Equities in Toronto rose at open on Wednesday, led by gains in energy stocks after crude prices climbed on tighter supplies.
The S&P/TSX Composite Index gained 49.55 points to begin Wednesday at 16,386, after Tuesday’s session saw the end of a six-day win streak.
The Canadian dollar squeezed down 0.08 cents at 74.93 cents U.S.
Credit Suisse raised the price target on Cenovus Energy to $17.00 from $15.00. Shares in Cenovus gained 14 cents, or 1.1%, to $12.89.
CIBC cut the target price Shaw Communications to $31.00 from $32.00. Shaw shares surged 43 cents, or 1.6%, to $27.30.
ON BAYSTREET
The TSX Venture Exchange recovered 0.69 points to 629.28
All but one of the 12 Toronto subgroups strengthened, as materials, utilities and energy all perked 0.7% each.
Only consumer staples missed the party, falling but 0.1%.
ON WALLSTREET
Stocks opened Wednesday mixed, as market participants await minutes from the Federal Reserve’s latest meeting, as well as eye early results from companies reporting quarterly earnings.
The Dow Jones Industrial Average dropped 33.66 points to begin the day at 26,116.92,
The S&P 500 recovered 1.94 points to 2,880.14,
The NASDAQ Composite recouped 13.84 points to 7,923.12,
Apple shares slipped after HSBC downgraded the tech giant’s stock over concern regarding Apple’s services business. Disney’s stock rose after its second upgrade in as many days, with BMO Capital Markets seeing upside as the company expands its theme park offerings and launches its own online streaming service.
In corporate news, Delta Air Lines and MSC Industrial released their latest quarterly results this morning Bed Bath & Beyond is set to publish its earnings after market close.
The Federal Reserve will release the minutes of its March monetary policy meeting later in the session. Last month, the U.S. central bank decided to maintain interest rates and hold off on any further increases this year. The minutes should provide additional details for investors to understand why most Fed officials do not expect to raise interest rates in 2019.
The U.S. Labor Department said its Consumer Price Index rose 0.4% in March, the largest increase in over a year.
Meanwhile, global economic growth was a sore point for risk asset markets. The International Monetary Fund cut its forecast for world economic growth this year, saying a slowdown could force world leaders to coordinate stimulus measures.
The fund said it expects the world economy to grow by 3.3% this year. That’s down from its previous outlook of 3.5%, which was also a downgrade.
Prices for the benchmark 10-year U.S. Treasury gained, lowering yields to 2.47% from Tuesday’s 2.5%. Treasury prices and yields move in opposite directions.
Oil prices picked up 45 cents to $64.43 U.S. a barrel.
Gold prices improved $1.40 to $1,309.70 U.S. an ounce.
