TSX Ekes Higher on Support from Miners



Canada’s resources-heavy stock index opened slightly lower on Tuesday, despite gains in precious metals miners, while luxury parka maker Canada Goose advanced after announcing cost-cutting measures.

The TSX Composite dipped 6.47 points to commence business Tuesday at 21,935.81.

The Canadian dollar was better by 0.13 cents to 73.74 cents U.S.

Canada Goose shares began Tuesday down 38 cents, or 2.4%, to $15.82.

RBC downgraded oil explorer Athabasca Oil to “sector perform” from “outperform”. Athabasca shares retreated 11 cents, or 2%, to $5.35.

Enbridge said it would form a venture with WhiteWater/I Squared Capital and MPLX to operate natural gas pipeline and storage assets connecting Permian Basin supplies to the U.S. Gulf Coast. Enbridge shares let go of 15 cents to $48.63.

Gaming firm Bragg Gaming missed quarterly revenue expectations and posted a net loss. Bragg shares advanced 11 cents, or 1.6%, to $7.16.

ON BAYSTREET

The TSX Venture Exchange gave back 1.47 points to 545.43.

Seven of the 12 TSX subgroups were higher in the first hour, with health-care picking up 1.4%, while gold improved 0.7%, and materials were better by 0.4%.

The five laggards were weighed most by energy, settling 0.4%, while consumer staples and industrials each docked 0.2%.

ON WALLSTREET

U.S. stock futures were higher Tuesday morning, as investors tried to resume the rally that took equities to record highs after a decline in the previous session.

The Dow Jones Industrials eked up 4.51 points to 39,318.15.

The S&P 500 index recovered 14.2 points to 5,232.39.

The NASDAQ gained 87.45 points to 16,471.92.

Month to date, the major U.S. stock benchmarks are on pace for their fifth straight winning month. The broad market index is up more than 2% in March. The NASDAQ Composite is toting a 1.8% advance for the period, while the Dow is up 0.8%.

More economic data releases are slated for Tuesday. March’s consumer confidence data will be released in the morning. Durable goods orders and the Richmond Fed’s manufacturing survey will also provide insight on the health of the manufacturing sector.

Prices for the 10-year Treasury fell a bit, raising yields to 4.26% from Monday’s 4.25%. Treasury prices and yields move in opposite directions.

Oil prices inched higher two cents to $81.97 U.S. a barrel.

Gold prices added eight dollars to $2,206.20.



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