Canada's main stock index touched another record high on Tuesday, led by gains in real estate shares, after U.S. President Donald Trump delayed his proposed tariffs on European Union imports.
The TSX Composite Index added 195.87 points to Monday’s all-time high, to finish Tuesday’s session at 26,269.
The Canadian dollar edged back 0.48 cents to 72.32 cents U.S.
Trump on Sunday backed away from his threat to impose 50% tariffs on European Union shipments between June 1 and July 9 after European Commission President Ursula von der Leyen said the 27-nation bloc needed more time to produce a deal.
On TSX, interest-rate sensitive real estate shares rose 2.2%, boosted by InterRent Real Estate Investment Trust rising $1.74, or 14.7%, to $13.58 after announcing a $4-billion acquisition by CLV Group and GIC.
Elsewhere, units of Killam Apartment REIT rose $1.35, or 7.5%, to $19.44.
Health concerns also bloomed green, as Tilray jumps two cents, or 3.3%, to 62 cents, while Sienna Senior Living captured 46 cents, or 2.6%, to $18.44.
In consumer staples, Alimentation Couche-Tard zoomed $3.37, or 4.9%, to $72.75, while shares in George Weston were propelled higher $4.90, or 1.8%, to $275.76.
Bank of Nova Scotia gained $1.17, or 1.6%, to $72.91 though the Canadian lender missed quarterly earnings estimates.
Gold put a damper on things, with Alamos Gold down 87 cents, or 2.4%, to $35.56, while Novagold shed 13 cents, or 2.6%, to $4.87.
In materials, NGEX Minerals went south $1.11, or 7.1%, to $14.62, while Ero Copper lost 39 cents, or 2%, to $19.49.
In energy, Advantage Oil and Gas dipped 47 cents, or 4.1%, to $11.03, while IPCO dived 30 cents, or 1.5%, to $19.84.
ON BAYSTREET
The TSX Venture Exchange strengthened 5.14 points to close Tuesday at 702.91.
All but three of the 12 TSX subgroups were in the green, led by real-estate, up 2.7%, while consumer staples captured 2.3%, and health-care was better by 1.8%.
The three laggards proved to be gold, down 0.8%, energy, sliding 0.1%, and materials faded 0.02%.
ON WALLSTREET
Stocks rallied on Tuesday after President Donald Trump said over the holiday weekend that he agreed to delay tariffs of 50% on the European Union.
The Dow Jones Industrials sprang 740.58 points, or 1.8%, to 42,343.65.
The S&P 500 bounced 118.72 points, or 2.1%, to 5,921.54
The NASDAQ Composite popped 461.96 points, or 2.5%, to 19,199.16, as technology names like Tesla saw outsized gains.
Trump on Sunday said that he would push back the 50% levy deadline on the EU to July 9 following a request from Ursula von der Leyen, the president of the European Commission. That comes after Trump last week proposed an import tax of 50% on the EU beginning June 1.
U.S. consumer confidence data released Tuesday came in stronger than expected for May on hopes of trade agreements.
Tesla shares popped 5% after CEO Elon Musk said he was shifting his focus away from politics and back into his companies. Other tech-related names were also higher, including Nvidia, AMD, Apple and Microsoft.
Outside of tech, U.S. Steel shares advanced more than 2% after sources familiar told the media that Japan’s Nippon Steel is expected to close its acquisition for $55 per share.
Traders this week will follow earnings from Okta due after the bell Tuesday, followed by companies such as Nvidia, Macy’s and Costco later in the week. More than 95% of S&P 500 companies have reported this earnings season and almost 78% have surpassed analyst expectations
Prices for the 10-year Treasury were higher to open a short week Tuesday, lowering yields to 4.44% from Friday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices retreated 58 cents to $60.95 U.S. a barrel.
Prices for gold fell $60.20 to $3,305.60.
