Equities in Toronto rose on Tuesday, led by an over 2% rise in materials stocks, as gold miners tracked an increase in bullion prices.
The TSX picked up Tuesday where it left off Monday, catapulting 114.87 points to 18,572.65
The Canadian dollar regrouped 0.25 cents at 79.24 cents U.S.
The largest percentage gainers on the TSX were software firm Lightspeed POS which jumped $5.92, or 8.6%, to $74.54, after BTIG raised its rating of the stock, and Ballard Power Systems which rose $2.53, or 9.4%, to $29.35, after the fuel cell product maker received follow-on orders from Wrightbus for fuel cell modules.
CAE fell $1.77, or 4.6%, the most on the TSX, to $36.94, while Vermilion Energy recovered from initial losses to eke up two cents to $9.05.
BTIG initiated coverage on Curaleaf Holdings with a buy rating and price target of $35. Curaleaf went skyward 57 cents a share, or 3.1%, to open at $18.89.
BTIG also initiated coverage on Green Thumb Industries with buy rating. Green Thumb shares were in the green $2.04, or 5.4%, to $40.04.
ATB Capital Markets raised the target price on Bombardier to $0.85 from $0.60. Bombardier shares dipped half a cent to 70.5 cents.
ON BAYSTREET
The TSX Venture Exchange gained 25.85 points, or 2.8%, to tear into Tuesday’s session at 956.92
All but one of the 12 TSX subgroups were positive in the first hour, with health-care zooming 3.2%, gold ahead 3%, and information technology stronger 2.6%.
The lone holdout was in the financial sector, down 0.2%.
ON WALLSTREET
U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.
The Dow Jones Industrials built on Monday’s gains, picking up 157.95 points to open for business Tuesday at 31,960.39
The S&P recaptured 59.17 points to 3,879.40.
The NASDAQ Composite screamed back from a disastrous Monday, popping 409.36 points, or 3.3%, to 13,018.52. Tesla shares popped 8.4% after a five-day losing streak, while Apple, Amazon, Microsoft and Netflix all gained at least 3%.
Many popular technology stocks have fallen double digits over the past month. Apple has dropped 12% in the past month, while Tesla has tumbled nearly 30%. Pandemic bets Zoom Video and Peloton have both fallen more than 20% during the same period.
Prices for 10-Year Treasurys recovered, weighing yields to 1.54% from Monday’s 1.61%. Treasury prices and yields move in opposite directions.
Oil prices shed 82 cents to $64.23 U.S. a barrel.
Gold prices brightened $37.50 to $1,715.50.