Canada's main stock index climbed on Wednesday as gains in the energy sector helped overcome a selloff in gold-mining shares, which were hurt by a tumbling bullion price.
The S&P/TSX composite index galloped 157.83 points, or 1.1 %, to conclude Wednesday trading at 14,548.26
The Canadian dollar recovered 0.13 cents to 87.78 cents U.S.
Financials added strength as Royal Bank of Canada advanced 1.1% to $81.23, and Toronto Dominion Bank rose 0.8% to $55.98.
Shares of energy producers jumped as Suncor Energy gained 3.5% to $38.56, and Canadian Natural Resources was up 4% at $38.28.
TransCanada Corp advanced 3% to $56.86, on hopes that a Republican-controlled U.S. Senate will lead to the approval of the Keystone pipeline.
The gold-mining sector slipped, reflecting weakness in the
price of the commodity. Barrick Gold Corp shed 4.3% to $12.50.
Magna International reported a 47% jump in third-quarter earnings. Shares of the auto parts maker shot up 5.8% to $116.97.
Tim Hortons rose 0.6%, to $92.39, after the coffee chain's third-quarter profit beat market estimates.
ON BAYSTREET
The TSX Venture Exchange gave back 4.01 points Wednesday to 747.11.
All but four of the 14 Toronto subgroups were higher, led by energy, soaring 4%, consumer discretionary stocks, surging 2.2%, and industrials, up 1.3%.
The four laggards were weighed mostly by gold, sinking 4.7%, materials, down 1.7%, and global base metals, fading 0.6%.
ON WALLSTREET
The Dow Jones advanced to a record high on the sweeping Republican victory, which dealt a punishing blow to President Barack Obama, who is expected to limit his legislative agenda in his last two years in office.
The Dow Jones Industrials gained 100.69 points to 17,484.53
The S&P 500 gained 11.47 points to 2,023.57. The NASDAQ index fell 2.92 points to 4,620.72.
Mondelez International Inc surged after the packaged-food company beat estimates for the third-quarter earnings.
EOG Resources jumped after the oil and gas company beat earnings and revenue forecasts and raised its full-year production outlook.
Time Warner Inc. shares climbed after its sales and earnings beat forecasts.
Later on Wednesday, Tesla Motors Inc. will report, and shares were up 1.1% ahead of those results.
Investors welcomed the results of midterm elections in which Republicans, generally viewed as business-friendly, gained control of the Senate. A better-than-expected private-sector jobs report also aided markets in the early going Wednesday.
Private employers added 230,000 jobs last month, more than estimated and the largest gain since June, according to the ADP National Employment report, which casts a positive light on the labour front two days before the payrolls report.
Separately, a measure of the services sector compiled by the information-services company Markit fell to 57.1 in October from 58.9 the month before.
Prices for 10-year U.S. Treasuries stumbled, raising yields to 2.35% from Tuesday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.70 to $78.89 U.S. a barrel.
Gold prices slumped another $23.40 to $1,144.30 U.S. an ounce.
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