Equities in Canada’s largest market 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 34.68 points to greet noon hour at 15,820.71
The Canadian dollar scrambled to pull even with yesterday’s close of 76.45 cents U.S.
Toronto-Dominion Bank rose 0.9% to $69.18, while the overall financials group climbed
The telecoms group climbed, led by a 4.7% gain for Manitoba Telecom Services Inc to $39.35 after Canada's business competition watchdog asked BCE Inc to divest some assets to gain approval of its deal to buy the information and communications technology provider.
Industrials added strength, with CAE Inc climbing 3.9% after Desjardins raised its target price and rating on the stock.
Teck Resources, North America's largest producer of steel-making coal, reported better-than-expected quarterly results, helped by higher realized prices.
Still, its shares fell 3.9% to $31.39, while the materials group, which includes precious and base metals miners and fertilizer companies, lost ground, even as copper prices rose.
Copper prices advanced 0.6% to $6,055 a tonne and gold futures were unchanged at $1,224.40 U.S. an ounce.
Shopify Inc forecast better-than-expected 2017 revenue due to higher demand for its ecommerce software, which is used to set up and manage online stores. Its shares jumped 5.7% to $77.44.
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 recovered 0.55 points to 835.87
Seven of the 12 subgroups were higher midday, as health-care hiked 2.2%, telecoms added 1.5% and financials moved higher 0.7%.
The five laggards were weighed most by materials, down 0.9%, gold, sinking 0.3%, and real-estate, off 0.2%.
ON WALLSTREET
Equities in the United States climbed to new highs on Wednesday as investors parsed through key economic data while President Donald
Trump continued to tout his economic agenda
The Dow Jones Industrials hiked 74.99 points from Tuesday’s all-time high to 20,579.40, with Procter & Gamble powering gainers.
The S&P 500 recovered 3.82 points to 2,341.40, with financials leading advancers.
The NASDAQ picked up 12.83 points to 5,795.40. The three indexes made all-time highs Wednesday morning.
In a meeting with retail CEOs, Trump said the administration remains "focused on the issues that will bring economic growth. That's what we're all about."
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 released include business inventories for December, which rose 0.4%, and the February read on U.S. home builder sentiment, which showed a decline.
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 2.5% from Tuesday’s 2.47%. Treasury prices and yields move in opposite directions.
Oil prices gave back 20 cents to $53.00 U.S. a barrel
Gold prices added $5.80 to $1,231.20 U.S. an ounce.
