The Motley Fool

Canadian Banks Help the S&P/TSX Composite Trump Its U.S. Peers in Tuesday Trading

Tuesday saw North American markets start strong, but as the afternoon went on, U.S. markets turned south while the S&P/TSX Composite (^GSPTSE) held firm.

Strong retail sales numbers for July seemed to help keep Canadian investor’s heads held high, while uncertainty around the whole debt-ceiling, government shut down, etc. dogged the U.S. markets.  In the end, it was Canada +0.29% and the U.S., as represented by the S&P 500, -0.26%.  Ah, the benefits of a highly functioning government!

Leading the Canadian market higher were a couple of the Canadian banks as TD Bank (TSX:TD) and Royal Bank (TSX:RY) booked respective gains of 0.74% and 0.44%.  It was because of the weights that these financial monsters carry in the Index that led to their significant contributions.

Cenovus Energy (TSX:CVE) was another sizeable contributor as the oil sands player booked a respectable 1.88% gain.  Cenovus shares lifted despite the price of WTI oil falling slightly to close at US$103.36/bbl.

In direct contrast, and taking its cue from the declining oil price, Suncor Energy (TSX:SU) was today’s biggest drag on our market.  The stock fell 1.45%.

The reason for the divergence between the two oil giants escapes this Fool at the moment.  There does not appear to be anything material in either case to drive the performance one way or the other.

Motley Fool Canada’s top 2 stock ideas
Our senior investment analyst will unveil his top two stock ideas for new money now on Oct. 1. And YOU can be one of the select few investors to find out first — just click here to reserve your invitation.

Fool contributor Iain Butler owns shares of Cenovus Energy.  The Motley Fool does not own shares of any companies mentioned. 

Just Released! 5 Stocks Under $49 (FREE REPORT)

Motley Fool Canada's market-beating team has just released a brand-new FREE report revealing 5 "dirt cheap" stocks that you can buy today for under $49 a share.
Our team thinks these 5 stocks are critically undervalued, but more importantly, could potentially make Canadian investors who act quickly a fortune.
Don't miss out! Simply click the link below to grab your free copy and discover all 5 of these stocks now.

Claim your FREE 5-stock report now!

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss an important event.

Iain Butler and the Stock Advisor Canada team only publish their new “buy alerts” twice a month, and only to an exclusively small group.

This is your chance to get in early on what could prove to be very special investment advice.

Enter your email address below to get started now, and join the other thousands of Canadians who have already signed up for their chance to get the market-beating advice from Stock Advisor Canada.

I consent to receiving information from The Motley Fool via email, direct mail, and occasional special offer phone calls. I understand I can unsubscribe from these updates at any time. Please read the Privacy Statement and Terms of Service for more information.