Equities in Canada’s biggest market opened lower on Tuesday, weighed down by materials shares, while declines were limited by cementing bets of a June interest rate cut by the Bank of Canada after a domestic inflation data reading.
The TSX Composite took a header of 149.37 points to kick off Monday trading at 21,590.83.
The Canadian dollar dipped 0.19 cents at 72.34 cents U.S.
Tamarack Valley Energy temporarily shut its oil output production following a fire at a Canadian Natural Resources Ltd gas plant in Alberta, the companies said on Monday. Tamarack Valley shares were down 10 cents, or 2.6%, to $3.81, while Natural Resources stock took on 50 cents to $107.35.
On the economic slate, Statistics Canada said the Consumer Price Index (CPI) rose 2.9% on a year-over-year basis in March, up from a 2.8% gain in February. On a seasonally adjusted monthly basis, the CPI rose 0.3% in March.
As well, housing starts totaled 242,200 in March, compared to 260,000 in the prior-year month.
ON BAYSTREET
The TSX Venture Exchange lost 5.56 points, or 1%, to 571.11.
All but two of the 12 TSX subgroups were in the red in the first hour, with materials falling 2.3%, gold dulling in price 2.1%, and communications off 1.4%.
The two gainers were energy, eking ahead 0.2%, and information technology, edging up 0.03%.
ON WALLSTREET
The Dow Jones Industrial Average edged higher on Tuesday, as the blue-chip average attempted to snap a six-day losing streak.
The Dow recovered 114.47 points to open Tuesday at 37,849.58.
The S&P 500 index fell back 3.75 points to 5,057.63.
The NASDAQ inched up 4.13 points to 15,889.15.
UnitedHealth shares rallied more than 6% on the back of better-than-expected revenue for the first quarter. But Johnson & Johnson, another Dow member, posted mixed quarterly results, sending shares down almost 2%.
Morgan Stanley advanced more than 2% after beating analyst consensus forecasts on both lines. Bank of America also topped expectations for the quarter, but shares slipped around 3%.
America’s largest companies have given Wall Street reason for optimism in the early innings of the new corporate earnings season. Of the less than 10% of S&P 500-listed firms that have reported financials, nearly four of of every five have exceeded Wall Street consensus. estimates
Prices for the 10-year Treasury tumbled, raising yields to 4.68% from Monday’s 4.62%. Treasury prices and yields move in opposite directions.
Oil prices subtracted 19 cents to $85.22 U.S. a barrel.
Gold prices moved mildly ahead, 70 cents, to $2,383.70 U.S. an ounce.
