, with health-care improving 0.7%, while gold and energy stocks soared 0.6% each.
The three laggards were consumer discretionary stocks, down 0.5%, while consumer staples and industrials each crept back 0.03%.
ON WALLSTREET
U.S. stocks rose to record highs 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 32.09 points to 22,793.16, an all-time peak, Wal-Mart contributing the most to the gains.
The S&P 500 gained 3.36 points to 2,548.09, with consumer staples rising 0.8% to lead advancers.
The NASDAQ added 3.75 points to Friday’s record high to 6,583.48
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 U.S. in annual sales. Pfizer's stock rose approximately 0.5%.
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.
S&P 500 third-quarter earnings are expected to grow 4% on a year-over-year basis
Prices for the benchmark 10-year Treasury note gained ground, raising yields to 2.33% from Monday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices gained 97 cents a barrel to $50.55 U.S.
Gold prices gained $10.20 to $1,295.20 U.S. an ounce
