Canadian stocks were moving higher Tuesday morning amid buying in energy and financial stocks, with risk appetite improving amid a recent batch of upbeat macroeconomic data out of the U.S. However, speculation over Fed tapering its asset-purchase program and an indicator of German investor confidence remained below expectations in May dented investor sentiment, capping big gains during the session.
The S&P/TSX Composite Index gained 59.70 points or 0.48 percent to 12,589.25.
The price of crude oil continued to move lower Tuesday morning on demand growth concerns and a steady US dollar. Barclay's, in its recent report, said China's oil demand growth has eased from 8 percent year-on-year between September last year to January to around 3 percent between February and April. The bank expects Chinese oil demand to grow 5 percent this year. Crude for June delivery shed $0.09 to $95.08 a barrel.
In the oil patch, Tourmaline Oil (TOU.TO) and Husky Energy (HSE.TO) rose over 2 percent each.
Among financial plays, Senvest Capital (SEC.TO) and IGM Financial (IGM.TO) were up around 1 percent each
The price of gold was recovering its early trading losses Tuesday morning, with gold for June edging up $0.20 to $1,434.50 an ounce.
Among gold plays, Royal Gold (RGL.TO) and Agnico-Eagle Mines (AEM.TO) gathered around 1 percent each, while Barrick Gold (ABX.TO)was moving up nearly 2 percent.
Pan American Silver Corp. (PAA.TO) rose close to 2 percent despite reporting that its first-quarter net earnings declined to $20.08 million or share from last year's $50.24 million, with earnings per basic share decreasing to $0.13 from the prior year's $0.47 last year.
Africa focused uranium miner Paladin Energy (PDN.TO) gained close to 4 percent even after reporting a wider third-quarter net loss of $54.1 million compared to a net loss of $17.5 million in the year ago period.
Real estate company Morguard Corp. (MRC.TO) edged up 0.50 percent after reporting first-quarter profit of C$99.6 million or C$7.89 per share, up from C$51.7 million or C$4.00 per share in the comparable quarter last year.
On the other hand, West Africa focused gold miner Semafo Inc. (SMF.TO) lost over 4 percent after slipping into the red in first-quarter, reporting net loss of $7.29 million or $0.03 per share, compared to earnings of $28.10 million or $0.10 per share in the same quarter last year. However, on an adjusted basis the company posted a profit of $19.6 million or $0.07 per share, down from $28.1 million or $0.10 per share a year ago.
BlackBerry maker Research In Motion (BB.TO) slipped 1 percent after it today unveiled a new mid-tier smartphone device with a physical keyboard
Retailer Rona Inc. (RON.TO) shed close to 4 percent after reporting a wider first-quarter net loss of C$22.7 million or C$0.19 per share from C$13.5 million or C$0.11 per share in the same quarter last year. Analysts expected the company to report a loss of C$0.11 per share for the quarter.
Coastal Energy Company (CEN.TO) lost about 6 percent despite reporting a marginally higher first quarter net income.
In economic news, the U.S. Labor Department said imports prices fell by 0.5 percent in April following a revised 0.2 percent drop in March. Economists had expected import prices to match the 0.5 percent decrease originally reported for the previous month. At the same time, the Labor Department said export prices slid 0.7 percent in April compared to a revised 0.5 percent decrease in March. Export prices had been expected to edge down by 0.1 percent.
From the euro zone, confidence among German investors increased less-than-expected in May as worries over the poor economic situation in euro zone continued to weigh, results of a survey by the Centre For European Economic Research (ZEW) revealed. The ZEW indicator of economic sentiment rose marginally to 36.4 in May from 36.3 in April. This was notably below the score of 40 forecast by economists. The outcome was, however, better than in March, when the indicator fell by 12.2 points.
Euro zone industrial production growth accelerated more than expected in March, largely due to an increase in energy output. Industrial output advanced 1 percent month-on-month in March, Eurostat reported. The rate of growth was bigger than the 0.3 percent rise seen in February and the 0.5 percent growth forecast by economists.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.