Stocks in Canada’s largest market on Wednesday perked as data showed a major improvement in May factory sales in this country, suggesting a pickup in economic activity following coronavirus lockdowns.
The S&P/TSX Composite Index heightened 131.04 points to reach noon EDT Wednesday at 16,039.49.
The Canadian dollar leaped 0.39 cents at 73.92 cents U.S.
Cornerstone Capital Resources said on Wednesday it intends to urge SolGold shareholders to replace the company's entire board, a day after rejecting the London-listed miner's takeover offer for the second time. SolGold shares in Toronto were unchanged at 38 cents.
The largest percentage gainers on the TSX were Air Canada, which jumped $1.28, or 8%, to $17.27, and Genworth MI Canada, which rose $2.23, or 7%, to $34.08.
Wesdome Gold Mines fell 20 cents, or 1.5%, the most on the TSX, to $13.57. The second-biggest decliner was Kinross Gold down 26 cents, or 2.5%, to $10.26.
On the economic docket, Statistics Canada reported manufacturing sales increased 10.7% to $40.2 billion in May following a record 27.9% decline in April, as many manufacturers resumed operations following full or partial shutdowns related to COVID-19 during the previous month.
The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of 0.25%.
The Canadian Real Estate Association reported national home sales rose 63% on a month-over-month basis in June. Actual (not seasonally adjusted) activity was up 15.2% year-over-year.
ON BAYSTREET
The TSX Venture Exchange gained 6.32 points, or 1%, midday to at 668.67.
All but three of the 12 TSX subgroups were higher by lunch hour, led by health-care, up 3.2%, real-estate, climbing 2.4%, and energy, jumping 1.7%.
Among the three laggards, gold dulled in price 1%, materials fell 0.7%, and information technology clicked lower 0.1%.
ON WALLSTREET
Stocks rose Wednesday on the back of positive vaccine news from Moderna and a blowout quarter from Goldman Sachs.
The Dow Jones Industrials came off its highs of the morning, but approached noon higher 121.51 points to 26,764.10.
The S&P 500 gained 18.11 points to 3,215.63.
The NASDAQ moved downward 3.55 points to 10,485.03, as Amazon, Netflix and Alphabet all slid at least 1%.
Moderna said its coronavirus vaccine produced a "robust" immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial, according to newly released data published Tuesday evening in the peer-reviewed New England Journal of Medicine.
Shares of Moderna surged 10%. Stocks directly tied to an economic reopening jumped following the vaccine news. American Airlines, United Airlines, Royal Caribbean Cruise Lines all popped more than 10%.
Several states, including California, have had to roll back reopening measures as coronavirus cases continue to rise. Confirmed cases in the U.S. total more than 3.4 million and deaths have surpassed 136,000, according to Johns Hopkins University.
Earnings season continued after Goldman Sachs reported quarterly numbers that easily beat analyst expectations. The company’s results were driven by a 93% surge in trading revenue. Goldman shares rallied more than 3%.
Bank earnings had been mixed leading up to Wednesday. JPMorgan Chase reported on Tuesday better-than-expected quarterly results on the back of a massive surge in trading revenue. Meanwhile, Wells Fargo suffered a $2.4-billion loss and slashed its dividend to 10 cents per share.
Apple contributed to the gains Wednesday, rising 1.6% after a European Union court annulled a 2016 European Commission order for the tech giant to pay $15 billion in taxes.
Prices for the 10-Year Treasury were slightly higher, lowering yields to 0.62% from Tuesday’s 0.63%. Treasury prices and yields move in opposite directions.
Oil prices gained 42 cents to $40.71 U.S. a barrel.
Gold prices shed $1.20 to $1,812.20 U.S. an ounce.
