Markets in Canada’s biggest centre gained in early trade on Wednesday as higher oil prices boosted shares of energy companies and investors bought back into banks after the initial shock of Britian's vote to exit the European Union.
The S&P/TSX Composite climbed another 146.52 points, or 1.1%, to begin the penultimate session for the week at 13,989.21, after a 150-point surge Tuesday.
The Canadian dollar gained 0.11 cents to 76.88 cents U.S.
Markets will be closed in Canada on Friday for Canada Day
CIBC said it would buy Chicago-based PrivateBancorp Inc in a cash-and-stock deal valued at about $3.8 billion to offer its Canadian clients access to U.S. banking services.
Commerce shares ducked back $3.93, or 3.9%, to $96.55.
Canadian hedge fund West Face Capital is pushing SNC-Lavalin Group Inc to sell its stake in Ontario's 407 toll highway, a move that could fetch the engineering and construction company more than $5 billion.
SNC shares hoisted $1.34, or 2.6%, to $53.50.
RBC starts coverage on Alaris Royalty with a sector perform rating and a $31.00 target price.
Alaris shares acquired 11 cents to $29.90.
Evercore ISI raised the target price on Precision Drilling to $8.00 from $7.00. Precision shares gathered 21 cents, or 3.2%, to $6.78.
CIBC cut the target price on WSP Global to $42.00 from $45.00. WSP shares increased in price $1.09, or 2.9%, to $39.10.
ON BAYSTREET
The TSX Venture Exchange gained 5.84 points to kick things off at 713.09
All but one of the 13 subgroups were higher in the first hour of trade, with metals and mining roaring ahead 3.1%, while energy and materials each gained 1.8%
The lone laggard was in health-care, lower by 0.2%.
ON WALLSTREET
U.S. stocks traded higher Wednesday, amid gains in oil prices, as global markets continued to recover from their post-Brexit plunge.
The Dow Jones Industrials hiked 173.78 points, or 1%, to 17,583.50, with 3M, Goldman Sachs and Boeing contributing the most to gains as all member stock rose.
The S&P 500 climbed 23.19 points, or 1.1%, at 2,059.28, and held above its 200-day moving average.
Both the Dow and S&P swung back into positive territory for 2016 in morning trade as the major averages recovered about half of their losses from the post Brexit selloff.
The NASDAQ Composite Index jumped 60.49 points, or 1.3%, to 4,752.75,
In U.S. economic news, pending home sales fell a more-than-expected 3.7% in May from the prior month, for a 0.2% year-over-year decline and the first annual drop in two years.
Consumer spending rose 0.4% in May. Personal income increased 0.2%
The Fed's preferred inflation measure of personal consumption expenditures price ex-food and energy rose 0.2% last month, or 1.6% over the 12 months through May.
Prices for the 10-year Treasury were unchanged, keeping yields at Tuesday’s 1.46%.
Oil prices gained 72 cents a barrel to $48.57 U.S.
Gold prices regained $5.60 to $1,323.50 U.S. an ounce.
