Equities in Toronto came off their highs of the morning, but stayed positive by midday Wednesday, as oil prices fluctuated after the release of U.S. inventory data, while lower gold prices weighed on some mining shares.
The S&P/TSX Composite Index maintained gains of 36 points to greet the noon hour at 15,705.07
The Canadian dollar faded 0.09 cents at 74.55 cents U.S.
Financial services edged up, with Royal Bank of Canada up 0.6% at $97.42.
Energy issues moved higher, for example, Suncor Energy, which rose 1.3% to $41.55.
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.
Still, Bay shares rose 7.2% to $10.40.
China's Shandong Gold Mining Co is in advanced talks to buy a 50% stake in Barrick Gold's Veladero gold mine in Argentina, in a deal that could fetch more than $1 billion.
Barrick's shares fell 1.1% to $25.81 as gold prices retreated.
ON BAYSTREET
The TSX Venture Exchange doffed 0.12 points to 821.56
Eight of the 12 TSX subgroups had moved into the green by noon hour, with consumer discretionary stocks soaring 0.6%, energy gaining 0.5%, and industrials picking up 0.4%.
The four laggards were weighed most by health-care, sagging 1.5%, gold, down 0.5%, and information technology, dipping 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 135.67 points to 20,824.91, with UnitedHealth and McDonald's proving the strongest gainers.
The S&P 500 added 12.32 points to 2,372.48, with industrials and health care outperforming. Energy stocks, meanwhile, gave back some gains after the Energy Information Administration said U.S. crude inventories rose by 1.6 million barrels.
The NASDAQ Composite gained 26.09 points to 5,924.70, and reached a new all-time intraday high.
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 data released Wednesday included the Institute for Supply Management non-manufacturing index which came in at 55.2, below an expected read if 57.
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 gained back lost ground, lowering yields to Tuesday’s 2.36%. Treasury prices and yields move in opposite directions.
Oil prices rose 24 cents at $51.27 U.S. a barrel
Gold prices erased $8.40 at $1,250.00 U.S. an ounce.
