August 1, 2021

Stocks in Toronto traded higher Tuesday led by strength in gold and technology stocks.

The TSX Composite index gained 37.57 points to trade at 20,270.65.

Among the tech gainers, Shopify finished up 2.02% and Intermap Technologies jumped 8.08%.

In the gold sector, Kinross Gold rose 2.07%, Corvus Gold surged 22.46% and Kirkland Lake Gold moved 3.50% higher.

The healthcare sector also got a boost, fueled by a 12% rise in shares of OrganiGram after the pot producer reported a jump in quarterly net revenue.

Organigram Holdings Inc. reported a loss of $4 million in its latest quarter compared with a loss of $89.9 million in the same quarter a year earlier. The loss amounted to 1.4 cents per diluted share for the quarter ended May 31 compared with a loss of 51.2 cents per diluted share a year earlier when it had fewer shares outstanding.

Net revenue in what was the company’s third quarter grew to $20.3 million, up from $18.0 million in the same quarter last year.

The Canada Life Assurance Co. has signed a deal to buy ClaimSecure Inc., a company that provides health and dental claim management services.

The Canadian dollar slipped 0.39 cents to 79.88 cents U.S.

The August gold contract was up US$4 at US$1,809.90 an ounce Tuesday, after declining 0.3% on Monday.

The August crude oil contract was up US$1.15 at US$75.25 per barrel.

ON BAYSTREET

The TSX Venture Exchange inched up 2.69 points to 941.62.

Eight of the 12 TSX subgroups gained ground during the session, with gold stocks higher by 1.85%, while material issues edged up 1.14% and techs rose 0.49%.

On the downside, consumer discretionary issues shed 0.56%, industrial stocks dipped 0.43% and real-estate issues gave back 0.36%.

ON WALLSTREET

Stocks in the U.S fell Tuesday after consumer inflation in June rose unexpectedly and earnings season kicked off with reports from JPMorgan Chase and Goldman Sachs.

The Dow shed 107.39 points, or 0.31%, after closing at a record just shy of 35,000 the day prior. The S&P 500 closed 0.35% lower at 15.42 after reaching a new intraday record earlier in the session. The Nasdaq Composite retreated slightly from another intraday record to dip 0.38% at 55.59.

The small-cap Russell 2000 fell nearly 1.9% in its worst daily performance since June 18.

JPMorgan Chase shares dipped 1.4% even after posting second-quarter earnings of $11.9 billion, or $3.78 per share, which exceeded the $3.21 estimate.

Goldman Sachs Group posted stronger-than-expected second quarter earnings Tuesday thanks to a surge in asset management and investment banking revenues. Goldman said earnings for the three months ending in June were pegged at $15.02 per share, nearly 140% higher than last year’s tally and firmly ahead of the Street consensus forecast of $10.24 per share. Group revenues, Goldman said, rose 16% to $15.4 billion, the second highest on record that again beat analysts’ forecasts of a $12.1 billion total.

PepsiCo shares added 2.3% after the company crushed estimates for its second-quarter earnings and revenue, fueled by returning restaurant demand. The drink and snack giant also raised its forecast.

Meanwhile, shares of Boeing fell more than 4.23%, weighing on Dow sentiment, after the plane maker cut 787 Dreamliner production following the detection of a new flaw.

The consumer price index, the nation’s key inflation measure, jumped 0.9% in June, the largest one-month increase in 13 years. Over the last 12 months, prices were up 5.4%, the biggest jump in annual inflation in nearly 13 years.

The yield on the benchmark 10-year Treasury rose Tuesday to 1.408%.

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