TSX Manages to Keep Gains by Close - InvestingChannel

TSX Manages to Keep Gains by Close

Stocks in Canada’s largest market kept the momentum going on Tuesday, as industrial and utilities were on the move.

The TSX Composite leaped 177.16 points, or 1%, to greet the closing bell Tuesday at 18,798.18.

The Canadian dollar dipped 0.16 cents to 72.76 cents U.S.

Iamgold added 27 cents, or 18.3%, to $1.74, leading gains on the TSX, after Zijin Mining said its unit agreed to buy a stake in Rosebel Gold Mines for $360 million from the Canadian company.

Industrials led the parade otherwise, with Bombardier up $1.99, or 6.6%, to $32.09, while Brookfield Business Partners soaring 92 cents, or 3.6%, to $26.65.

In utilities, Innergex Renewable climbed 65 cents, or 4.4%, to $15.34, while Transalta Renewables gained 45 cents, or 3.4%, to $13.57.

Tech stocks also made headway, with Shopify vaulting $1.38, or 3.6%, to $39.50, while Payfare took on 17 cents, or 3.8%, to $4.60.

Only energy failed to clear breakeven, with Advantage Oil down 31 cents, or 3%, to $10.17, while Headwater Exploration docked 14 cents, or 2.2%, to $6.27.

In the economic docket, Statistics Canada said foreign investment in Canadian securities growth accelerated in August and reached $22 billion, the largest investment since April.

Meanwhile, Canadian investors reduced their holdings of foreign securities by $1.4 billion, after buying $4.3 billion in July.

Also, Canada Mortgage and Housing Corporation reported 271,068 housing starts in September, a drop from 284,757 starts recorded in August.

ON BAYSTREET

The TSX Venture Exchange gained 1.89 points to 588.52.

All but one of the 12 TSX subgroups gained ground, as industrials moved ahead 1.7%, while information technology and utilities each jumped 1.4%.

The lone laggard proved to be energy, sliding 0.5%.

ON WALLSTREET

Stocks rose for a second straight session on Tuesday as strong corporate earnings reports helped extend a rally to start the week.

The Dow Jones Industrials steamrolled 337.98 points, or 1.1%, to 30,523.80.

The S&P 500 took on 42.03 points, or 1.1%, to 3,719.98.

The NASDAQ Composite stayed afloat 96.6 points to 10,772.40.

Those gains built on a bigger upside move from Monday, which saw the NASDAQ rise more than 3% for its best day since July.

Goldman Sachs rose 2.3% to boost the Dow after strong trading results helped the investment bank beat expectations for earnings and revenue.

That report continued a strong stretch of bank earnings, including beats from Bank of America and Bank of New York Mellon on Monday, and the financial sector, as a whole, outperformed on Tuesday.

Lockheed Martin also rose 8.7% after its earnings per share topped estimates.

Fears of a recession and overly aggressive central banks have helped push the U.S. markets to their lows of the year in recent weeks, but the solid start to earnings season may signal that the economy is currently in better shape than feared.

Elsewhere, Salesforce rose 4.3% after activist Starboard Value LP revealed a stake in the software giant, boosting the Dow.

Treasury prices recovered lost ground, dropping yields to 4% from Monday’s 4.01%. Treasury prices and yields move in opposite directions.

Oil prices dipped $2.28 to $83.18 U.S. a barrel.

Gold prices fell back $7.50 to $1,656.50 U.S. an ounce.

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