Canadian stocks remained flat at the closing bell on Tuesday, seemingly unaffected by muted retail and property data released in the afternoon.
New data from DesRosiers Automotive Consultants Inc revealed Canadian automobile sales fell 2.5% in March compared to the same period a year prior, the thirteenth consecutive month of monthly sales declines.
Elsewhere, home sales in Canada’s hottest real estate market of Vancouver plunged to levels not seen in over three decades, according to the Real Estate Board of Greater Vancouver.
The somewhat disappointing sales data did not seem to have a marked effect on Canadian markets on Tuesday’s close, however, with the TSX finishing up 0.2% at 16,264 and the Venture Exchange down around 0.1% to 626 points.
The CSE meanwhile powered 1.4% higher to close at 903 points, led by Radial Research Corp (CSE:RAD), up 75% and Global Blockchain Mining Corp (CSE:FORK), which rose 50%.
13:05: Canada's main stock market near flat at mid-session
Canada's major stock market was near flat at mid-session.
It comes after yesterday the S&P/TSX Composite Index recorded its biggest daily surge in more than six weeks.
But today, the index is up just two points at 16,230 at the time of writing.
The Venture Exchange is down around 2.5 points at 623.
The Canadian dollar sank 0.40% at US$0.7483.
Among the biggest gainers on TSX was Kirkland Lake Gold (TSE:KL.), which added around 5% to $41.41, while Torex Gold Resources (TSE:TXG) added around 4% to $16.80.
Savaria Corp (TSE:SIS) was the top laggard, down 9.77% to $13.58, after it announced a $70.75M bought-deal placing of shares.
Global shares
FTSE 100 closed the day firmly higher as Brexit continues to dominate headlines but markets shrugged off the tensions.
The UK blue-chip index finished up over 73 points at 7,391 on a day where it had earlier hit its highest level since early October as financial stocks were among the top gainers.
The German DAX gained around 72, while the CAC 40 in France also advanced, up almost 18 points.
10:45am: Oil reaches a four-month high yet Canadian markets remain flat
Canadian markets opened relatively flat on Tuesday morning even as oil prices rose to four-month highs.
Oil prices rallied to US$62.22 on Tuesday on news that OPEC’s oil supply dropped to a four-year low in March, as Saudi Arabia and other Gulf countries pushed for larger supply cuts and Venezuelan output suffered under sanctions and power outages.
Despite the positive news for the energy-heavy TSX, Canada’s largest stock exchange remained relatively flat, trading around 16,232 points by Tuesday morning.
The TSX Venture Exchange was down 0.4% to 624 points on Tuesday, while the Canadian Securities Exchange traded around 890 points.
Share prices remained relatively stable on Tuesday, with medical robotics company Titan Medical Inc (TSE:TMD) seeing a modest gain of 5% to C$3.55. Lithium Americas Corp (TSE:LAC) was also up around 5% on the back of a $160 million project investment from its Chinese partner.
Elsewhere, Savaria Corporation (TSE:SIS) shares fell nearly 10% after announcing a $70 million bought deal private placement.
The gold price continued its week-long decline, settling in at US$1,291.30, while the Canadian dollar was trading at US$0.75.
Global markets: Wall Street set to start flat as market digests yesterday's data; more Brexit chaos
Wall Street shares closed higher but are poised for a weak to flat start Tuesday as traders await more earnings and amid increasing Brexit chaos.
European benchmarks are trading higher though and Asian shares were relatively firm overnight.
On Monday, the Dow Jones Industrial Average closed above 26,000 for the first time since February 26 as Wall Street kicked off the second quarter with a bang.
Strong manufacturing data from the US and China, as well as a healthy-looking yield curve had investors feeling optimistic.
The Dow closed up almost 333 points at 26,258, while the tech-laden Nasdaq index added around 99 at 7,828. The S&P 500 added nearly 33 points at 2,867.
In futures trade, the Dow Jones is ahead by six points at the time of writing; the Nasdaq is down 0.75 and the S&P 500 futures is up just 0.25.
In Asia overnight, the Nikkei 225 lost nearly four points at 21,505; the Shanghai Composite Index added over six points at 3,176.
The Brexit process took a new twist last night into a seeming abyss as a series of four votes in the UK Parliament failed to win a majority for any of the options put forward to Theresa May's withdrawal deal, including closer ties with the EU. The cabinet is now meeting to try and thrash out an agreement on where the UK goes next.
The FTSE 100 is ahead by 54 points and the German DAX and French CAC 40 are also higher.
Giles Gwinnett also contributed to this report
Contact Angela at angela@proactiveinvestors.com
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