Resources Carry TSX to 9-Week High
The TSX perked 149.78 points to end Tuesday at 20,376.57.
The Canadian dollar acquired 0.20 cents to 75.93 cents U.S.
Energy proved the king Tuesday, with Precision Drilling gushing $3.97, or 5.6%, to $75.06, while Enerplus triumphed 96 cents, or 4.9%, to $20.67.
Among materials, Endeavour Silver grabbed 31 cents, or 6.5%, to $5.05, while First Majestic Silver popped 39 cents, or 4.5%, to $9.13.
Gold stocks moved forward, with Lundin Gold ahead 88 cents, or 5%, to $18.67, while OceanaGold climbed 12 cents, or 4.4%, to $2.87.
Health-care weighed things down a bit, with Tilray sliding six cents, or 2.7%, to $2.18, while Chartwell Retirement Residences gave back nine cents to $9.83.
In consumer staples, North West Company flattened out 66 cents, or 2.1%, to $31.14, while Primo Water skidded 28 cents, or 1.6%, to $31.14.
In utilities, Innergex Energy fell 18 cents, or 1.4%, to $12.76, while Fortis tailed off 56 cents, or 1%, to $55.95.
Economically speaking, Statistics Canada said its consumer price index rose 2.8% on a year-over-year basis in June, following a 3.4% increase in May. On a seasonally adjusted monthly basis, the CPI rose 0.1% in June.
The agency also reported its industrial produce price index fell 0.6% month over month in June and fell 5.5% year over year., while its raw materials price index declined 1.5% on a monthly basis in June and was 19.7% lower compared with June 2022.
Moreover, Canada Mortgage and Housing Corporation reported housing starts increased by 41% over a month earlier to 281,373 units in June 2023, above market expectations of 220,000 units and marking the largest change in over 10 years, according to the Canada Mortgage and Housing Corporation.
ON BAYSTREET
The TSX Venture Exchange dropped 1.03 points to 624.41.
Eight of the 12 TSX subgroups were higher by the closing bell, with energy rumbling 2.8%, while materials headed higher 1.9%, and gold up 1.8%.
The four laggards were weighed most by health-care, off 0.8%, consumer staples, lower 0.6%, and utilities, down 0.5%.
ON WALLSTREET
The Dow Jones Industrial Average was higher Tuesday as traders digested better-than-expected corporate earnings.
The 30-stock index popped 366.58 points, or 1.1%, to close Tuesday at 34,951.93, achieving a seventh straight day of gains.
The S&P 500 added 32.19 points to 4,554.98.
The NASDAQ index climbed 108.69 points to 14,353.64.
Bank of America reported better-than-expected earnings for the second quarter, thanks to higher interest rates. The bank stock added 4.3%. Bank of N.Y. Mellon’s earnings also exceeded expectations, helping lift shares 4.2%.
Morgan Stanley stock added 6.3% after a beat on both revenue and adjusted earnings per share thanks to record revenue in its wealth management segment. PNC Financial, added 1.2% on the back of mixed second-quarter numbers. J.B. Hunt is slated to report after the bell.
Overall, the earnings season is off to a strong start. Of the S&P 500 that have reported, 84% exceeded profit estimates.
Meanwhile, investors are seemingly shaking off soft data from the Commerce Department out Tuesday. Advance retail sales ticked up 0.2%
month-over-month in June, while economists polled by Dow Jones forecasted a 0.5% increase.
Prices for the 10-year Treasury were ahead, lowering yields to 3.80% from Monday’s 3.81%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.57 to $75.72 U.S. a barrel.
Gold prices picked up $24.80 to $1,981.20 U.S. an ounce.
Provided Content: Content provided by Baystreet. The Globe and Mail was not involved, and material was not reviewed prior to publication.
