TSX Gains as Miners Rise

Canada's commodity-heavy stock index opened higher on Tuesday, tracking strength in gold miners and energy stocks, while shares of cannabis firm Hexo Corp plunged after a buyout deal from Tilray Brands Inc.

The TSX started the day ahead 108.07 points to 20,383.89.

The Canadian dollar gathered 0.08 cents to 74.13 cents U.S.

In company news, U.S.-listed shares of HEXO fell 20% in pre-market trading, after Tilray Brands said it would buy the Canadian cannabis company for $56 million. Tilray shares descended 28 cents, or 7.5%, to $3.45, while Canadian shares of HEXO plummeted 59 cents, or 26.5%, to $1.64.

Glencore CEO Gary Nagle plans to meet with some Canadian shareholders of Teck Resources in Toronto on Thursday, to personally lobby them for support of Glencore's proposed takeover of the copper and zinc miner. Teck shares gained $1.16, or 2%, to $58.92.

French asset manager AXA IM said it has agreed to sell its stake in French data centre firm Data4 to Brookfield Infrastructure for an undisclosed amount. Brookfield shares took on 15 cents to $46.08.

ON BAYSTREET

The TSX Venture Exchange forged up 3.67 points to 630.25.

All but one of the 12 TSX subgroups were higher in the first hour, with materials better by 1.5%, gold up 1.1%, and consumer discretionary progressed 0.8%.

Only health-care moved into the red, and 1.5% at that.

ON WALLSTREET

Stocks were little changed Tuesday as investors look toward the release of economic data later this week for insight into the pace of future interest rate hikes.

The Dow Jones Industrials improved 72.98 points to start Tuesday at 33,659.50.

Read:

• Global Lithium Supply Under Pressure as South American Nations Discuss "Lithium OPEC"

• International Lithium Buyers Looking to South America to Fill Supply Gaps

• Race to Secure Critical EV Battery Metals Ahead of Chinese Dominance Fully Underway

• Help is on the Way as Rising Alzheimer’s Cases Highlight Urgency for New Treatments

• FDA’s Wave of Fast Track Designations Pushing Momentum in Healthcare Sector in 2023

The S&P 500 dipped 0.76 points to 4,108.35.

The NASDAQ dropped 47.49 points to 12,036.86.

CarMax shares jumped 5% after the used car retailer beat earnings expectations in its latest quarter, though it missed revenue estimates, according to Refinitiv. Meanwhile, Moderna shares shed more than 3% after the biotech firm said it’s delaying its flu vaccine.

Investors are anticipating the March readings of the consumer price index, due Wednesday, and the producer price index, out Thursday. Both inflation metrics could give further clarity into how the Federal Reserve might proceed on its rate-hiking campaign.

Further, Wall Street is heading toward another season of earnings announcements, with several major U.S. banks scheduled to release their earnings reports for the first time since the series of bank crises in March. JPMorgan Chase, Wells Fargo and Citigroup are set to report Friday.

Prices for the 10-year Treasury sagged, lifting yields to 3.43% from Monday’s 3.42%. Treasury prices and yields move in opposite directions.

Oil prices regained 82 cents to $80.56 U.S. a barrel.

Gold prices recovered $11.50 to $2,015.30 U.S. an ounce.