Equities in Canada’s biggest market enjoyed triple-digit gains Tuesday, paling in contrast to their American counterparts, but still enjoying progress exhibited by tech and consumer stocks.

The TSX Composite Index gained 140.41 points to end the session 22,018.82.

The Canadian dollar dropped 0.12 cents to 79.24 cents U.S.

Tech stocks were the heroes of the day, with Shopify vaulting $35.68, or 4.9%, to $769.11, while Sierra Wireless flew $1.18, or 5.9%, to $21.27.

Among consumer discretionary stocks, Canada Goose jumped $1.29, or 4.5%, to $30.19, while Aritzia leaped $2.53, or 5.6%, to $47.47.

In consumer staples, Loblaw popped $4.03, or 3.5%, to $118.55, while Alimentation Couche-Tard hiked $1.76, or 3.1%, to $58.34.

Gold and materials stocks blundered Tuesday, as Seabridge Gold capsized $1.13, or 4.2%, to $25.82, and Iamgold ditched 15 cents, or 3.5%, to $4.19.

First Majestic Silver fell $1.16, or 6.6%, to $16.39, while Endeavour Silver lost 38 cents, or 5.5%, to $6.57.

On the economic slate, Statistics Canada reported Canadian investors reduced their holdings of foreign securities by $9.7 billion in February, following an $11.4 billion divestment in January.

At the same time, foreign investors acquired $7.4 billion of Canadian securities, mainly in the form of corporate bonds.

Meantime, Canada Mortgage and Housing Corporation reported housing starts for March came in at a seasonally adjusted annualized rate of 246,243 units, a 2% decline from 250,246 units in the previous month.


The TSX Venture Exchange squirted 0.04 points higher to close Tuesday at 892.78.

All but two of the 12 TSX subgroups were higher on the day, with information technology soaring 2.9%, consumer discretionary stocks up 2.8%, and consumer staples, improving 2.7%.

The pair of laggards were gold, dulling by 3.1%, and materials, slipping 1.7%.


Stocks rose on Tuesday as traders navigated one of the busiest weeks of corporate earnings season, and monitored the latest moves in interest rates.

The Dow Jones Industrials raced 499.51 points, or 1.5%, to 34,911.20.

The S&P 500 spiked 70.52 points, or 1.6%, to 4,462.21.

The NASDAQ Composite popped 287.50 points, or 2.2%, to 13,619.66.

Bank stocks outperformed as rates moved higher and regional and mid-sized banks reported earnings. Citizens Financial, which beat first-quarter estimates on the top and bottom lines on Tuesday morning, jumped more than 7%. JPMorgan rose more than 2%.

Some heavy hitters in the tech and media industries also rose on Tuesday. Shares of Disney climbed 3.8%, while Netflix added about 3.7%. Microsoft and Alphabet each rose more than 1%.

The gains for stocks came despite a further climb in interest rates, which may be a sign that investors shouldn’t trust Tuesday’s rally, according to at least one expert.

Earnings reports boosted the market on Tuesday. Johnson & Johnson reported mixed quarterly results on Tuesday, with its earnings per share topping earnings expectations while revenue missed analyst estimates.

The pharmaceutical company also lowered its earnings guidance for 2022. Its shares rose 3%, however, boosting the Dow.

Hasbro shares added about 4% despite the toy company posting a weaker-than-expected profit for the previous quarter. Its revenue was in line with estimates. Travelers Companies was down 4% and Lockheed Martin shares lost about 1% after posting mixed results.

Netflix and IBM are scheduled to post their numbers after the bell Tuesday.

On the data front, housing starts and building permits in March came in above expectations, according to estimates from Dow Jones. That appeared to boost homebuilder stocks, with D.R. Horton gaining 3.5%.

Treasury prices dipped sharply, raising yields to 2.94%, from Monday’s 2.84%. Treasury prices and yields move in opposite directions.

Oil prices dipped $5.68 to $102.53 U.S. a barrel.

Gold prices dropped $36.40 to $1,950.00 U.S. an ounce.

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