Canada's main stock index rose on Wednesday, helped by data that showed the U.S. economy grew more than expected in the second quarter, while shares of Cenovus Energy gained after its profit more than tripled.
The S&P/TSX composite index gained 78.27 points to close trading at 15,524.82.
The day's gains saw the index notch another record, adding to a recent string of highs that have helped Toronto stocks rise more than 13% in the year so far.
The Canadian dollar fell another 0.42 cents at 91.73 cents U.S.
Cenovus was among the stock index's biggest gainers, rising 2.4% after the independent oil producer said its second quarter profit was helped by increased production at an oil sands project. The stock was up at $33.61.
Among other companies reporting quarterly results, MEG Energy swung to a profit from a year-ago loss and raised its annual production forecast. MEG's shares were up 3.3% at $38.98.
Thomson Reuters gained 3.3% to $41.42 after it reported higher revenue and profit.
On the downside, Penn West Petroleum was the biggest laggard, tumbling 13.8% after the company said it would have to restate some of its financial results. The stock was down at $8.57.
On the economic beat, Statistics Canada reported this morning that its Industrial Product Price Index edged down 0.1% in June, mainly because of lower prices for motorized and recreational vehicles.
The agency’s Raw Materials Price Index – released in conjunction with industrial products -- rose 1.1%, largely as a result of higher prices for crude energy products.
ON BAYSTREET
The TSX Venture Exchange lost 5.4 points to 1,011.10
All but four of the 14 Toronto subgroups were higher on the day, led by information technology stocks, up 2.1%, health-care issues, up 1.6%, and consumer discretionary stocks, up 1.3%.
The four laggards were weighed mostly by utilities, off 1%, gold, off 0.6%, and materials, down 0.3%.
ON WALLSTREET
Stocks trimmed losses Wednesday after the Federal Reserve did pretty much what everyone expected.
The Dow Jones Industrials settled 31.75 points to close at 16,880.36
The S&P 500 eked up 0.12 points to 1,970.07. The NASDAQ composite gained 20.20 points to 4,462.90, thanks to a big rally in shares of Twitter.
Twitter shares soared more than 20%. The social media company posted surprisingly strong second-quarter sales late Tuesday.
Shares of Buffalo Wild Wings plunged more than 12% Wednesday after the company's outlook for the second half of the year came in below analyst forecasts.
SodaStream aid earnings fell 28% in the second quarter, but still came in better than expected. Looking ahead, SodaStream lowered its outlook for sales in the United States. But the stock gained nearly 8%. There also have been recent reports suggesting SodaStream may want to go private.
Shares of U.S. Steel surged after the company reported a net loss that wasn't as bad as feared. The company also said it expects operating income to "increase significantly" in the current quarter.
Amgen shares gained after the company announced it was cutting up to 2,900 jobs, or about 12-15% of its workforce.
Mortgage insurance company Genworth Financial reported earnings that fell short of estimates, sending its stock down more than 11%.
DreamWorks Animation reported a net-loss for the second quarter, sending its shares down 13%.
U.S.-listed shares of Barclays were up more than 3% after the bank's first half earnings were well received.
Edwards Lifesciences, which makes heart valves, also gained on strong earnings.
Kraft Foods and Whole Foods will report after the close.
The U.S. economy has emerged from deep freeze. Gross domestic product, the broadest measure of economic growth, increased at an annual rate of 4% in the second quarter, the Commerce Department said.
The second-quarter growth rate was better than expected, and the decline in the first quarter was revised up to 2.1% from 2.9%.
The overall growth rate for the first half of 2014 is 1.8%, which is not far below the 2% average for the past few years.
The job market is also showing signs of strength. Payroll processing firm ADP said private sector employers added 218,000 jobs in July. That was down slightly from the month before.
The Fed announced plans to trim its bond buying program by $10 billion U.S., as expected.
The Fed will now buy just $25 billion U.S. in long-term Treasuries and mortgage-backed bonds, down from a peak of $85 billion U.S. It is widely expected to complete the program in October.
In its statement, the Fed acknowledged that the economy has improved. But the central bank reiterated that it plans to hold interest rates at historic lows for a "considerable time" after the asset purchasing program is finished.
Prices for 10-year U.S. Treasuries slumped, raising yields to 2.55% from Tuesday’s 2.46%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.36 to $99.61 U.S. a barrel.
Gold prices retreated $2.40 to $1,295.90 U.S. an ounce.
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