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Equities in Toronto rose on Wednesday, as energy and financial stocks led gains, with investors waiting for the outcome of the U.S. Federal Reserve meeting for clues on its next monetary policy move.
The S&P/TSX Composite Index gathered 45.75 points to open Wednesday at 15,338.72
The Canadian dollar strengthened 0.24 cents to 81.6 cents U.S.
Brookfield Asset Management Inc is considering increasing a takeover offer for Renova Energia SA by 25% in a bid to sway the two largest shareholders in the Brazilian renewable power firm to exit their controlling stakes.
Brookfield shares gained 14 cents to $49.40.
More than 120 birds in Canada’s oil heartland of Alberta were killed after getting caught in a pond of oil sands byproducts operated by the country’s largest producer, Suncor Energy, whose shares picked up 25 cents to $41.91.
Cowen and Company raised the target price on Air Canada to $40.00 from $23.00. Shares in the Maple Leaf airline got lift of $1.59, or 6.8%, to $24.92.
National Bank of Canada cut the target price on Corus Entertainment to $12.50 from $13.00. Corus shares settled 17 cents, or 1.3%, to $13.27.
ON BAYSTREET
The TSX Venture Exchange eked up 0.97 points to begin Wednesday at 777.75
All but two of the 12 TSX subgroups were positive to start out Wednesday, as energy vaulted 1%, industrials were up 0.5%, and consumer discretionary stocks increased 0.4%.
The only two laggards were information technology and real-estate, each subsiding 0.1%.
ON WALLSTREET
U.S. stocks fell slightly after notching a record as investors awaited the Federal Reserve's latest decision on when it will begin reducing its extensive balance sheet.
The Dow Jones Industrials faded 0.6 points from Tuesday’s all-time high to 22,370.20, with 3M and Apple contributing the most to the losses Tuesday’s was the index’s 41st record close of the year.
The S&P 500 fell 0.31 points below Tuesday’s all-time record to 2,506.34, with information technology and financials contributing the most to the losses.
The NASDAQ let go of 4.4 points to Tuesday’s peak to 6,456.92, with Apple, Facebook and Intel all trading lower.
On Wall Street, shares of FedEx rose after trading lower in pre-market trade after the shipping giant said it now expects earnings between $11.05 and $11.85 per share, below its previous projection between $12.00 and $12.80 per share.
The company said it adjusted its outlook to account for the impact of the TNT Express cyberattack, which FedEx said "significantly affected" the worldwide operations of the segment.
Shares of General Mills fell after the company posted weaker-than-expected profit, hurt by lower yogurt and cereal sales in North America.
Net income fell to $404.7 million while the company earned 71 cents per share, short of expectations of 76 cents per share.
The U.S. Labor Department reported that consumer prices rose 0.4% last month, making August's gain the largest in seven months and lifting the year-over-year increase in the CPI to 1.9%.
Investors now reportedly see a 56% chance of a rate increase by the end of December.
Prices for the benchmark 10-year Treasury note strengthened, lowering yields to 2.23% from Tuesday’s 2.25%. Treasury prices and yields move in opposite directions.
Oil prices hiked 77 cents a barrel to $50.25
Gold prices strengthened $4.30 to $1,314.90 U.S. an ounce
