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TSX Stages Small Recovery

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Baystreet.ca
·3 min read
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  • AEO

Canada's main stock index opened higher on Tuesday, as gains in the financial sector on prospects of higher interest rates next year and strength in energy shares lifted sentiment.

The S&P/TSX Composite recovered 24.67 points to open Tuesday to 21,445.44.

The Canadian dollar dipped 0.09 cents at 78.63 cents U.S.

TD Securities raised the target price on Canadian Western Bank to $44.00 from $42.00. CWB ended Monday at $39.26.

TD Securities then cut the target price on Laurentian Bank to $47.00 from $48.00. Laurentian shares closed Monday at $41.33.

ATB Capital Markets raised the target price Imperial Oil to $48.00 from $45.00. Imperial shares were starting from $43.15 Tuesday morning.

Air Canada has agreed to a $4.5-million settlement to resolve a U.S. government investigation into claims thousands of air passenger refunds were delayed, the Transportation Department said. Shares in the "Maple Leaf airline" had $23.21 as a departure point.

Canada has halted exports of fresh potatoes from Prince Edward Island to the United States, facing a threat from Washington to ban the shipments over concerns about the potato wart fungus, the Canadian Food Inspection Agency said on Monday.

ON BAYSTREET

The TSX Venture Exchange poked up 1.23 points to 967.59.

Six of the 12 TSX subgroups were down in the first hour, with gold dropping 1%, information technology off 0.6%, and materials lower by 0.4%.

The five gainers were led by energy, ahead 2.4%, health-care, up 1.1%, and financials, better by 0.4%.

Industrials were unchanged soon after the opening bell.

ON WALLSTREET

U.S. stocks were quiet in early trading on Tuesday after a tech-focused sell-off spurred by rising bond yields that saw the NASDAQ drop more than 1% on Monday.

The Dow Jones Industrials stumbled 41.49 points to 35,577.76.

Read:

The S&P 500 index dropped 5.17 points to 4,677.77

The NASDAQ Composite inched downward 33.41 points to 15,821.35.

In earnings news, shares of video conferencing company Zoom Video Communications tumbled 12% a day after it beat earnings estimates but warned of a slowdown ahead as the COVID pandemic winds down and the demand for remote contact decreases.

On the positive side, discount retailer Dollar Tree and chipmaker Western Digital were two of the best performers in early trading. Energy stocks also moved higher even after President Joe Biden announced on Tuesday that he would tap the strategic petroleum reserve in an attempt to lower gas prices at a time when inflation is running at its highest level in three decades.

Tuesday’s moves come after the market slid into the close in the previous session after the S&P 500 had hit an intraday record earlier in the session.

Earnings season continues on Tuesday with reports from American Eagle, Best Buy and Abercrombie & Fitch before the bell. Dell Technologies, GAP, HP and Nordstrom report quarterly earnings after the bell on Tuesday.

U.S. markets will be closed Thursday on Thanksgiving Day. The stock market closes early at 1 p.m. ET on Friday.

Prices for 10-year Treasurys eased off a bit, raising yields to 1.65% from Monday’s 1.63%. Treasury prices and yields move in opposite directions.

Oil prices gained 97 cents to $77.72 U.S. a barrel.

Gold prices doffed $16.90 to $1,789.40 U.S. an ounce.


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