North American equity markets diverged in Tuesday’s trade, with Canada’s benchmark S&P/TSX Composite Index posting strong gains while indices south of the border lost ground. The TSX extended Monday with a more than 2.5 per cent rise, while the S&P 500, Dow Industrials and Nasdaq all ended the session in the red.
In Toronto, energy, financials and utilities led the index higher. Suncor Inc., Canadian Natural Resources and TC Energy added the most points to the table amid some strength in crude prices. The benchmark West Texas Intermediate’s rally faded through Tuesday’s trade, and Alberta’s Western Canadian Select remained under $4 per barrel.
The Canadian dollar had a volatile trading day, but ended the session higher against the U.S. dollar after briefly falling below 70 cents U.S.
South of the border, energy companies also outperformed, including Noble Energy and Diamondback Offshore. U.S. bonds got a bid sending yields lower.
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