Oil, Health-care Lift TSX

By Baystreet Stock Market Update

Barrick, Chartwell in Focus

Canada’s main stock index opened higher on Tuesday, helped by gains in energy shares on the back of rising oil prices.

The S&P/TSX Composite Index regained 54.89 points to open Tuesday 16,093.02

The Canadian dollar dropped 0.13 cents at 74.99 centsU.S.

Barrick Gold CEO Mark Bristow said on Monday he wants to speak immediately with Newmont Mining Corp about a proposed Nevada joint venture, even as his company moves to take an $18-billion takeover offer directly to Newmont shareholders.

Barrick shares acquired five cents to start the date at $16.67.

The world’s biggest coking coal producer BHP has bought a $6-million equity stake in a Canada-based company, Carbon Engineering, that sucks carbon dioxide from the atmosphere, as miners’ quest to become sustainable and retain ethical investors gathers pace.

Carbon Engineering is a private company.

CIBC raised the price target on Chartwell Retirement Residences to $16.00 from $15.75. Chartwell units eked up six cents to $14.86.

Raymond James raised the rating on Crew Energy to outperform from market perform. Crew shares gushed eight cents, or 7.7%, to $1.12.

National Bank of Canada raised the price target on Gibson Energy to $25.00 from $24.00. Gibson shares tallied 28 cents, or 1.3%, to $22.09.

ON BAYSTREET

The TSX Venture Exchange inched up 0.79 points to 623.29

All but one of the 12 TSX subgroups were positive in the first hour, with health-care soaring 1.1%, energy chugging 0.7%, and real-estate taller by 0.6%.

Only financials missed out, and not by much… only 0.01%.

ON WALLSTREET

Stocks were little changed at the open on Tuesday as investors weighed ongoing trade negotiations between China and the U.S. along with strong earnings from Target.

The Dow Jones Industrial Average dipped 10.92 points to 25,808.73, as shares of 3M dipped 1%.

The S&P 500 faded 3.23 points to 2,789.58

The NASDAQ Composite dropped 7.48 points to 7,570.09

On Tuesday, investors cheered stronger-than-expected quarterly results out of retailer Target, sending its shares up around 4%. The company posted earnings per share of $1.53 and revenue of $22.977 billion. Both numbers topped analyst estimates.

Target’s same-store sales, a key metric watched by Wall Street, rose 5.1%. The company also said its digital sales grew by more than 25%.

On the economic front, there will be services Purchasing Managers Index figures at 9.45 a.m. ET; new home sales at 10 a.m. ET and federal budget figures released at 2 p.m. ET.

Secretary of State Mike Pompeo said Monday he thought the two countries were “on the cusp” of reaching a deal that would end the trade skirmish.

Pompeo’s comments come after sources told media outlets that U.S.-China trade negotiations are in the “final stages” and that a summit in Mar-a-Lago later this month could close the deal.

Prices for the benchmark 10-year U.S.Treasury slipped, raising yields to 2.75% from Monday’s 2.73%. Treasury prices and yields move in opposite directions.

Oil prices gained 25 cents to $56.84U.S. a barrel.

Gold prices waned $3.50 to $1,284.00U.S. an ounce.

This article provided by NewsEdge.