The Toronto stock market was higher Wednesday as rising oil and gold prices offset disappointing economic data south of the border.
The S&P/TSX composite index gained 40.11 points to close Wednesday at 14,942.55
The Canadian dollar improved 0.36 cents to 79.21 cents U.S.
Trading in the benchmark Canadian index, which recorded a gain of 1.9% in the first quarter, has been choppy in recent months because of volatility in commodity prices.
On the commodity markets, crude leaped even as U.S. government data showed crude oil inventories in the United States rose by 4.8 million barrels in the week ended March 27. That was more than the 4.2 million barrels expected by analysts and sent inventories to a record high for the 12th consecutive week.
Among energy plays, Canadian Natural Resources charged ahead 27 cents to $39.09 and Suncor picked up 24 cents to $37.25
Gold also rose sharply, with the June bullion contract up.
Barrick Gold galloped $1.33, or 9.6%, to $15.18, while Agnico Eagle Mines tacked on $2.94, or 8.4%, to $38.13.
Consumer staples were also stronger with Empire Company growing $2.45, or 2.8%, to $90.76.
Industrial stocks were ailing, however, with Air Canada pointing downward 48 cents, or 3.9%, to $11.91.
The RBC Canadian Manufacturing Purchasing Managers' index hinted at a slowdown in business conditions across the Canadian manufacturing sector in March.
At 48.9, up from 48.7 in February, the seasonally-adjusted PMI posted below the neutral 50 value for the second month running. This represents the first back-to-back deterioration in overall business conditions in the survey's four-and-a-half year history.
ON BAYSTREET
The TSX Venture Exchange poked up 1.25 points to 681.32
Nine of the 14 Toronto subgroups were higher, with gold shining 5.5% brighter, materials stronger by 2.7%, and energy gushing 1.2%
The five laggards were weighed most by industrial and consumer discretionary stocks, down 0.4% each, and global base metals, off 0.3%.
ON WALLSTREET
U.S. stocks closed lower on Wednesday as investors weighed softness in economic data ahead of Friday's important jobs report.
The Dow Jones Industrials remained negative 77.95 points to 17,698.18, with Wal-Mart leading decliners.
The S&P 500 dropped 8.20 points to 2,059.69. The NASDAQ plummeted 20.66 points to 4,880.23.
Auto sales showed a seasonally adjusted rate of 17.15 million in March, above expectations of an increase to 16.9 million from 16.2 million.
Ford reported a less-than-expected decline of 3.4% for March.Chrysler sales increased 1.7%, about one percent below expectations.
General Motors reported a greater-than-expected decline of 2.4%. Toyota's U.S. sales beat estimates slightly, showing growth of 4.9%
GoDaddy closed at $26.15 U.S. a share in its first day of trade under the symbol "GDDY." The website hosting service announced late on Tuesday that its initial public offering will price at $20 U.S. per share, valuing the company about $4.5 billion U.S.
McDonald's announced in the afternoon that it is raising pay by more than 10% for about 90,000 workers at corporate-owned locations.
Delta Air Lines became the first U.S. airline to partner with Alibaba Group's affiliate Ant Financial to accept payment for flight tickets through Alipay.
Time Warner's Turner Broadcasting and HBO reached separate distribution agreements with Dish Networks, Time Warner told CNBC on Wednesday. HBO is expected to launch its on-demand video service through Apple within the next two weeks.
Amazon has unveiled a WiFi connected device called a "Dash Button," allowing consumers to order products from brands like Dash, Huggies, and Gillette merely by pressing the button. The offer is only open to Prime members who receive an email invitation.
Investors are also preparing for a shorter week due to the Easter vacation; stock markets are also closed for Good Friday this week and bond markets close early.
The ADP Employment Report showed an increase of 189,000 in monthly American private payrolls, below expectations of a modest rise to around 225,000.
ISM posted 51.5 for March, the weakest level on this indicator since last May. Construction spending fell 0.1% in February, for a second straight month of decline.
Growth in the U.S. manufacturing sector rose to a five-month high in March as output and employment gained, according to an industry report released on Wednesday.
Financial data firm Markit said its final U.S. Manufacturing Purchasing Managers' Index rose to 55.7 in March from 55.1 in February and to its highest since October, when the PMI was 55.9. It also came above the preliminary reading of 55.3.
In an encouraging sign that the housing market is picking up with the onset of spring, weekly mortgage application volume increased 4.6% on a seasonally adjusted basis, the Mortgage Bankers Association said.
Prices for 10-year U.S. Treasuries spiked, lowering yields to 1.87% from Tuesday’s 1.93%. Treasury prices and yields move in opposite directions.
Oil prices moved higher $1.98 to $49.58 U.S.
Gold prices jumped $21.20 to $1,204.40 U.S.
Related Stories
