Break up the TSX, some investors may be excused for saying Tuesday, as the market was again in the win column, for the eighth straight time. Tuesday’s rally, modest as it may have been, came on the shoulders of health-care and utility stocks.
The TSX gained 67.13 points to conclude Tuesday at 20,457.46.
The Canadian dollar picked up 0.07 cents at 74.71 cents U.S.
Health-care issues led the parade, taking the lead of Bausch Health Companies, hiking 23 cents, or 2.3%, to $10.39, while Chartwell Retirement Residences prospered 21 cents, or 2.3%, to $9.53.
Among utility concerns, Algonquin Power & Utilities strengthened 60 cents, or 6.7%, to $9.56, while Transalta Renewable took the elevator up 25 cents, or 2.1%, to $12.39.
Energy surged, led by Tamarack Valley, ahead 18 cents, or 3.8%, to $4.63, while Arc Resources pushed ahead 58 cents, or 3.5%, to $16.97.
Gold and other metals did not fare so well, however, as NovaGold Resources ducked 38 cents ,or 4.2%, to $8.71, while Centerra Gold shied away 44 cents, or 5.4%, to $7.78.
Meanwhile, Pan American Silver ditched 77 cents, or 3%, to $24.63, while Fortuna Silver docked 17 cents, or 3.5%, to $4.75.
Among consumer stocks wiping at the bruises, Metro fell 51 cents to $74.23, while Saputo retreated 21 cents to $36.72.
It was a busy day ahead on the economic calendar: the Consumer Price Index rose 6.3% on a year-over-year basis in December, following a 6.8% increase in November. On a seasonally adjusted monthly basis, the CPI fell 0.1% in December.
Also, Canadian acquisitions of foreign securities totaled $14.1 billion in November, the largest investment since April. Meanwhile, non-resident investors purchased $12.8 billion of Canadian securities, up from a $9.1 billion investment in October.
CMHC said the standalone monthly Seasonally Adjusted Annual Rate (SAAR) of total housing starts for all areas in Canada declined 5% in December (248,625 units) compared to November (263,022 units). The SAAR of total urban starts also declined 5%, with 227,708 units recorded in December. Multi-unit urban starts decreased 4% to 182,850 units, while single-detached urban starts fell 11% to 44,858 units.
ON BAYSTREET
The TSX Venture Exchange shed 3.37 points to 617.38.
All but three of the 12 subgroups were positive on the day, with health-care climbing 1.4%, utilities up 1.3%, and energy, better by 1.1%.
The three laggards proved to be gold, down 3%, materials, sliding 1.2%, and consumer staples, backing off 0.1%.
ON WALLSTREET
The Dow Jones Industrial Average fell on Tuesday as investors struggled to keep building on early 2023 momentum and weighed the latest earnings results.
The 30-stock index tumbled 391.76 points, or 1.1%, to adjourn Tuesday at 33,910.85, dragged down by a drop in Goldman Sachs shares.
The S&P 500 fell back 8.12 points to 3,990.97.
The NASDAQ Composite Index managed some dignity, prospering 15.96 points to 11,095.11.
Goldman slid 6.4% after the bank reported its worst earnings miss in a decade for the fourth quarter. Its results were pressured by declines in investment banking and asset management revenues. Meanwhile, rival Morgan Stanley posted better-than-expected numbers, thanks in part to record wealth management revenue. Its shares jumped 5.91%.
Those results came after other major banks such as JPMorgan and Citigroup reported mixed quarterly results.
About 7% of S&P 500 earnings have reported earnings through Tuesday morning, according to FactSet. Of those companies 70% have beaten expectations. United Airlines will report its quarterly results after the bell.
Year-to-date, NASDAQ is leading the way up 6%, as investors buy beat-up technology shares amid rising hopes of an improving landscape for growth stocks. The S&P 500 has moved up 4%, and Dow has advanced 2.3%, since the start of the year.
Markets were shuttered Monday for Martin Luther King Day.
Prices for the 10-year Treasury were lower, raising yields to 3.55% from Friday’s 3.51%. Treasury prices and yields move in opposite directions.
Oil prices $1.17 to $81.03 U.S. a barrel.
Gold prices dipped $10.50 to $1,911.20 U.S. an ounce.