Sienna, Suncor in Focus
Canada’s main stock index opened higher on Tuesday in broad-based gains led by financial stocks, with higher oil and gold prices lifting shares of material and energy companies.
The S&P/TSX Composite Index gained 42.82 points to open a short week at 16,320.55
The Canadian dollar climbed 0.26 cents at 76.09 centsU.S.
Markets in Canada were closed Monday for the Canada Day holiday
Canaccord Genuity raised the target price on Sandstorm Gold to $10.00 from $9.50. Sandstorm shares gathered seven cents, or 1.2%, to $5.98.
Canaccord Genuity started coverage on Sienna Senior Living with buy rating and a target of $18.75. Sienna added a cent to $16.59.
Macquarie raised the price target on Suncor Energy to $50 from $48. Suncor shares gained 65 cents, or 1.2%, to $54.15.
Libya’s National Oil Corp aimed the move on loadings from Zueitina and Hariga ports, resulting in 850,000 bpd of supplies being disrupted.
Steel pipe maker Tenaris SA is temporarily laying off workers and adjusting production at a Canadian plant because of uncertainty in the steel market following tariffs imposed by the United States
The White House said on Monday Canada’s decision to enact tariffs on $16.6 billion worth of American goods in retaliation for U.S. tariffs on imports of Canadian steel and aluminum would not help its economy.
The TSX Venture Exchange gained 3.26 points to 743.22
All but three of the 12 TSX subgroups gained ground, with gold and energy each climbing 1.4%, and information technology up 0.7%.
The three laggards were weighed most by industrials and consumer staples, each down 0.3%, and consumer discretionary stocks, fading 0.2%.
Stocks traded slightly higher on Tuesday as energy shares surged, despite heightened fears of a bitter trade dispute between the U.S. and major economies around the world.
The Dow Jones Industrials jumped 76.23 points to begin Tuesday’s session at 24,383.41, with Chevron and Exxon Mobil both rising more than 1%
The S&P 500 gained 5.89 points to 2,732.60, with energy rising 1.6%
The NASDAQ eked up 1.13 points to 7,568.82
Energy stocks were led by Hess and Andeavor, which rose more than 3% each.
The moves Tuesday come after stocks eked out a gain on Monday, despite by concerns about a spat between the U.S. and its key trade partners.
President Donald Trump’s administration is set to activate tariffs on Chinese goods worth around $34 billion on Friday, which is widely expected to trigger a tit-for-tat response from Beijing.
Wall Street however, also looked ahead to Friday in anticipation of the latest jobs report, which is expected to be a strong one. Economists expect the U.S. economy to have added 200,000 jobs in June.
U.S. markets will close early on Tuesday (about 1 p.m. EDT) ahead of the Fourth of July holiday.
Prices for the benchmark for the 10-year U.S.Treasury gained, lowering yields to 2.85% from Monday’s 2.86%. Treasury prices and yields move in opposite directions.
Oil prices picked up 10 cents to $74.04U.S. a barrel.
Gold prices advanced $11.20 to $1,252.90U.S. an ounce.
This article provided by NewsEdge.