Aug 04, 2020 (Baystreet.ca via COMTEX) --
Equities in Canada's largest centre returned after a long weekend, and opened higher on Tuesday as tentative signs of a rebound in manufacturing activity bolstered optimism around a post-coronavirus recovery.
The S&P/TSX Composite Index sprang back to life 175.84 points, or 1.1%, to 16,345.04.
The Canadian dollar demurred 0.09 cents to 74.56 cents U.S.
Markets in Canada were shuttered for Civic Holiday.
Bausch Health Companies has agreed to pay $45 million, and three of former top executives also agreed to penalties, to settle charges of improper revenue recognition and misleading disclosures in U.S. regulatory filings, the U.S. Securities and Exchange Commission (SEC) said on Friday. Bausch began the day up $1.25, or 5.1%, to $25.74.
ATB Capital cut the target price on Air Canada to $31.00 from $37.00. The Maple Leaf Airline grabbed 37 cents, or 3.7%, to $15.67.
CIBC raised the target price on Dundee Precious Metals to $12.50 from $10.50. Dundee Precious Metals retreated 12 cents, or 1.2%, to $9.98.
Jefferies initiated coverage of Pembina Pipeline the stock with a hold rating and a price target of $34.00. Pembina picked up $1.03, or 3.2%, to $33.58.
On the economic calendar, the Markit Canada Manufacturing Purchasing Managers Index climbed to 52.9 in July, up from 47.8 in June, registering registered above the 50.0 no-change threshold for the first time in five months.
Markit says the latest PMI reading was the highest since January 2019 and signaled a partial rebound in business conditions from the low point seen during April (index at 33.0).
The TSX Venture Exchange popped another 13.69 points, or 1.9%, to commence the week at 734.93.