Equities in Canada’s largest market rose on Wednesday to a fresh nearly six-week high led by the heavyweight financial and energy groups as oil prices rose, while lower gold prices weighed on mining shares.
The S&P/TSX Composite Index gained 64.54 points to open the mid-week session at 15,733.61
The Canadian dollar eked up 0.02 cents at 74.65 cents U.S.
Hudson's Bay Co reported a quarterly loss on Tuesday, due in part to an impairment charge related to weak sales at Saks OFF 5TH and Gilt.
Bay shares poked up four cents to $9.74.
Cenovus Energy said on Tuesday it priced a $2.9-billion offering of senior notes to fund the acquisition of assets in Western Canada from ConocoPhillips.
Cenovus shares hiked 36 cents, or 2.4%, to $15.22.
Goldman Sachs cut the rating on Imperial Oil to sell from neutral. Imperial Oil shares faded 60 cents, or 1.5%, to $40.65.
CIBC cut the rating on Rogers Communications to neutral from outperform. Rogers shares cut 96 cents, or 1.6%, from its price to $58.50.
National Bank Financial resumed coverage on Trek Mining with an outperform rating. Trek shares trekked two cents higher, or 1.3%, to $1.53.
ON BAYSTREET
The TSX Venture Exchange doffed 0.67 points to 821.01
Seven of the 12 TSX subgroups sagged soon after the opening bell, with gold dulling in price 1.3%, telecoms down 0.4%, and health-care ailing 0.3%.
The five gainers were led by energy, surging 1.5%, industrials, up 0.5%, and consumer discretionary stocks, progressing 0.4%.
ON WALLSTREET
U.S. stocks rose Wednesday as investors parsed through solid employment data ahead of the release of Federal Reserve minutes.
The Dow Jones Industrials jumped 180.95 points to 20,870.19, with Goldman Sachs and Caterpillar sparking the rally.
The S&P 500 added 17.47 points to 2,377.63, with financials and energy outperforming. Energy stocks received a boost from rising oil prices ahead of the Energy Information Administration's weekly inventories data.
The NASDAQ Composite gained 28.42 points to 5,927.03
Private payrolls – as measured the ADP organization -- rose by 263,000 last month, well above a consensus estimate of 185,000. The February number was revised significantly lower, however, from the originally reported 298,000.
The numbers often predict the monthly employment situation report from the U.S. Labor Department, set for release Friday morning.
Other economic data set for release Wednesday include the Institute for Supply Management non-manufacturing index results, which is expected to come in at 57, compared to February's 57.6.
The Fed is also scheduled to release the minutes from its March meeting at 2 p.m. ET. The central bank raised rates by 25 basis points but kept its 2017 outlook largely unchanged.
Prices for the benchmark 10-year Treasury note were mildly lower, raising yields to 2.37% from Tuesday’s 2.36%. Treasury prices and yields move in opposite directions.
Oil prices rose 81 cents at $51.84 U.S. a barrel
Gold prices erased $10.00 at $1,248.40 U.S. an ounce.
