Equities in Canada’s largest centre rose for the seventh straight day on Wednesday to set a fresh record high, led by gains for its financial services group after strong economic data from both Canada and the United States.
The S&P/TSX Composite took on 25.6 points to add to Tuesday’s all-time high at 15,811.03
The Canadian dollar sagged 0.07 cents to 76.38 cents U.S.
Teck Resources reported better-than-expected quarterly results, helped by higher realized prices.
Teck shares faltered $1.55, or 4.7%, to $31.12.
Shopify Inc. reported a bigger quarterly loss as operating expenses jumped 80%. Shopify shares gained 24 cents to $73.48.
CIBC raised the target price on Bank of Montreal to $101.00 from $100.00. BMO shares hiked 32 cents to $100.88.
RBC started coverage on Enerflex with an outperform rating, and a $22.00 target price. Enerflex shares progressed 21 cents, or 1.1%, to $18.98.
CIBC raised the target price on Royal Bank of Canada to $99.00 from $98.00. RBC shares moved higher 34 cents to $97.80.
On the economic ledger, Statistics Canada reported that manufacturing sales increased for the second consecutive month, up 2.3% to $53.5 billion in December, following a revised increase of 2.3% in November.
The agency attributed the growth to higher sales of transportation equipment, as well as petroleum and coal products.
Also, the European Union and Canada secured clearance for their contentious free trade deal and the removal of import duties that supporters say will boost growth and jobs on both sides of the Atlantic.
ON BAYSTREET
The TSX Venture Exchange stumbled 1.02 points to 834.30
Eight of the 12 subgroups were higher in the first hour of trading, as telecoms sprinted 1.4%, health-care issues gained 0.8%, and information technology clicked 0.5% higher.
The four laggards were weighed most by gold, dulling in price 0.9%, materials, down 0.8%, and consumer discretionary subsided 0.1%.
ON WALLSTREET
Equities in the United States traded flat to higher on Wednesday, marking new record highs, as investors parsed through key economic data.
The Dow Jones Industrials gained 15.23 points from Tuesday’s all-time high to 20,519.64, with Procter & Gamble contributing the most gains.
The S&P 500 trailed off 1.24 points to 2,336.35, even as financials gained ground.
The NASDAQ picked up 3.27 points to 5,785.84
The consumer price index rose 0.6% in January, above the expected 0.3% increase. Retail sales, meanwhile, rose 0.4% last month.
Other data scheduled for release include business inventories for December and the February read on U.S. homebuilder sentiment.
Meanwhile, Federal Reserve Chair Janet Yellen will be testifying in front of Congress for the second straight day. On Tuesday, she said it would be "unwise" for the U.S. central bank to wait too long to raise interest rates, lifting market expectations for a March rate hike.
Prices for the benchmark 10-year Treasury note sagged, raising yields to 2.49% from Tuesday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices gave back five cents to $53.15 U.S. a barrel
Gold prices added 60 cents to $1,226.00 U.S. an ounce.
