TSX Starts out Positive

Equities in Canada’s largest market edged lower on Tuesday, as energy stocks and financials weighed, while miner Lundin Mining jumped after acquiring a majority stake in Chile's Caserones copper mine.

The TSX grabbed 41.78 points to open Tuesday at 19,666.52.

The Canadian dollar backed off 0.04 cents to 73.24 cents U.S.

Lundin said it would buy a majority stake in Chile's Caserones copper mine for about $950 million to expand the Canadian miner's exposure to the red metal crucial for the green energy transition. Lundin shares rocketed 51 cents, or 6.5%, to $8.32.

J.P.Morgan raised its price target levels for Bombardier stating that the business jet maker had made considerable progress in shoring up its balance sheet, leaving it less vulnerable to the macro environment. Bombardier stock took on $1.20, or 1.8%, to $67.42.

Crescent Point Energy said it would acquire Spartan Delta Corp's oil and liquids-rich Montney assets in Alberta for $1.7 billion in an all-cash deal. Crescent Point shares gained seven cents to $9.13, while those for Spartan progressed 75 cents, or 5.4%, to $14.54.

ON BAYSTREET

The TSX Venture Exchange hiked 7.51 points, or 1.2%, to 617.83.

Eight of the 12 TSX subgroups were higher, with energy and consumer discretionary stocks each gaining 0.8%, while industrials perked 0.7%.

The four laggards were weighed most by real-estate and gold, each sliding 0.3%, and information technology, off 0.2%.

ON WALLSTREET

The NASDAQ Composite fell Tuesday as an uptick in rates put pressure on the tech-heavy index.

The Dow Jones Industrials dipped 4.61 points to 32,427.47.

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The S&P 500 faded 16.72 points to 3,960.81.

The NASDAQ lost 110.17 points to 11,658.67.

Regional banks rose Tuesday, with First Republic climbing 1%. New York Community Bancorp shares rose 0.8%.

Markets may also be taking news of First Citizens’ plan to buy a large chunk of SVB as a positive.

Prices for the 10-year Treasury dropped a bit, raising yields to 3.55% from Monday’s 3.54%. Treasury prices and yields move in opposite
directions.

Oil prices climbed 50 cents to $73.31 U.S. a barrel.

Gold prices gathered $9.20 to $1,963 U.S. an ounce.