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TSX Solidifies Gains

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

Equity markets in Toronto rose midday on Tuesday, driven by gains in energy shares on the back of a surge in oil prices.

The S&P/TSX Composite Index gained 41.98 points to greet noon at 15,610.83

The Canadian dollar reclaimed 0.28 cents to 75.45 cents U.S.

Among the largest percentage gainers on the TSX were Parex Resources, which surged 30 cents, or 1.6%, to $19.17, though Encana, an early gainer, gave up those positive figures and dwindled six cents to $8.06.

Shopify Inc fell $9.96, or 4.3%, to $219.87, after the company reported slowing rate of sales growth by vendors using its software.

Aurora Cannabis recovered from early declines, and moved higher 16 cents, or 1.7%, to $9.66, after the marijuana producer reported second quarter results.

ON BAYSTREET

The TSX Venture Exchange strengthened 4.82 points to 613.08

Seven of the 12 TSX subgroups remained afloat by noon ET, as health-care popped 2.2%, communications were better by 0.7%, and energy raced ahead 0.6%,

The five laggards were weighed most by gold, sliding 1%, information technology, falling 0.6%, real-estate, down 0.4%

ON WALLSTREET

Stocks rose on Tuesday amid news that U.S. lawmakers had secured a tentative deal on border security funding. Improved prospects for a U.S.-China trade deal also boosted equities.

The Dow Jones Industrial Average vaulted 340.75 points, or 1.4%, to 25,393.86, led by Caterpillar and Merck.

The S&P 500 gained 32.84 points, or 1.2%, to 2,742.64, as materials and financials outperformed.

The NASDAQ Composite hiked 97.02 points, or 1.2%, to 7,404.92

Shares of big banks gained broadly. Goldman Sachs, Citigroup and Morgan Stanley all rose at least 2%. Bank of America and J.P. Morgan Chase also gained at least 1%.

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 2.69% from Monday's 2.66%. Treasury prices and yields move in opposite directions.

Oil prices added $1.32 to $53.73 U.S. a barrel.

Gold prices gained 80 cents to $1,312.70 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. As of Friday, 0

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