Equities in Toronto managed to keep their upward progress going Tuesday, following on the momentum behind energy and health stocks.
The TSX Composite Index finished higher by 70.5 points at 20,547.76
The index is on track for its seventh straight monthly increase, even as data points to a slowdown in global economic growth.
The Canadian dollar added 0.37 cents to 79.40 cents U.S.
In the oil patch, Crescent Point Energy rocketed 17 cents, or 4.1%, to $4.30, while MEG Energy conquered 31 cents, or 4.1%, to $7.89.
Cannabis stocks also had fun, with Aurora Cannabis acquiring 31 cents, or 3.5%, to $9.11, while Organigram Holdings picked up a dime, or 3.1%, to $3.31.
Tech stocks also moved forward, with BlackBerry charging ahead $1.13, or 8.8%, to $13.98, while Quarterhill Inc. progressed 15 cents, or 6%, to $2.66.
On the other hand, Kirkland Lake Gold proved a weight on its sector, dropping 80 cents, or 1.6%, to $49.32, while OceanaGold missed breakeven by seven cents, or 3.1%, to $2.21.
In consumer staples, NorthWest Company handed over 65 cents, or 1.8%, to $36.28, while Jamieson Wellness toppling 41 cents, or 1.2%, to $35.02.
In the industrial sector, Badger Infrastructure Solutions slid $1.11, or 3.1%, to $34.76, while Thomson Reuters skidded $1.58, or 1.1%, to $143.60,
ON BAYSTREET
The TSX Venture Exchange pointed higher 3.61 points to 880.91.
Seven of the 12 TSX subgroups gained ground Tuesday, led by energy’s 2% hike, followed by health-care’s 1.5% hike, and information technology’s 1.2% progress.
The five laggards were weighed most by gold, down 0.4%, consumer staples, slipping 0.3%, and industrials, down 0.2%.
ON WALLSTREET
Stocks were marginally higher Tuesday following a broad-based rally on news that U.S. regulators granted full approval for Pfizer-BioNTech’s COVID vaccine.
The Dow Jones Industrials finished positive 30.55 points to 35,366.26.
The S&P 500 inched higher 6.7 points to a new closing high of 4,486.23.
The NASDAQ Composite gathered 77.15 points to 15,019.80, another closing high.
Chinese stocks led the NASDAQ as investors have been getting more clarity on China’s regulatory outlook and buying shares of names that have taken a beating lately. Pinduoduo jumped 22% while JD.com rose above 14%, Tencent Music Entertainment climbed 12.75% and Baidu gained roughly 8.5%.
On Tuesday afternoon the U.S. Securities and Exchange Commission said it plans to demand U.S.-traded Chinese companies disclose political and regulatory risks to investors, an extension of recently imposed requirements for firms seeking initial public offerings. Corporations could begin including the enhanced disclosures in their annual reports as early as next year, according to a Bloomberg report.
Shares of vaccine makers pulled back Tuesday. Pfizer and BioNTech were about 3% lower. Moderna fell 4% and Trillium Therapeutics, which surged about 180% Monday on news it would be acquired by Pfizer, was slightly lower too by 0.6%.
Travel stocks extended their rally from Monday, with several airline and cruise stocks rising between about 3% and 4% Tuesday. Casino operators Las Vegas Sands and Wynn Resorts were also higher by 7%, after Macau eased travel restrictions with the improvement of the COVID-19 case outlook in China’s Guangdong province, a key visitor source for the gambling capital.
Best Buy shares rose about 8% after the electronics retailer beat estimates on the top and bottom lines for the second quarter. Nordstrom is set to report earnings after the close.
The markets were relatively quiet as investors await the Jackson Hole symposium later this week. Meme stocks surged in the late afternoon, however, with GameStop rallying as much as 27.5% and AMC jumping 20%.
Investors are eyeing the Jackson Hole symposium later this week, which is expected to be a market-moving event where central bankers could detail their plans for tapering monetary stimulus. The Federal Reserve has started discussions to pull back its $120 billion a month bond-buying program by the end of this year.
Prices for 10-Year Treasurys sagged, pulling up yields to 1.30% from Monday’s 1.26%. Treasury prices and yields move in opposite directions.
Oil prices climbed $2.03 to $67.67 U.S. a barrel.
Gold prices were worse off 40 cents to $1,805.10 U.S. an ounce.