Equity markets in Toronto made headway on Wednesday, as investors awaited the outcome of the U.S. Federal Reserve's policy meeting for hints on the timing of any interest rate hikes.
The S&P/TSX composite index added 95.20 points to begin Wednesday at 13,956.72
The Canadian dollar sank 0.11 cents to 85.91 cents U.S.
Equipment finance company Element Financial Corp, which has enjoyed a meteoric rise since going public three years ago, said on Tuesday that it expected 35% growth in new equipment loans and leases in 2015. Element shares started the session up 32 cents, or 2.3%, to $14.01.
RBC cut the rating on Africa Oil Corp. to sector perform from outperform. Africa Oil shares accumulated five cents, or 2.3%, to $2.19.
Canada’s biggest bank also cut the rating on Oryx Petroleum Corp. to sector perform from outperform. Oryx shares gained nine cents to $5.75.
Brean Capital started coverage on Stantec Inc. with a buy rating and a $39.00 price target. Stantec shares added 11 cents to $29.91.
In the economic docket, Statistics Canada reported that wholesale trade edged up 0.1% in October to $54.2 billion. The agency adds gains were recorded in five of seven sub-sectors, representing 68% of wholesale sales.
ON BAYSTREET
The TSX Venture Exchange regained 2.09 points to 644.39
All but three of the 14 Toronto subgroups were higher, with metals and mining growing 4.4%, energy better by 3.1%, and global base metals gaining 2.9%.
The three laggards were telecoms, down 0.8%, consumer discretionaries, off 0.3%, and consumer staples, sliding 0.2%.
ON WALLSTREET
U.S. stocks climbed on Wednesday, with the Dow and S&P 500 rising after a three-session drop, as investors bet that the U.S. Federal Reserve would continue to support the economy while readying for an interest-rate hike.
The Dow Jones Industrials gained 61.59 points to open at 17,130.46, with Exxon Mobil and Chevron leading gains that included 23 of 30 components.
The S&P 500 hiked 11.39 points to 1,984.13, with energy pacing gains among its 10 major sectors and industrials the sole laggard.
The NASDAQ index climbed 20.04 points to 4,567.87.
FedEx dropped after the shipper posted disappointing second-quarter earnings; competitor United Parcel Service also fell.
Verizon Communications fell after Goldman Sachs Group downgraded the telecommunications company to neutral from buy.
The Federal Open Market Committee ends a two-day meeting Wednesday afternoon, with most expecting the Fed will drop the "considerable-time" language from its statement as it prepares to start raising rates in 2015.
Fed Chair Janet Yellen holds a news conference at 2:30 p.m. Eastern.
The U.S. Labor Department reported the consumer price index fell 0.3% in November, the largest drop since 2008. Low inflation gives the Fed more rein to take its time in increasing rates.
Prices for 10-year U.S. Treasuries fell slightly, raising yields to 2.08% from Tuesday’s 2.07%. Treasury prices and yields move in opposite directions.
Oil prices dipped 60 cents per barrel to $55.33 U.S.
Gold prices surged $3.50 an ounce at $1,197.80 U.S.
