Pason, Tervita in Focus
Equities in Toronto opened higher, on the strength of tech and health-care stocks.
The S&P/TSX Composite Index regained 42.81 points to start Tuesday trade at 15,452.28
The Canadian dollar took on 0.31 cents to 77.3 cents U.S.
CAE Inc said on Tuesday it expects global demand for pilots to rise with fleet growth and changing crew ratios, and the active combined airline and business jet pilot population will exceed half a million by 2028.
CAE shares eased nine cents to $24.52.
Credit Suisse raised the price target on Gibson Energy to $26.00 from $24.00. Gibson shares screamed ahead $1.55, or 7.4%, to $22.40.
CIBC cut the price target on Pason Systems to $22.00 from $23.00. Pason shares gained 22 cents, or 1.1%, to $20.31.
CIBC cut the price target on Tervita Corp. to $12.50 from $13.50. Tervita nosed up two cents to $8.73.
On the economic calendar, Statistics Canada reported that foreign investment in this country slowed to $2.8 billion in August, down from $15.3 billion in July.
At the same time, the agency says, Canadian investors reduced their holdings of foreign securities by $194 million as they acquired bonds but sold equities.
The TSX Venture Exchange cleared breakeven 0.35 points to 711.71
All but three of the 12 subgroups gained ground, as health-care climbed 1.3%, information technology took on 1.1%, and consumer discretionary stocks inched higher 0.4%.
The three laggards were materials and industrials, each down 0.2%, and gold, going backward 0.1%.
Stocks rose on Tuesday after the release of strong quarterly results from some of the largest U.S. companies helped the market recover from last week’s selloff.
The Dow Jones Industrials exploded out of the starting blocks, surging 276.75 points, or 1.1%, to kick off Tuesday at 25,527.30, with UnitedHealth and Goldman Sachs outperforming.
The S&P 500 recovered 28.53 points, or 1%, to 2,779.32, as the tech and health-care sectors jumped more than 1.5% each.
The NASDAQ popped 99.01 points, or 1.3%, to 7,529.46.
Morgan Stanley jumped more than 3% after reporting better-than-expected earnings. Goldman Sachs’ profits also beat estimates, sending the stock up 1.3%. Dow-members Johnson & Johnson and UnitedHealth both posted better-than-expected earnings.
BlackRock posted mixed quarterly results, as earnings topped estimates while sales missed.
Investors will turn their eyes to Netflix after the close on Tuesday, as the company releases its quarterly results. In the previous earnings season, the streaming giant fell sharply as its subscriber growth was less than expected.
Investors came into the earnings season with high hopes. Analysts polled by FactSet expect third-quarter S&P 500 earnings to have grown by 19%
However, Dow-component Walmart slashed its fiscal 2019 earnings forecast on Tuesday, citing its Flipkart acquisition. The earnings season comes as Wall Street tries to recover from sharp losses seen last week.
Prices for the benchmark for the 10-year U.S.Treasury fell back, boosting yields to 3.17% from Monday’s 3.15%. Treasury prices and yields move in opposite directions.
Oil prices sank eight cents at $71.70U.S. a barrel.
Gold prices hiked $3.40 to $1,233.70U.S. an ounce.
This article provided by NewsEdge.