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Market Summary Article

S&P/TSX Composite Index

14,795.13 real time data change down
Change: -141.87 (-0.95%)

S&P/TSX Venture Composite Index

572.38 real time data change up
Change: 6.30 (1.11%)
11:03 AM EST, December 19, 2017
Stocks up Slightly in Early Trade

Canada's main stock index rose in early trade on Tuesday, led by gains for its biggest banks and a jump in Great Canadian Gaming Corp after it won a contract to operate facilities in the Toronto region.

The S&P/TSX Composite Index gathered 57.11 points to open for business Tuesday at 16,188.75

The Canadian dollar faded 0.18 cents to 77.54 cents U.S.

Great Canadian Gaming galloped $4.01, or 13.4%, to $33.90.

Pinnacle Renewable Energy Inc, a wood pellets producer owned by private equity firm Onex Corp, said on Monday it had filed a preliminary prospectus with the Toronto Stock Exchange for an initial public offering of its common shares.

Onex shares gained 53 cents to $94.28.

Rogers Communications Inc, which has said it will keep ownership of the Toronto Blue Jays, could look to leasing, licensing and other financial tools to generate value from the Major League Baseball club.

The cable giant saw its shares improve in price 19 cents to $64.47.

TD Securities raised the target price on Inter Pipeline to $35.00 from $33.00. Inter Pipeline shed 28 cents, or 1.1%, to $26.32.

Raymond James raised the price target on Innergex Renewable Energy to $19.00 from $18.50. Innergex dipped two cents to $14.52.

On the economic front, Statistics Canada said the number of Canadians drawing regular employment insurance numbered 510,000, virtually unchanged from September. While there was little change for the month, the number of Employment Insurance recipients has been on a downward trend since October 2016.


The TSX Venture Exchange dropped 0.18 points to 807.33

All but three of the 12 TSX subgroups were positive, as consumer discretionary issues gained 0.6%, while financials and industrials took on 0.4% each.

The three laggards were weighed most by gold and real-estate, each down 0.04%, while information technology fell 0.03%


U.S. equities fell on Tuesday, as a decline in Apple shares pushed the broader tech sector lower.

The Dow Jones industrials dropped 16.23 points from Monday's record close to 24,775.97

The S&P 500 docked 0.81 points to 2,689.35, with tech falling 0.3%.

The NASDAQ composite index fell 10.39 points to 6,984.37

Apple fell 0.9% after Nomura Instinet downgraded the tech giant's stock to neutral from buy. In a note, the analyst said: "The stock's gains for the iPhone X supercycle are in the late innings." Apple is one of the most popular stocks on Wall Street and Main Street and rarely gets negative opinions from the former.

Tech has been the best-performing sector this year, rising nearly 40% in 2017.

Equities have had a strong year. The Dow has prospered 25.5%, S&P 500 has taken on 20.2%, and NASDAQ is up 29.9% for 2017.

In corporate news, Darden Restaurants shares rose 3% before the bell after the company reported better-than-expected earnings and revenue. Darden also hiked its full-year guidance.

Truck maker Navistar saw its stock pop 10% after its quarterly earnings easily topped estimates.

The Dow and S&P 500 opened the session trading higher as investors looked ahead to a Congress vote on a tax bill.

Lawmakers are set to vote on the measure as early as Tuesday. The bill would cut the federal corporate tax rate to 21% from 35%. Wall Street has been betting on this cut all year, pushing stocks to record highs.

Prices for the benchmark 10-year Treasury note sagged, raising yields to 2.43% from Monday's 2.39%. Treasury prices and yields move in opposite directions.

Oil prices were up 13 cents a barrel to $57.29 U.S.

Gold prices let go of 60 cents to $1,264.90 U.S. an ounce.

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