Markets in Canada’s largest centre opened higher on Wednesday, as financial firms and resource companies, key heavyweight sectors, eked out modest gains.
The S&P/TSX Composite Index opened Wednesday higher 55.67 points to 15,205.24
The Canadian dollar spiked 0.2 cents to 79.38 cents U.S.
Among consumer staples, Saputo climbed $1.75, or 4.3%, to $42.17, and Restaurant Brands gained 16 cents to $77.00.
CAE helped power gains in telecoms, picking up three cents to $22.11. Rogers Communications moved up 47 cents to $63.43.
TD Securities cut the rating on CRH Medical to hold from buy. CRH shares shed a penny to $4.17.
Paradigm Capital revises rating on Dominion Diamond to tender from buy. Dominion shares were down five cents to $17.76.
On matters macroeconomic, Statistics Canada reported that manufacturing in Canada jumped for the third consecutive month, up 1.1% to $54.6 billion in May, which the agency attributes to higher sales in the transportation equipment and chemical manufacturing industries.
ON BAYSTREET
The TSX Venture Exchange gained 1.24 points to 764.95
All but three of the 12 TSX subgroups gained ground at first, with consumer staples taking on 0.6%, while telecoms and energy jumped 0.4%.
The three laggards were health-care and industrials – each of which down 0.3% -- while information technology settled 0.03%.
ON WALLSTREET
U.S. stocks traded higher on Wednesday as investors digested key housing data and more quarterly earnings.
The Dow Jones Industrials resurfaced 12.41 points Wednesday to 21,587.14, with IBM shaving off 45 points from the index.
The S&P 500 gained 6.1 points to another intraday high of 2,466.71, with health care leading advancers.
The NASDAQ jumped 29.63 points to 6,367.93, a record high.
Morgan Stanley reported better-than-expected second-quarter results across the board, with trading revenue coming in above expectations.
Other banks like Citigroup, Goldman Sachs and JPMorgan Chase saw their trading businesses struggle last quarter.
Dow-component IBM reported mixed quarterly results, with earnings per share topping expectations and sales disappointing. The company also said its revenue declined for the 21st straight quarter, pushing the stock down by 2.7% and capping gains on the price-weighted Dow.
IBM is the fifth-largest Dow component by share price.
Of the 53 S&P 500 components that had reported as of Tuesday morning, 77% exceeded earnings expectations while 75% topped on revenue
In economic news, housing starts jumped 8.3% last month, hitting their highest level since February. Mortgage applications, meanwhile, rose 6.3%.
Prices for the benchmark 10-year Treasury note were unchanged Wednesday keeping yields at Tuesday’s 2.26%.
Oil prices took on 30 cents to $46.70 U.S. a barrel
Gold prices dumped 10 cents to $1,241.80 U.S. an ounce.
