Tech Stocks Steal the Show
Tuesday’s session did not feature any significant moves by the major indices, despite new-found strength in the tech sector.
The S&P/TSX Composite Index moved upward by only 25.69 points to end Tuesday at 16,288.98
The Canadian dollar dipped 0.19 at 76.8 centsU.S.
As mentioned, information technology concerns moved upward, primarily BlackBerry, advancing 34 cents, or 2.2%, to $16.00. Constellation Software acquired $6.65 to $1,043.35
In the consumer discretionary field, Gildan Activewear tacked on three cents to $37.50, while Canadian Tire gained $2.80, or 1.7%, to $171.59.
Real-estate companies gained momentum, as Colliers International Group gathered 11 cents to $94.97, and Brookfield Asset Management gained 16 cents to $53.95
Shares of Suncor Energy dove $1.57, or 2.9%, to $52.31, and Pembina Pipeline fell 38 cents to $44.73
Among the biggest percentage losers on TSX were shares of Tahoe Resources, which fell 21 cents, or 3%, to $6.65, after the company appointed a new CEO.
NFI Group gained $1.10, or 2%, to $52.27 after announcing a share buyback plan.
U.S. President Donald Trump said on Tuesday he had a good relationship with Justin Trudeau just days after blasting the Canadian prime minister and other U.S. allies over trade.
The TSX Venture dropped 6.59 points to conclude Tuesday at 762.43
All but one of the 12 TSX subgroups were higher on the session, as information technology surged 1.3%, consumer discretionary advanced 0.7%, and real-estate took on 0.5%.
The two laggards were energy, skidding 1%, and materials, off 0.04%.
U.S. stocks closed little changed Tuesday after President Donald Trump and North Korea leader Kim Jong Un signed an agreement aimed at establishing a “peace regime” on the Korean peninsula and better relations between the two states.
The Dow Jones Industrials faded 1.58 points to wrap up business Tuesday at 25,320.73, weighed down by losses in Travelers Companies and Goldman Sachs.
The S&P 500 picked up 4.85 points to 2,786.85, helped by utilities, which closed 1.3% higher.
The NASDAQ added 40.92 points to 7,700.85, thanks to upticks in Facebook, Apple, Amazon, Netflix and Google-parent Alphabet.
Lack of detail in the agreement about the path to denuclearization on the peninsula kept the market’s gain in check.
AT&T shares rose 0.5% Tuesday ahead of U.S. District Court Judge Richard Leon’s decision on whether to permit its $85-billion deal for Time Warner. While the government or AT&T could appeal Leon’s decision, the ruling will have far-reaching implications for dealmaking across the telecommunications and media world.
Several other players in the industries, including Twenty-First Century Fox and Disney, are actively pursuing deals of their own; others, like Verizon, could interpret the ruling as a go-ahead to buy a large content company to compete with AT&T.
Closely watched consumer pricing data, often viewed as an inflation barometer, increased 2.8% in the 12 months through May, the biggest advance since February 2012, after rising 2.5% in April.
A slowdown in the climb of gasoline prices helped dampen the movement upward, though core CPI, which excludes volatile food and energy costs, also rose 0.2%.The year-over-year increase in core CPI is now 2.2%.
Investors are also looking ahead to a meeting of the U.S.Federal Reserve, due to take place on Tuesday and Wednesday.
Fed Chair Jerome Powell and his colleagues are expected to announce a quarter-point increase in interest rates as the central bank seeks to normalize monetary policy with the economy showing signs of health.
Prices for the benchmark for the 10-year U.S.Treasury fell a bit, raising yields to 2.96% from Monday’s 2.95%. Treasury prices and yields move in opposite directions.
Oil prices gained 12 cents at $66.22U.S. a barrel.
Gold prices slipped $3.40 at $1,299.80U.S. an ounce.
This article provided by NewsEdge.