Equities in Canada’s largest market made slight headway Wednesday, supported by energy stocks as oil prices gained on hopes that Organization of the Petroleum Exporting Countries and its allies will delay a planned increase in output.
The TSX recovered 25 points to break for lunch Wednesday at 16,973.
The Canadian dollar gained 0.3 cents to 76.60 cents U.S.
The largest percentage gainers on the TSX were oil producer Enerplus Corporation, which jumped 11 cents, or 3.6%, and Vermilion Energy which rose 40 cents, or 8.9%, to $4.88.
Granite Real Estate Investment Trust fell $2.61, or 3.4%, to $75.11, the most on the TSX and the second biggest decliner was SilverCrest Metals down six cents to $9.68.
On the economic slate, Statistics Canada reported the consumer price index - rose 0.7% on a year-over-year basis in October, up from a 0.5% increase in September. The agency added that, on a seasonally-adjusted monthly basis, the CPI rose 0.3% in October, following a 0.1% increase in September.
ON BAYSTREET
The TSX Venture Exchange faded 1.3 points to 736.93.
The 12 TSX subgroups were evenly divided between gainers and losers, energy stocks leading the former category, up 2.5%, with health-care haler by 1.3%, and financials advancing 0.9%.
The half-dozen laggards were weighed most by gold, down 1.7%, materials, settling 1.1%, and communications, faltering 0.9%.
ON WALLSTREET
U.S. stocks rose slightly on Wednesday as investors digested more positive news on the coronavirus vaccine front.
The Dow Jones Industrial Average picked up 83.72 points to 29,867.07.
The S&P 500 nicked higher 5.75 points to 3,615.28.
The NASDAQ recovered 12.9 points to 11,912.24,
Pfizer released the final data on its vaccine candidate with BioNTech, which turned out even better than the initial data. The companies said the vaccine was 95% effective in preventing Covid-19 and fended off severe infections in the trial, adding that it plans to submit an application for emergency use authorization "within days."
Dow-member Boeing jumped as much as 4% as the Federal Aviation Administration lifted its ban on its 737 Max after a 20-month grounding following two deadly crashes. The stock last traded up 2%.
Meanwhile, Target shares rose about 2% after the retailer’s third quarter earnings topped estimates because of booming digital sales.
Lowe’s shares dropped 6% after the home improvement retailer reported third-quarter earnings and a profit outlook slightly short of estimates.
Stocks are having a strong month on the back of positive developments about Covid-19 vaccines. The Dow is up more than 12% and the S&P 500 is up more than 10% in November. The NASDAQ is up more than 9%, lagging as investors ditch technology shares for cyclical plays.
Prices for the 10-Year Treasury were unchanged, keeping yields at Tuesday’s 0.87%.
Oil prices prospered 68 cents to $42.11 U.S. a barrel.
Gold prices slipped $5.80 to $1,879.30
