Stocks in Canada’s largest market opened flat on Tuesday as losses in health-care stocks offset gains in consumer stocks, while investors awaited an interim Sino-U.S. trade deal.
The TSX Composite Index shed 0.68 points to 17,292.74
The Canadian dollar slipped 0.06 cents to 76.53 cents U.S.
Endeavour Mining abandoned its 1.47-billion-pound pursuit of Centamin, saying it did not receive sufficient information on the Egyp-based miner’s assets during an assessment. Endeavour shares advanced 74 cents, or 3.1%, to $24.40.
RBC raised the rating on Canfor Corp. to outperform from sector perform. Canfor shares gained 27 cents, or 2.1%, to $13.27.
RBC raised the rating on Conifex Timber to outperform from sector perform. Conifex shares were unchanged at 75 cents.
Canaccord Genuity cut the rating on Husky Energy to sell from hold. Husky faded 25 cents, or 2.6%, to $9.48.
ON BAYSTREET
The TSX Venture Exchange regained 1.07 points to 573.35
Eight of the 12 TSX subgroups were positive, with consumer discretionary issues improving 0.4%, while industrials and materials creeping up 0.2%
The four laggards were weighed most by health-care, slumping 2.1%, while information technology, off 0.6%, and energy, down 0.1%.
ON WALLSTREET
Stocks opened little changed on Tuesday as the corporate earnings season kicked off with J.P. Morgan Chase and Citigroup posting stronger-than-forecast quarterly results.
The Dow Jones Industrials gained 23.54 points to 28,930.59
The S&P 500 stepped back 3.49 points from Monday’s record high to 3,284.69
The NASDAQ slid 14.16 points to 9,259.78
J.P. Morgan Chase posted quarterly earnings and revenue that beat analyst expectations, sending the stock up more than 0.6%. The bank’s annual profits also reached record levels at $36.4 billion. J.P. Morgan also had a surge in bond-trading revenues during the fourth quarter.
Citigroup’s earnings also got a boost from strong fixed-income trading as revenue from that business surged 49%. Shares of the banking giant gained 0.7%.
Delta Air Lines also reported better-than-expected earnings, boosted by lower fuel costs and strong travel demand. The results sent Delta shares higher by 3.2%.
Despite the strong results from J.P. Morgan, Citi and Delta, expectations for the corporate earnings season were low. S&P 500 profits were forecast to fall 2% in the fourth quarter on a year-over-year basis.
Prices for the 10-Year U.S. Treasury eked up, lowering yields to 1.83% from Monday’s 1.84%. Treasury prices and yields move in opposite directions.
Oil prices took on 11 cents to $58.19 U.S. a barrel.
Gold prices fell $5.20 to $1,545.40 U.S. an ounce.
