Markets

Canada Stocks Close Up 30 Pts, But Were Up 110 Pts; Buoyed By Higher Commodities, Scotiabank Results

Canada's main stock market, the Toronto Stock Exchange, Tuesday closed up 30 points but well off day highs that saw it around 110 points higher mid-morning. It rose in line with other North American markets, inspired by the Dow setting all-time record highs.

Commodity markets were buoyed an announcement of record government spending this year out of China.

The TSX gains came despite the fact that the three most active stocks - Bombardier (BBD-B.TO), Aurizon Mines (ARZ.TO) and B2Gold Corp. (BTO.TO) - all lost ground.

In big news for the day, Bank of Nova Scotia (BNS.TO) hit new year highs as it reported net income of $1.625 billion on revenue of $5.18 billion in the three months ended Jan. 31, both up from the same quarter last year. Scotiabank reported EPS of $1.27 on an adjusted basis. Analysts had expected $1.25 per share of adjusted earnings and revenues of $5 billion.

MarketWatch reported: "Oil futures settled higher Tuesday, logging their first climb in four sessions, with the market cheered by a rally in equities and growth in service-sector activity in the U.S." It said: "April crude rose 70 cents, or 0.8%, to settle at $90.82 a barrel on the New York Mercantile Exchange. Prices on Monday had settled at their lowest level of the year."

MarketWatch also reported: "Gold futures finished higher Tuesday, supported by a weaker dollar as investors tracked a rally on Wall Street, but growth in U.S. service-sector activity dulled the metal's safe-haven appeal, keeping it off its high of the day." It said: "April gold settled at $1,574.90 an ounce on the Comex division of the New York Mercantile Exchange, up $2.50, or 0.2%. Prices had touched a high of $1,585.80 but also fell to as low as $1,571.10."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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