Stocks in Canada’s biggest market rose on Wednesday as higher oil prices supported energy stocks, while financials also advanced despite one of the country's major banks reporting a slightly lower-than-expected quarterly profit.
The S&P/TSX Composite Index opened Wednesday up 83.3 points to 14,036.15
The Canadian dollar gained 0.08 cents to 76.29 cents U.S.
The U.S. Securities and Exchange Commission is concerned about the way Canadian drug maker Valeant Pharmaceuticals International has been disclosing its "non-GAAP" financial measures.
Shares in Valeant acquired 24 cents to $34.53.
National Bank Financial raised the target price on Saputo to $42.00 from $38.00. Saputo shares gained four cents to $39.92.
Bank of Montreal reported profits decreased 3% from the same quarter last year to $973 million. BMO shares gained 90 cents, or 1.1%, to $84.13.
Economically speaking, the Bank of Canada maintained its target for the overnight rate at 0.5%. The Bank Rate is correspondingly 0.75% and the deposit rate is 0.25%.
ON BAYSTREET
The TSX Venture Exchange dropped 3.56 points to 671.75.
Nine of the 13 TSX subgroups gained ground, most notably, metals and mining, up 1.8%, energy, ahead 1.6%, and financials, better by 0.8%.
The four laggards were weighed by gold, down 2.8%, materials, sliding 1.5%, and consumer staples, off 0.2%.
ON WALLSTREET
U.S. stocks traded higher Wednesday after posting their best day since March as investors turned their attention oil prices and overseas news.
The Dow Jones Industrials gained 130.05 points to 17,836.10, with Goldman Sachs powering gains; this, following yesterday’s ascent of 213 points.
The S&P 500 was positive 10.5 points to 2,086.56. Energy climbed more than 1% to lead S&P 500 advancers, followed by financials.
The NASDAQ Composite gaining 26.86 points to 4,887.91,
American Petroleum Institute data released late Tuesday showed U.S. crude stocks fell by more than five million barrels last week, doubling analyst expectations, while gasoline inventories increased and distillate stocks drew.
In economic news, the Markit Flash U.S. services PMI for May was 51.2, down from 52.8 in April and well below the long-run survey average of 55.6
Prices for the 10-year Treasury were unchanged, keeping yields at Tuesday’s 1.86%.
Oil prices gained 70 cents a barrel to $48.78 U.S.
Gold prices plummeted $21.35 to $1,227.78 U.S. an ounce.
