Stocks in Canada’s largest market enjoyed slight Tuesday, as technology stocks boasted a banner day, overcoming weakness in resource issues.
The TSX gained 51.57 points to wind up Tuesday at 17,552.46.
The Canadian dollar backpedaled 0.33 cents to 77.47 cents U.S.
Ontario on Monday announced a partial shutdown of some businesses starting Saturday (Boxing Day) and banned most indoor gatherings as the country’s most populous province struggles to control a second wave of COVID-19.
The biggest gainer on the TSX was Lightspeed POS, which rose $9.21, or 11.9% to $86.93, after brokerage Credit Suisse started coverage of the stock with an outperform rating.
Elsewhere in techs, Docebo sprinted $4.63, or 7%, to $71.13.
Consumer discretionary enjoyed themselves, too, as Magna International popped $3.96, or 4.8%, to $85.76, while Spin Master added 40 cents, or 1.4%, to $29.90.
Utilities also made headway, as Boralex acquired $3.37, or 8.4%, to $43.30, while Brookfield Renewable Energy Partners triumphed $1.83, or 3.6%, to $53.14.
On the other side of the ledger, New Gold faded 16 cents, or 5.4%, to $2.81, while Iamgold docked 26 cents, or 5.5%, to $4.49.
Elsewhere in resources, First Majestic Silver sagged $1.04, or 6.2%, to $15.80, while Fortuna Silver Mines slipped 50 cents, or 5%, to $9.47.
In energy issues, Enerplus dropped 21 cents, or 5%, to $3.76, while Vermilion Energy lost 24 cents, or 4.2%, to $5.49.
On the economic platform, Statistics Canada said the number of employees receiving pay or benefits from their employer—measured in the Survey of Employment, Payrolls and Hours as payroll employment—continued to rise in October, up by 183,700 (or 1.2%) from the previous month.
ON BAYSTREET
The TSX Venture Exchange gained 7.28 points to 829.97.
Seven of the 12 TSX subgroups registered negative readings by the close, with gold stumbling 2.4%, while materials suffered 2.2%, and energy proved 2% less energetic.
Among the five gainers, information technology soared 3.9%, while consumer discretionary and utilities each gained 0.9%.
ON WALLSTREET
The S&P 500 fell for a third straight session on Tuesday even after Congress approved a long-delayed coronavirus relief package.
The Dow Jones Industrials slumbered 200.94 points to finish Tuesday 30,015.51
The S&P 500 dropped 7.66 points to 3,687.26
The NASDAQ gained 65.4 points to 12,807.92, a new record. The tech-heavy index was supported by a 2.9% jump in Apple shares amid investor enthusiasm around its reported foray into self-driving vehicles.
Equity investors could be taking chips off the table after registering solid gains in 2020. With less than two weeks left, the S&P 500 is up more than 14% for the year, while the 30-stock Dow has gained over 5%. The NASDAQ has soared 42.7% this year as traders stuck with their tech darlings during the pandemic.
Congressional leaders attached $900 billion in pandemic aid to a $1.4-trillion measure to fund the government through Sept. 30. President Donald Trump is expected to sign it into law in the coming days, weeks before he will leave office. Treasury Secretary Steven Mnuchin told the media on Monday that Americans could receive their stimulus checks in a matter of days.
The market started the holiday week on a sour note as fears about a new variant of COVID-19 in the U.K. emerged. Many European countries implemented travel restrictions on visitors from the U.K., and New York Gov. Andrew Cuomo called for the United States to take similar steps.
American Airlines dropped 3.9% and United fell 2.5%. Carnival fell nearly 6%, while Royal Caribbean dipped nearly 3%. Norwegian Cruise Line slid 6.9%
However, many experts, including those from the World Health Organization, said that the coronavirus vaccines from Pfizer and Moderna would likely be effective against the new variant and that COVID was mutating at a slower pace than the seasonal flu.
On the data front, the final reading on third-quarter gross domestic product came to a growth of 33.4% on an annualized basis, compared to 33.1% expected.
Prices for the 10-Year Treasury gained some ground, lowering yields to 0.92% from Monday’s 0.93%. Treasury prices and yields move in opposite directions.
Oil prices lost $1.07 to $46.90 U.S. a barrel.
Gold prices fell $17.60 to $1,865.20.