Toronto stock indices ended a seventh straight session Wednesday higher as bullish Chinese trade data eased growth concerns and U.S. lawmakers reached a deal over debt ceiling limits to resolve a long-standing impasse.
The S&P/TSX composite index remained positive 19.50 points to close Wednesday at 13,900.49.
The Canadian dollar gained 0.09 cents to 90.93 cents U.S.
Energy stocks enjoyed the best success, with Imperial Oil surging 94 cents to $46.88, and Pacific Rubiales taking on 38 cents to $16.50.
Health-care stocks also prospered, with Catamaran Corp. surging $1.84, or 3.4%, to $56.07.
Financials improved, with Royal Bank gaining 43 cents to $70.55, and Scotiabank spiking 32 cents to $62.33
Gold stocks demurred, however, with Barrick Gold retreating 75 cents, or 3.5%, to $20.81, and Kinross Gold doffing 23 cents, or 3.9%, to $5.67.
Investors also digested a major deal involving Maple Leaf Foods. Mexico's Grupo Bimbo is buying all the shares of Canada Bread Co. Ltd. in a deal worth $1.83 billion or $72 a share. Maple Leaf currently holds 90% of Canada Bread's outstanding shares. Maple Leaf shares dipped 14 cents to $15.70 and Canada Bread zoomed ahead $4.94, or 7.3%, to $72.20.
ON BAYSTREET
The TSX Venture Exchange eked up 1.49 points to 981.73
Eight of the 14 Toronto subgroups were positive on the day, led by energy, up 1.2%, while health-care stocks enjoyed a 0.9% gain, and financials charged ahead 0.7%.
The half-dozen laggards were weighed mostly by gold, down 3.2%, materials, off 1.8%, and telecoms, sliding 1.5%.
ON WALLSTREET
Stocks ended mixed Wednesday, as investors took a bit of a breather following a four-day winning streak.
The Dow Jones Industrial Average dipped 30.83 points to finish at 15,963.94, as a slump in shares of Procter & Gamble weighed on the blue-chip index. The company cut its sales and earnings guidance for the year due to the devaluation of emerging market currencies.
The S&P 500 index slipped 0.49 points to 1,819.26. The NASDAQ added 10.24 points to 4,201.29.
On the corporate front, Cisco was in focus as investors anticipated the company's quarterly earnings. After the bell, Cisco reported profits and sales that were slightly higher than Wall Street's expectations, and also raised its quarterly dividend.
Leading up to the earnings release, Cisco shares finished the day slightly higher after being the only Dow component to end in the red Tuesday, despite the market's broad rally.
The stock was flat in early trading after hours. Shares are likely to move more dramatically once CEO John Chambers offers guidance during the company's conference call.
In other earnings news after the bell, Whole Foods shares fell after the company reported earnings and sales that missed forecasts and lowered its outlook.
Amazon shares ended sharply lower after UBS downgraded the stock to neutral from buy. The online retailer also announced that it would hire 2,500 full-time workers at its fulfillment centers, in addition to the 20,000 that it hired last year.
Social networking site LinkedIn fell 5% and was the worst performer in the Tech 30 index. The stock has slumped since announcing earnings and guidance last week that underwhelmed investors.
Shares of ING Group jumped after the Dutch bank reported significant quarterly increases in earnings. French bank Societe Generale also reported a quarterly jump in profit.
S&P 500 companies DaVita HealthCare Partners and retailer Fossil were also big gainers after reporting quarterly earnings that beat expectations.
The readings follow Tuesday's huge rally, sparked by the realization that the Federal Reserve's monetary policy is unlikely to change much under new Federal Reserve chair Janet Yellen
In testimony before the House, Yellen said the Fed will continue reducing its stimulus as the economy gradually improves. She added that recent emerging market turmoil posed no real risk to the economic outlook for the United States.
Prices for 10-year U.S. Treasuries dipped, raising yields to 2.76% from Tuesday’s 2.72%. Treasury prices and yields move in opposite directions.
Oil prices gained 31 cents to $100.25 U.S. a barrel.
Gold prices tacked on 70 cents to $1,290.50 U.S. an ounce.
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