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Canada’s main stock index rose on Tuesday as copper prices hit a six-week high, boosting the materials sector.

At 11:35 a.m. ET, the Toronto Stock Exchange’s S&P/TSX composite index was up 70.13 points, or 0.43 per cent, at 16,120.83.

Concerns over the potential supply impact of wage negotiations at BHP’s Escondida mine, in Chile, the world’s biggest copper mine, helped copper prices advance 1 per cent to $7,045.5 a ton.

Ten of the index’s eleven major sectors were higher, led by stocks in materials group, which added 1.5 per cent, and health care group, which sat up 1.9 per cent.

Leading the materials group were shares of copper miner First Quantum Minerals Ltd, which rose 5.1 per cent. Teck Resources Ltd. was up 3.4 per cent, while Lundin Mining Corp. increased 4.4 per cent.

Hudson’s Bay Co fell 3.4 per cent, the most on the TSX, as its first-quarter loss widened on declines in its European and Saks OFF 5th divisions.

The Canadian dollar weakened against the greenback as oil prices fell and Trump mulled moving toward bilateral discussions on NAFTA.

U.S. stocks are mixed Tuesday after posting solid gains over the last two days. Technology companies and consumer-focused companies are rising further and the smallest companies are also making gains. Banks slipped as bond yields decreased. Oil prices continued to decline. Twitter rose after being added to the S&P 500 index.

The S&P 500 lost 2 points, or 0.1 per cent, to 2,744. The Dow Jones industrial average slipped 60 points, or 0.2 per cent, to 24,753. The Nasdaq composite rose 10 points, or 0.1 per cent, to 7,616 and the Russell 2000 climbed 1 point, or 0.1 per cent, to 1,654.

The Nasdaq, which includes a heavy weighting of technology companies, and the Russell, an index comprised of smaller and more U.S.-focused companies, both finished at record highs Monday. The S&P is still 4.5 per cent off the record it set on Jan. 26, and the Dow is 7 per cent below the mark it set the same day.

Starbucks fell after Howard Schultz said he’s stepping down as the coffee chain’s chairman. Schultz has been chairman of the company since 2000 and oversaw enormous expansion for Starbucks over that time. He stepped away as CEO in 2000 but returned in 2008, and relinquished that title to Kevin Johnson in 2017. The stock lost 2.4 per cent to $55.72.

Oil prices were mixed. Crude recently hit a three-year high but has declined sharply over the past two weeks. U.S. crude picked up 0.3 per cent to $64.93 a barrel in New York. Brent crude, used to price international oils, lost 1.2 per cent to $74.35 a barrel in London.

U.S. crude has fallen 10 per cent since it peaked at just over $72 a barrel on May 21.

S&P Dow Jones Indices said late Monday that Twitter will be added to the benchmark S&P 500 index as of Thursday after Monsanto officially becomes part of Bayer. Twitter rose 5.2 per cent to $39.87. Netflix, which will become part of the S&P 100 index, rose 1.9 per cent to $368.63.

Retailers were in focus as more of them reported their latest quarterly results. G-III Apparel Group climbed 8.3 per cent to $46.43 after it raised its annual profit and sales forecast following a strong first quarter. Ascena Retail and Francesca’s both shook off an early losses. Ascena picked up 7.7 per cent to $3.94 and Francesca’s added 4.2 per cent to $6.35. Genesco skidded 11.9 per cent to $39.65 after it reported weak sales.

Other retailers and consumer-focused companies also rose. Amazon was on track for another record high as it rose 1.1 per cent to $1,683.14 while Target gained 2.3 per cent to $78.14 and Macy’s jumped 6.2 per cent to $39.41.

Chipmaker Texas instruments added 1.2 per cent to $117.08 and eBay gained 2.4 per cent to $40. Apple and Microsoft, which also set record highs Monday, continued to climb. Apple climbed 0.7 per cent to $193.23 and Microsoft advanced 0.5 per cent to $102.13.

Mylan climbed 6.3 per cent to $40.92 after federal regulators approved its version of Amgen’s anti-infection drug Neulasta. The Mylan drug, Fulphila, is called a biosimilar, meaning it’s the generic equivalent of a complex biotech drug, and it’s approved to reduce the risks of infections during treatment for cancer. Amgen lost 3 per cent to $179.95.

Germany’s DAX rose 0.4 per cent and the French CAC 40 added 0.1 per cent. Britain’s FTSE 100 dropped 0.2 per cent.

Japan’s benchmark Nikkei 225 index rose 0.3 per cent and South Korea’s Kospi gained 0.3 per cent. In Hong Kong the Hang Seng rose 0.3 per cent.

Reuters and The Associated Press

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 24/05/24 4:00pm EDT.

SymbolName% changeLast
Ebay Inc
Apple Inc
Starbucks Corp
First Quantum Minerals Ltd
Microsoft Corp
G-III Apparel Gp
Amgen Inc
Lundin Mining Corp

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