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TSX finishes Tuesday in green

Baystreet.ca

Equity markets in Canada’s largest centre recovered from a near three-month low on Tuesday, due to a late surge in tech stocks and despite uncertainty over the future of the North American Free Trade Agreement.

The S&P/TSX Composite Index gained 37.16 points to conclude Tuesday at 16,094.25

The Canadian dollar flourished 0.43 cents to 76.41 cents.

Foreign Minister Chrystia Freeland will meet U.S. Trade Representative Robert Lighthizer in Washington for another round of talks to renew the NAFTA trade pact, an official said on Monday, as time runs short to seal a deal.

In techs, BlackBerry sparked higher 38 cents, or 2.9%, to $13.50, while Shopify leaped $6.70, or 3.6%, to $193.79.

In the health-care field, Aurora Cannabis triumphed 81 cents, or 9.8%, to $9.07.

Influential decliners on the materials index, which was pressured by a slide in metal prices, were Barrick Gold, down 11 cents to $12.72, and First Quantum Minerals, off 38 cents, or 2.6%, to $14.16.

Also in gold stocks, Kinross Gold faded two cents to $3.58.

In utilities, Fortis Inc. dropped 52 cents, or 1.2%, to $42.54, while Hydro One slipped five cents to $19.66.

Hudson's Bay Co and Signa Holding will merge Germany's Galeria Kaufhof and Karstadt to form Europe's third biggest department store chain as they battle online rivals. Shares of Hudson's Bay, which bought Kaufhof in 2015, fell from its lofty heights, giving back 35 cents, or 3.3%, to $10.43.

On the economic beat, Canada Mortgage and Housing Corporation reported that the trend in housing starts was 214,598 units in August 2018, compared to 219,656 units in July 2018

ON BAYSTREET

The TSX Venture Exchange recovered 3.46 points to 722.20

All but three of the 12 subgroups were positive by the end of the day, with information technology climbing 1.2%, health-care better off by 1.1%, and real-estate, picking up 0.5%.

The three laggards were gold, sliding 0.6%, utilities, dumping 0.3%, and materials, down 0.1%.

ON WALLSTREET

U.S. stocks rose on Tuesday as a rebound in tech shares offset lingering concerns over trade.

The Dow Jones Industrial Average strengthened 113.99 points to 25,971.06, as Apple and Exxon Mobil outperformed. The Dow also got a boost from Nike shares.

Nike shares rose 1.1% after analysts at Canaccord Genuity upgraded them to buy from neutral. The analysts also said Nike's ad featuring former San Francisco 49ers quarterback Colin Kaepernick was a "stroke of genius."

The S&P 500 gained 10.76 points to 2,887.89, as tech shares climbed, and energy shares also helping raise the index.

The NASDAQ strengthened 48.31 points to 7,972.47, as shares of some of the largest tech companies rose.

Apple gained 2.5% snapping a four-day losing streak, after analysts at UBS raised their price target to $250 from $215, citing the potential growth of the company's services business.

Apple is holding a big event at its new headquarters on Wednesday, where it's expected to announce several new products. Netflix rose 2.2%, and Amazon jumped 2.5%, while Twitter jumped 1.2%.

But tech is still down 1.8% in September as social media companies like Facebook and Twitter face potentially increasing regulatory pressures.

Tesla's stock dropped 3.7% after a Nomura analyst called the stock "no longer investable."

Trade worries coupled with tech's recent decline have overshadowed strong economic data. The National Federation of Independent Business reported that small business optimism jumped to a record high last month, boosted by lower taxes and looser regulations.

Boeing recovered 1%, though Caterpillar shares fell back 0.1%. Both are considered bellwethers for global trade.

Prices for the benchmark for the 10-year U.S. Treasury dropped, raising yields to 2.98% from Monday’s 2.94%. Treasury prices and yields move in opposite directions.

Oil prices regained $1.87 to $69.41 U.S. a barrel.

Gold prices gained $1.60 to $1,201.40