Stocks in Toronto edged higher on Tuesday, led by energy and industrial stocks, while miner Lundin Mining jumped to a three-week high on buying a majority stake in a copper mine.
The TSX remained aloft 47.45 points to open Tuesday at 19,672.19.
The Canadian dollar gained 0.18 cents to 73.42 cents U.S.
Lundin Mining soared 46 cents, or 5.9%, to $8.27, nearly a three-week high, after the miner said it would buy a 51% stake in Chile’s Caserones copper mine for about $950 million to expand its exposure to the red metal crucial for the green energy transition.
J.P.Morgan raised its price target levels for Bombardier, stating that the business jet maker had made considerable progress in shoring up its balance sheet, sending shares of the plane maker $1.25, or 1.9% up, to $67.47.
Spartan Delta shares surged 78 cents, or 5.6.% to nearly a two-month high of $14.57, after Crescent Point Energy said it would acquire the oil explorer’s Montney assets in Alberta for $1.7 billion in an all-cash deal. Crescent inched up two cents to $9.08.
This afternoon, around 4 p.m. ET, Finance Minister Chrystia Freeland will present this year’s budget to Parliament.
ON BAYSTREET
The TSX Venture Exchange hiked eight points, or 1.3%, to 618.32.
All but three of the 12 TSX subgroups were higher, with energy progressing 1.2%, consumer staples ahead 1%, and gold up 0.6%.
The three laggards were health-care, slumping 1.3%, real-estate, stumbling 0.5%, and information technology, retreating 0.4%.
ON WALLSTREET
The NASDAQ Composite fell Tuesday as an uptick in rates put pressure on the tech-heavy index.
The Dow Jones Industrials jumped 87.53 points to 32,519.61.
The S&P 500 faded 2.71 points to 3,974.82.
The NASDAQ lost 63.63 points to 11,705.20.
Regional banks rose Tuesday, with First Republic taking on 1%. New York Community Bancorp shares rose 0.8%.
A slew of positive news reports helped lift sentiment on Wall Street Monday, including First Citizens BancShares’ agreement to buy large parts of Silicon Valley Bank. Further, there were media reports that deposit flows out of small institutions and into banking behemoths have slowed.
Prices for the 10-year Treasury dropped a bit, raising yields to 3.56% from Monday’s 3.54%. Treasury prices and yields move in opposite directions.
Oil prices added 46 cents to $73.27 U.S. a barrel.
Gold prices gathered $14.30 to $1,968.10 U.S. an ounce.