The Toronto stock market registered gains Wednesday as worries about the prospect of a U.S.-led military strike on Syria continued to discourage buyers.
The S&P/TSX composite index gained 62.02 points to greet noon at 12,653.23.
The Canadian dollar faded 0.15 cents to 95.33 cents U.S.
The market found support from rising gold stocks and record earnings from National Bank after geopolitical worries led to a 169-point loss on Tuesday.
Canada's sixth-biggest bank posted net income of $419 million or $2.39 a diluted share, up from $353 million or $1.98 per share in the same 2012 period.
Revenue rose 5% to $1.29 billion. Ex-items, net income was a record $391 million or $2.22 per diluted share, 16 cents higher than analysts expected and its shares rose $1.03 to $80.28.
The gold sector gained, following a slide of 4% Tuesday while gold prices erased early gains.
Barrick Gold Corp. advanced 49 cents to $21.13.
The energy sector was ahead as oil ran up to its highest level in over two years on worries over supply disruptions.
Canadian Natural Resources was ahead 46 cents to $32.20.
The metals and mining sector was up while the September copper contract was down two cents to $3.31 U.S. a pound. HudBay Minerals rose eight cents to $7.11.
Financials were a weight a day ahead of earnings releases from TD Bank, Royal Bank and CIBC. Royal was the worst performer of the three, down 32 cents to $64.03.
In other corporate news, Capital Power says it will sell three New England power plants to Emera Inc. in a $541-million U.S. deal that will see it will wind down its commodity and energy trading business outside Alberta before year end.
The company plans to close its Toronto office immediately and its Chicago office in 2014, changes that are expected to reduce annual expenses by $25 million to $30 million and lead to a $10-million restructuring charge in the third quarter. Capital Power shares gained 41 cents to $20.29 while Emera was unchanged at $30.35.
Transport giant Bombardier Inc. has signed a preliminary agreement with a Russian state corporation for the purchase of as many as 100 Q400 NextGen aircraft in a deal that could be worth up to $3.39 billion U.S. The agreement includes 50 Q400 NextGen aircraft to be sold to Russian operators and the potential placement of at least another 50 in the region. Bombardier gained three cents to $4.60.
ON BAYSTREET
The TSX Venture Exchange slipped 1.94 points to 934.80.
All but four of the 14 Toronto subgroups were higher by noon. Gold notched 2.2%, while the metals and mining group gained 1.8% and information technology clicked 1.7% higher
The four laggards were weighed mostly by real-estate, down 0.7%, health-care, off 0.3% and financials were down 0.1%.
ON WALLSTREET
U.S. stocks crawled back Wednesday, even as uncertainty roils markets around the world and investors fret over the potential consequences of a U.S.-led military strike on Syria.
The Dow Jones Industrials recovered 59.72 points to 14,835.80, after collapsing 170 points Tuesday.
The S&P 500 index gained back 6.14 points to 1,636.62. The NASDAQ gained 21.33 points to 3,599.85
The world seems increasingly convinced that the U.S. -- and its allies -- will make a military strike against Syrian government forces in the coming days. U.S. officials report that Syrian forces used chemical weapons to attack innocent people.
Oil stocks Chevron and Exxon Mobil were some of the best performing in the Dow on the new, each gaining more than 2%.
Shares of BlackBerry continued to climb on Wednesday, rising nearly 5%. The jump comes a day after reports surfaced that the ailing smartphone maker is considering spinning off its Messenger unit into a more agile subsidiary.
TiVo shares were up following healthy earnings after the bell on Tuesday. The rise was driven by several factors, including good reviews for its new Roamio box, a jump in subscribers and revenue generated from legal settlements.
Prices for the 10-year U.S. Treasury drooped, raising yields to 2.77% from Tuesday’s 2.72%. Treasury prices and yields move in opposite directions.
Oil prices picked up 88 cents to $109.81 U.S. a barrel.
Gold prices docked $4.50 to $1,415.70 U.S. an ounce.
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