Stocks in Canada’s biggest market rose on Wednesday, led by the resource groups as prices of oil and metals rose, while financials also gained even as the industry's watchdog said it will review business practices at federally-regulated banks.
The S&P/TSX Composite Index gained 56.35 points to open Wednesday at 15,435.96
The Canadian dollar gained 0.08 cents at 74.31 cents U.S.
Manulife Financial has been granted a licence, enabling it to launch investment products in China through a wholly-owned local subsidiary, as Beijing further liberalizes its capital markets.
Manulife shares vaulted 13 cents to $24.46.
Raymond James cut the rating on Halogen Software to market perform from outperform. Halogen shares dropped two cents to $12.41.
GMP cut the target price on TransCanada Corp to $68.00 from $70.00. TransCanada shed a penny to $61.02.
Canaccord Genuity cut the target price on Alimentation Couche Tard to $72.00 from $78.00. Couche-Tard shares retreated 84 cents, or 1.4%, to $58.01.
ON BAYSTREET
The TSX Venture Exchange resurfaced 1.86 points to 794.73
All but one of the 12 TSX subgroups were positive to begin the session, as energy jumped 0.9%, gold was up 0.8%, and materials climbed 0.7%.
Only financials were off, and 0.2% at that.
ON WALLSTREET
U.S. stocks traded higher Wednesday, helped by a bounce in oil prices, as traders looked ahead to the afternoon conclusion of the meeting of the U.S. Federal Reserve
The Dow Jones Industrials regained 48.86 points to begin trading Wednesday at 20,886.23. UnitedHealth and Goldman Sachs had the greatest positive impact, while 3M and Wal-Mart had the greatest negative impact.
The S&P 500 recouped 6.22 points to 2,371.67, with materials leading all sectors higher.
The NASDAQ moved higher 6.42 points to 5,863.23
Traders widely expect the Fed to raise interest rates Wednesday. The Federal Open Market Committee is set to release its meeting statement at 2 p.m., ET. Fed Chair Janet Yellen is scheduled to hold a press conference at 2:30 p.m.
Prices for the benchmark 10-year Treasury note moved slightly ahead, lowering yields to 2.58% from Tuesday’s 2.6%. Treasury prices and yields move in opposite directions.
Oil prices gained 74 cents to $48.46 U.S. a barrel
Gold prices dropped $2.30 to $1,200.30 U.S. an ounce.
