Equities in Canada’s largest centre moved doggedly higher on Tuesday, dragged by energy stocks, as surging coronavirus cases across United States and Europe spurred talks of tightening restrictions to curb the spread.
The TSX gained 12.45 to begin Tuesday at 17,594.80
The Canadian dollar eked higher 0.07 cents to 78.18 cents U.S.
Canada will start receiving its first doses of Pfizer Inc’s COVID-19 vaccine before the end of December, sooner than expected, with millions more to follow in early 2021.
Canaccord Genuity raised the price target on Acuityads Holdings to $9.50 from $7.50. Acuityads shares took on 36 cents, or 4.4%, to $8.51.
Citigroup raised the price target on Teck Resources to $26.00 from $19.00. Teck shares fell 33 cents, or 1.3%, to $22.95.
Citigroup raised the price target on First Quantum Minerals to $27.00 from $17.00. First Quantum gained 14 cents to $19.81.
The TSX Venture Exchange notched higher 2.44 points to 787.17.
Eight of the 12 TSX subgroups were lower, with health-care and consumer discretionary shares each fading 0.3%, utilities slipped 0.2%.
The four gainers were led by energy, acquiring 0.4%, financials, picking up 0.2%, and consumer staples, boring ahead 0.1%.
Stocks fell on Tuesday as traders kept an eye on negotiations for additional fiscal stimulus while the U.S. coronavirus caseload continues to rise.
The Dow Jones Industrials fell for the second straight day, losing 20.46 points to open Tuesday at 30,049.33.
The S&P 500 slipped 9.08 points to 3,682.88
The NASDAQ dropped 52.24 points to 12,467.71, from Monday’s record high.
Shares of Tesla declined from a record after the electric vehicle maker said it would sell up to $5 billion in stock. The electric car company traded lower by 1.9%.
Republican and Democratic leaders said Monday that Congress is trying to extend government funding for an additional week to try and strike a deal on new COVID-19 aid. The news came after a bipartisan group of senators unveiled a $908-billion stimulus proposal last week.
Calls for a new aid bill being pushed through before year-end have grown recently as U.S. employment growth continues to slow down and the number of COVID-19 cases keeps rising.
More than 14.8 million coronavirus cases have been confirmed in the U.S., according to data from Johns Hopkins University. The country’s daily infection rate, as a seven-day average, is also at an all-time high.
The Food and Drug Administration said a vaccine developed by Pfizer and BioNTech provides some protection after the first dose. The FDA also said it found no safety concerns with the vaccine. The U.K. administered the first shots of the drug on Tuesday.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.90% from Monday’s 0.93%. Treasury prices and yields move in opposite directions.
Oil prices sank 30 cents to $45.46 U.S. a barrel.
Gold prices surged $5.60 to $1,871.60.