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Stocks Start off on Right Foot
Equities in Canada’s largest market had a kick to their step early Tuesday, with broad gains led by energy stocks as oil prices steadied ahead of a key meeting of producer nations next week.
The S&P/TSX Composite Index gained 72.97 points to open Tuesday at 16,077.37
The Canadian dollar regained 0.27 cents to 78.31 cents U.S.
Bombardier said on Monday it priced $1 billion worth of seven-year bonds at par with a final yield of 7.5% per year, underscoring strong demand for the deal partly slated to retire debt maturing in 2019.
Meantime, JP Morgan raised the company’s rating to overweight from neutral. Bombardier shares hiked seven cents, or 2.3%, to $3.14.
Officials in Britain said Canadian drug company Concordia International overcharged the U.K’s health service millions of pounds for an essential thyroid drug by abusing its position as the only supplier.
Concordia shares were static at 60 cents.
TransCanada Corp has started initial excavation work at the site of an oil spill on its Keystone pipeline in South Dakota but has not yet pinpointed where the leak came from.
CIBC raised the price target on TransCanada stock to $75.00 from $70.00. TransCanada leaped 95 cents, or 1.5%, to $64.46.
National Bank of Canada raised the target price Alimentation Couche-Tard to $75.00. The convenience store chain’s shares squeaked higher eight cents to $63.83.
On the economic beat, Statistics Canada reported that, following two months of increases, wholesale sales declined 1.2% to $62.0 billion in September, the second negative reading so far this year.
ON BAYSTREET
The TSX Venture Exchange eked up 0.49 points to 794.62
All but one of the 12 TSX subgroups began the session higher, with materials climbing 0.9%, information technology clicking 0.7% better, and gold, shining brighter 0.5%.
The lone holdout was in health-care, sagging 0.3%, after a strong performance on Monday.
ON WALLSTREET
U.S. stocks rose on Tuesday as investors cheered strong quarterly results from top companies in Corporate America.
The Dow Jones industrial average screamed higher 137.24 points to 23,567.57, with Intel and Apple leading advancers on the 30-stock index.
The S&P 500 gained 13.93 points to 2,596.07, with health-care as the best-performing sector. Medtronic shares led the health care sector higher, rising 5.2%.
The NASDAQ Composite rocketed 57.8 points to 6,848.51, to hit an all-time intraday high. Large-cap tech stocks like Facebook, Amazon, Netflix and Alphabet all traded higher, along with biotechnology stocks.
Medtronic, Hormel Foods and Dollar Tree all posted better-than-expected quarterly results Tuesday before the bell, sending their stocks higher in the premarket. Lowe's also reported stronger-than-expected quarterly earnings and revenue, but its stock fell 2% before the bell.
After Monday's close, Intuit, Palo Alto Networks and Agilent Technologies reported better-than-expected earnings.
On the data front, the Chicago Fed National Activity Index rose in October. Existing home sales were due out in the States at 10 a.m. ET.
Prices for the benchmark 10-year Treasury note gained ground Tuesday, lowering yields to 2.34% from Monday’s 2.37%. Treasury prices and yields move in opposite directions.
Oil prices improved 66 cents a barrel to $57.08 U.S.
Gold prices spiked $7.70 to $1,283 U.S. an ounce.
