Canada's main stock index rallied on Tuesday, with heavily weighted financials and resource stocks carrying most of the gains on the back of higher commodity prices.
The S&P/TSX composite index remained positive 68.69 points—off its highs of the morning -- to greet noon at 13,620.89
The Canadian dollar gained 0.15 cents at 76.56 cents U.S.
The most influential mover on the index was Canadian Natural Resources, which rose 3.6% to $29.20. Crescent Point Energy surged 10.7% to $19.50.
Barrick Gold Corp was a key gainer among materials, jumping 7.6% to $9.64.
Financials, home to Canada's largest banks, rose, as Royal Bank of Canada rose 1% to $73.28.
In corporate news, miner First Quantum Minerals said late on Monday that it had revised its deal with Franco-Nevada Corp for its flagship copper-gold Cobre Panama project in Central America.
Under the new terms, royalty firm Franco-Nevada will have to pay an initial contribution of $330 million to $340 million to First Quantum in October. Shares of First Quantum soared 19.8% to $7.42.
On the economic front, Statistics Canada reported that this country's exports declined 3.6% in August while imports edged up 0.2%. As a result, Canada's merchandise trade deficit with the world widened from $817 million in July to $2.5 billion in August.
Moreover, Western University in London, Ontario came out this morning with its Ivey Purchasing Managers Index. The figure for the end of September stood at 53.7, compared to 58.0 in August, and 58.6, for September 2014.
The survey asks purchasing managers whether their buys increased, decreased, or stayed the same during the month. Any figure over 50 signals shows an increase, while below 50 shows a decrease.
ON BAYSTREET
The TSX Venture Exchange spiked 6.31 points to 536.22
Eight of the 13 TSX subgroups had fallen lower by midday, as health-care skidded 3.9%, utilities slid 1.4%, and information technology dipped 1.3%.
The five gainers were led by metals and mining, up 6.2%, materials, ahead 3.7%, and gold, up 3.6%.
ON WALLSTREET
U.S. stocks traded in a narrow range Tuesday, attempting to extend a sharp two-day rally, as investors awaited the official beginning of third-quarter earnings season.
The Dow Jones industrial average eked up 0.1 points to 16,776.53, with UnitedHealth weighing the most on the index.DuPont rose more than 10% to contribute the most to gains.
The S&P 500 dipped 12.16 points to 1,974.89. Materials and energy advanced more than 1 percent as the greatest advancers on the index.
The NASDAQ index plunged 60.36 points, or 1.3%, to 4,720.70,
After the close Monday, DuPont's chairman and Chief Executive Officer Ellen Kullman announced plans to retire October 16. Director Edward Breen will serve as interim chairman and CEO. DuPont also cut its outlook for the year and announced an acceleration of its plans to trim expenses.
Before the opening bell, PepsiCo reported earnings that beat on both the top and bottom line. The firm also raised its full-year growth target. Shares of Pepsi gained more than 1.5% in morning trade.
Yum Brands is scheduled to report after the close. The unofficial start to earnings season comes Thursday with Alcoa's earnings after the bell. The bulk of third-quarter earnings reports come in the next few weeks.
On the data front, the August trade deficit came in at $48.3 billion U.S., the widest in five months.
The International Monetary Fund trimmed its global growth forecast for 2015 from 3.3% to 3.1%, citing weaker growth prospects for emerging economies.
Prices for 10-year U.S. Treasuries gained slightly, lowering yields to 2.04%, compared to Monday’s 2.06%. Treasury price and yields move in opposite directions.
Oil prices improved $1.91 a barrel to $48.17 U.S.
Gold prices gained $12.46 to $1,148.21 U.S. an ounce.
