Equities in Canada’s largest market failed to hold onto gains by the closing bell on Tuesday, as gains in health-care stocks proved less than the equal to resource stocks.
The S&P/TSX Composite Index nudged lower 13.26 points to end Tuesday at 16,502.20
The Canadian dollar gained 0.11 cents at 74.88 cents U.S.
Gold stocks were particularly hard hit. Eldorado Gold fell 27 cents, or 4.5%, to $5.72, followed by Goldcorp drooped 24 cents, or 1.6%, to $15.26.
Among materials stocks, Agnico Eagle Mines floundered $1.58, or 2.8%, to $55.82, while Stella-Jones lost eight cents to $45.48.
Real-estate also took some slings and arrows, with Colliers International Group fading 71 cents to $91.98, while Brookfield Asset Management shed 23 cents to $63.98.
Among health-care issues, Canopy Growth was up $1.10, or 2%, to $55.50, while Aurora Cannabis advanced 45 cents, or 3.9%, to $11.82.
Among consumer discretionary stocks, Canadian Tire gathered 61 cents to $147.19, while Magna International gained $1.38, or 1.9%, to $73.49.
The financials sector also gained, led by gains in Element Fleet Management, up four cents to $8.14, and ECN Capital, up one cent to $4.22.
On the economic calendar, Statistics Canada reported that offshore investors bought $12 billion into Canadian investments in February following a significant investment of $28.6 billion in January, while Canadians investment in foreign securities increased to $5.3 billion, led by purchases of U.S. corporate bonds.
Also, the agency said, manufacturing sales in Canada edged down 0.2% in February to $56.6 billion, following a 0.8% increase in January.
Lower sales at motor vehicle assembly and wood products industries were largely offset by gains in the petroleum and coal product, paper and machinery industries.
ON BAYSTREET
The TSX Venture Exchange fell 8.85 points to 609.97
Eight of the 12 Toronto subgroups were negative on the day, as gold dulled in price 2.2%, with materials and real-estate each headed south 1.4%
The four gainers were led by health-care, up 1.1%, consumer discretionary, ahead 0.8%, and financials, better by 0.5%.
ON WALLSTREET
Stocks traded higher on Tuesday as investors as the corporate earnings season kicked into full gear.
The Dow Jones Industrial Average gained 67.89 points to 26,452.66
The S&P 500 regained 1.48 points to 2,907.06, as the financials sector outperformed. Tuesday’s move pushed the S&P 500 closer to 2,940, a record high set in late September.
The S&P 500 is up more than 15% this year in large part because the Fed indicated it may not raise rates at all in 2019, a stark contrast to the four hikes from last year.
The NASDAQ Composite gained 24.21 points to 8,000.23
Sentiment was also boosted after Qualcomm and Apple settled a lawsuit regarding a royalty dispute. The news sent Qualcomm shares surging more than 15%, while Apple traded 0.5% higher.
Johnson & Johnson climbed 1.8% on stronger-than-forecast quarterly results. More than half of its revenue came from prescription drug sales, which increased by more than 4%.
BlackRock and Bank of America also rose on stronger-than-expected earnings. UnitedHealth Group reported better-than-expected earnings and revenue. The company also raised its earnings guidance for the full year.
Shares of UnitedHealth rose about 3% before trading 5.1% lower on worries over proposals pushed by Democratic lawmakers.
IBM, Netflix, and CSX are among the companies set to report after Tuesday’s close.
Boeing shares jumped 1.8% after the Federal Aviation Administration said in a report an update to the 737 Max software is “operationally suitable.”
Prices for the benchmark 10-year U.S. Treasury were slightly higher, lowering yields to 2.59% from Monday’s 2.55%. Treasury prices and yields move in opposite directions
Oil prices gained 76 cents to $64.16 U.S. a barrel.
Gold prices plunged $12.50 to $1,278.80 U.S. an ounce.
