Canada’s resources-heavy main stock index on Tuesday extended gains to a third straight session as utility and material stocks rose.
The TSX Composite gained 170.24 points to break for lunch hour Tuesday at 19,716.15.
The Canadian dollar gained 0.60 cents to 74.67 cents U.S.
Meanwhile, shares of TransAlta jumped $1.08, or 9.1% to $12.85, after the company reported better-than-expected third-quarter results and increased its full-year forecast.
Cannabis stocks tend to move on regulatory headlines, including prospects for legalization efforts and odds of friendlier cannabis legislation increase with a Democratic majority.
Algoma Steel Group dropped 58 cents, or 5.9%, to $9.21, after missing analysts’ second-quarter earnings expectations.
Yamana Gold backed a $4.8-billion takeover bid
from Agnico Eagle and Pan American Silver, which trumped an offer from South Africa’s Gold Fields, paving the way to an all-Canadian deal.
Shares in Yamana grabbed 40 cents, or 6.1%, to $6.98, while Agnico shares shot higher $4.40, or 7.6%, to $62.52, and Pan American popped $1.15, or 5.7%, to $21.43.
ON BAYSTREET
The TSX Venture Exchange strode forward 10.65 points, or 1.8%, to 604.18
All but one of the 12 TSX subgroups were higher, led by gold, surging 6.6%, materials, ahead 5%, while information technology clicked higher 1.4%.
The lone laggard was in energy, down 0.5%.
ON WALLSTREET
Stocks rose Tuesday as investors awaited the results of the U.S. midt-erm elections, which could impact future levels of government spending and regulation.
The Dow Jones Industrials were propelled 504.37 points higher, or 1.5%, to move into Tuesday afternoon at 33,331.37, on track for its third straight up day
The S&P 500 advanced 46.26 points, or 1.2%, to 3,853.06
The NASDAQ rocketed 154.24 points to 10,718.76.
Market participants are expecting Republicans to take back the House of Representatives and possibly win the Senate as well when results start rolling in Tuesday night. Investors tend to like the notion of gridlock in Washington with a divided Congress and President because it will limit government spending, new taxes and regulations.
Shares of Lyft fell nearly 20% while Take-Two Interactive and Tripadvisor slumped more than 18% each after reporting disappointing quarterly results.
Meanwhile, shares of Kohl’s jumped more than 7% after the department store chain announced the departure of its CEO next month.
Prices for the 10-year Treasury climbed, lowering yields to 4.14% from Monday’s 4.22%. Treasury prices and yields move in opposite directions.
Oil prices hesitated 91 cents to $90.88 U.S. a barrel.
Gold prices gained $39.30 to $1,719.70 U.S. an ounce.