Canada's main stock index opened higher on Wednesday, driven by gains in energy shares on the back of rise in oil prices as the Organization of the Petroleum Exporting Countries and its allied producers discuss cutting supply.
The S&P/TSX Composite Index gained 104.76 points to open Wednesday at 15,236.54
The Canadian dollar dipped 0.04 cents at 75.63 U.S. early Wednesday
Canopy Growth's net quarterly loss widened as the marijuana producer spent more in the weeks before full legalization of recreational use in mid-October. Canopy Growth dawdled $3.07, or 6%, to $47.82.
Loblaw Cos reported a better-than-expected quarterly profit, as the retailer benefited from efforts to refurbish stores and expand its online presence. The grocery giant progressed 18 cents a share to $58.78.
Canada Goose Holdings handily beat analysts' quarterly profit estimates on Wednesday, driven by a strong demand for its luxury parkas, prompting the company to raise its forecast for the rest of the year. The Goose was flying, gaining $16.17, or 20.9%, to $93.66.
National Bank of Canada raised the target price on Cargojet to $87.00 from $73.00. Cargojet shares settled $2.18, or 2.6%, to $83.25.
CIBC cut the rating on Continental Gold neutral from outperform. Continental Gold acquired a penny to $2.08.
CIBC cut the price target on West Fraser Timber to $79 from $82. West Fraser climbed 69 cents, or 1.1%, to $65.27.
ON BAYSTREET
The TSX Venture Exchange eased back 2.06 points to 624.36
All but two of the 12 subgroups were positive, with energy gaining 2.3%, consumer discretionaries headed 1.7% higher, and industrials stronger by 1.3%
The two laggards were health-care, tottering 1.6%, and communications, down 0.1%.
ON WALLSTREET
Stocks opened higher on Wednesday as technology shares continued to bounce back from sharp losses earlier this week.
The Dow Jones Industrials advanced 109.17 points to start Wednesday at 25,395.66, led by gains in Nike.
The S&P 500 recovered 12.65 points to 2,734.83, as energy outperformed.
The NASDAQ regained 31.16 points to 7,232.03.
Wednesday's moves come after a volatile session on Tuesday, with the Dow falling just a touch above 100 points by the close, despite a rise earlier in the session in excess of 100 points.
Shares of Apple rose more than 0.5% despite Guggenheim downgrading the stock. This downgrade comes as UBS cut its 12-month price target on the stock and follows a target reduction at Goldman Sachs. Investors have been worried the company's iPhone sales will slow down in the near future.
Tech-related shares like Facebook and Amazon also rose.
Sentiment was also lifted by a strong quarterly report from retailer Macy's. The company's stock rose 2.5% after its third-quarter earnings topped expectations. Macy's also raised its full year earnings guidance.
Investors also breathed a sigh of relief the latest data showed U.S. inflation is still tame.
The consumer price index rose 0.3% in October — in line with expectations — boosted by higher gasoline prices, used cars and housing. The so-called core CPI, which strips out food and energy costs, missed estimates on an annualized basis, coming in at 2.1%. This is also lower than a previous reading of 2.2%.
Prices for the benchmark for the 10-year U.S. Treasury fell, raising yields to 3.16% from Tuesday’s 3.14%. Treasury prices and yields move in opposite directions.
Oil prices rose $1.31 to $57.00 U.S. a barrel.
Gold prices popped $1.20 at $1,202.60 U.S. an ounce.
