TSX Narrowly in Green by Close

BlackBerry, Crescent Point in Spotlight

Equities in Canada’s largest centre finished only slightly above breakeven by the close Tuesday, after a day of ups and downs, powered mostly by advances in energy and health-care issues.

The S&P/TSX Composite Index gained 12.49 points Tuesday to 17,957.37.

The Canadian dollar gained 0.08 cents to 78.52 cents U.S.

Energy stocks led the charge Tuesday, with Crescent Point Energy gaining 24 cents, or 6.6%, to $3.89, while Husky Energy was 33 cents, or 5.1%, to the good, at $6.76.

Among tech issues, BlackBerry reached for the stars, jumping $2.47, or 18.7%, to $15.67, while Kinaxis gathered $9.34, or 5.5%, to $179.53.

In the health field, Bausch Health Companies strengthened $1.62, or 4.9%, to $34.98, while cannabis player Aphria picked up 75 cents, or 4.6%, to $17.17.

On the downside, though, consumer staples wilted a bit, primarily Alimentation Couche-Tard, skidding 75 cents, or 2%, to $37.65, while North West Company gave back 58 cents, or 1.8%, to $31.81.

Elsewhere in consumer stocks, Canadian Tire slid $3.69, or 2.1%, to $173.32, while Restaurant Brands International faltered $1.48, or 1.9%, to $78.66.

In the communications sector, Cogeco Communications lost $3.22, or 3%, to $103.31, while Quebecor shed 40 cents, or 1.3%, to $30.28.

On the economic beat, Statistics Canada reported wholesale trade grew for the seventh consecutive month in November—up 0.7% to an all-time high of $67.4 billion.

The agency goes on to say five of seven sub-sectors reported stronger sales, led by the machinery, equipment and supplies sub-sector and the building material and supplies sub-sector.

Also, manufacturing sales decreased for the first time in three months, declining 0.6% to $53.7 billion in November, driven mainly by the aerospace product and parts, motor vehicle, and motor vehicle parts industries.

ON BAYSTREET

The TSX Venture Exchange hiked 11.15 points, or 1.2%, to close the day at 931.48.

Seven of the 12 TSX subgroups stayed in plus territory throughout the session, as energy zoomed 2.4%, information technology and health-care each surging 1.5%.

The five laggards were weighed most by consumer discretionaries and consumer staples, each bowing 0.7%, and communications, sliding 0.5%.

ON WALLSTREET

Stocks climbed on Tuesday, rebounding from a losing week, as investors digested results from the new earnings season as well as signals for another big stimulus and faster pace of vaccine distribution ahead.

The Dow Jones Industrials got their groove back in time to gain 116.26 points to 30,930.52.

The S&P 500 strengthened 30.66 points to 3,798.91, led by energy and communication services sectors

The NASDAQ popped 198.68 points, or 1.5%, to 13,197.18.

Some of the major technology stocks rebounded sharply from last week’s losses. Facebook charged ahead 3.9%, and Alphabet climbed 3.3%, while Microsoft rose 1.8%. Apple and Amazon also advanced.

Shares of Goldman Sachs erased earlier gains and fell 2.3% as traders took profits after the bank topped expectations for fourth-quarter profit and revenue. The blowout results came on the back of strong performance from its equities traders and investment bankers.

Bank of America dipped 0.7% after the bank posted quarterly revenue that missed expectations. Profit came in slightly above estimates, however.

The first week of earnings season saw a historically high proportion of beats with 88% of the S&P 500 companies that reported exceeding EPS estimates, according to Bank of America data.

While the earnings cycle started out strong, many on Wall Street believe fourth-quarter earnings have been priced in and the market is focused on the 2021 outlook and the ultimate size of fiscal stimulus that would translate into profit growth.

Janet Yellen, President-elect Joe Biden’s designated nominee for Treasury Secretary and a former chair of the Federal Reserve, will appear before the Senate Finance Committee on Tuesday. Yellen’s prepared remarks call for the federal government to enact a large stimulus to help the economy.

The U.S. stock market was closed on Monday in honour of Martin Luther King Jr. Day.

Prices for the 10-Year Treasury gained ground, dropping yields to 1.09% from the morning’s 1.11%. Treasury prices and yields move in opposite directions.

Oil prices gained 63 cents to $52.99 U.S. a barrel.

Gold prices gained $9.10 to $1,839,00 U.S. an ounce.