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Energy Shares Drive TSX Upward

Feb 12, 2019 (Baystreet.ca via COMTEX) --

Canada's main stock index opened higher on Tuesday, lifted by energy stocks as oil prices surged on production cuts led by the Organization of the Petroleum Exporting Countries.

The S&P/TSX Composite Index regained 33.15 points to open Tuesday at 15,602

The Canadian dollar reclaimed 0.26 cents to 75.42 cents U.S.

Shopify's loss narrowed in the fourth quarter, the online store builder said on Tuesday, as it signed up more businesses and earned higher payment processing fees. Shopify lost $8.09, or 3.5%, to $221.74.

Aurora Cannabis reported better-than-expected quarterly revenue on Monday, as the company benefited from higher sales after the federal government legalized the use of recreational cannabis in October.

Aurora shares declined 12 cents, or 1.3%, to $9.38.

RBC raised the target price on Constellation Software to $1,250 from $1,150. Constellation shares vaulted $6.28 to $997.56.

Goldman Sachs cut the rating on First Quantum Minerals to neutral from buy. First Quantum shares docked a penny to $13.71.

RBC raised the target price on Valener to $22 from $21. Shares in Valener took on a penny to $21.97.

ON BAYSTREET

The TSX Venture Exchange forged ahead 2.4 points to 610.66

Seven of the 12 TSX subgroups gained ground in the first hour, as energy raced ahead 1.7%, financials prospered 0.5%, and consumer discretionary tacked on 0.3%.

The five laggards were weighed most by information technology, falling 1%, real-estate, down 0.5%, and gold, off 0.3%.

ON WALLSTREET

Stocks rose on Tuesday amid news that U.S. lawmakers had secured a tentative deal on border security funding.

The Dow Jones Industrial Average barreled ahead 233.39 points to 25,286.50, led by Goldman Sachs and J.P. Morgan Chase.

The S&P 500 gained 24.37 points to 2,734.17, as energy and financials outperformed.

The NASDAQ Composite gained 79.71 points, or 1.1%, to 7,387.61

On Monday night, congressional negotiators struck a deal in principle that would keep the government open and avoid a shutdown on Friday. The drafted agreement did not contain funds for President Donald Trump's border wall, however. If the government is going to avoid another shutdown, it will need support from Trump, however.

The government was shut down for 35 days until Jan. 25, the longest one in history, as Trump and congressional leaders could not come to terms on funding for a wall along the U.S.-Mexico border.

There is also the prospect of a trade deal with China. News reports are circulating that some U.S. aides acknowledge the most likely scenario at this point is the deadline will be moved given how far behind both sides are on trade talks. The trade dispute has already started to impact global growth, with investors worried a protracted dispute could soon severely hurt corporate earnings.

Shares of Deere, Boeing and Caterpillar all rose Tuesday. These stocks are seen as global-trade bellwethers for their exposure to overseas markets.

Prices for the benchmark 10-year U.S. Treasury lost ground, boosting yields to 2.68% from Monday's 2.66%. Treasury prices and yields move in opposite directions.

Oil prices added $1.35 to $53.76 U.S. a barrel.

Gold prices gained $1.20 to $1,313.10 U.S. an ounce.

********************************************************************** As of Friday, 02-08-2019 23:59, the latest Comtex SmarTrend® Alert, an automated pattern recognition system, indicated a DOWNTREND on 04-20-2012 for JPM @ $43.15. For more inform

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