Equities in Canada’s largest market remained barely above breakeven by midday Tuesday, tracking a rise in oil and bullion prices and as data showed faster-than-expected annualized Gross Domestic Product growth.
The TSX came off its highs of the morning, but fared better than Monday’s close by 9.33 points to greet noon Tuesday at 18,308.95.
The Canadian dollar poked 0.09 cents to 79.19 cents U.S.
The largest percentage gainers on the TSX were Spin Master, which surged $6.53, or 22.5%, to $35.59, after its quarterly earnings report, and Aphria, which rose $1.45, or 6.1%, to $25.22.
Cascades Inc fell 82 cents, or 4.7%, the most on the TSX, to $16.76, while the second biggest decliner was Lundin Mining, down 18 cents, or 1.2%, to $14.39.
On the economic calendar, Statistics Canada said GDP edged up 0.1% in December as 12 of 20 industrial sectors were up in the month.
Moreover, the agency said, GDP grew 2.3% in the fourth quarter of 2020, following record fluctuations in the previous two quarters. In 2020, real GDP shrank 5.4%, the steepest annual decline since quarterly data were first recorded in 1961.
ON BAYSTREET
The TSX Venture Exchange changed direction and dipped 1.39 points to 1,032.97.
Seven of the 12 TSX subgroups remained above water, with health-care surging 2.4%, gold up 2.1%, and materials better by 1%.
The five laggards were weighed most by information technology, down 2%, while industrials slid 0.8%, and utilities, off 0.3%.
ON WALLSTREET
U.S. stocks fell on Tuesday led by technology names, as the market gave back some of the strong gains from the previous session.
The Dow Jones Industrials tumbled from Monday’s levels 113.12 points to 31,422.39,
The S&P 500 demurred 26.66 points to 3,875.60.
The NASDAQ Composite unloaded 168.24 points, or 1.3%, to 13,420.58.
Shares of Target reversed early gains to trade more than 4% lower despite the company reporting booming sales. The retailer declined to provide a forecast for 2021.
Investors on Tuesday will pore over comments made by both Securities and Exchange Commission Chair nominee Gary Gensler and Federal Reserve Governor Lael Brainard.
Gensler is testifying before the Senate Banking Committee while Brainard will deliver a speech entitled "U.S. Economic Outlook and Monetary Policy" via a virtual meeting hosted by the Council on Foreign Relations.
Prices for 10-Year Treasurys gained ground, thus weighing yields to 1.41% from Monday’s 1.44%. Treasury prices and yields move in opposite directions.
Oil prices eked up four cents to $60.68 U.S. a barrel.
Gold prices regained $6.10 to $1,729.10
