Shares in Canada’s biggest stock market found their upward early Wednesday, after dropping a near-three-week low.
The S&P/TSX composite index hiked 77.23 points to open Wednesday at 14,324.
The Canadian dollar dropped 0.11 cents to 84.37 cents U.S.
Canada's main stock index dropped to its lowest in nearly three weeks on Tuesday as oil prices plunged on renewed concerns about a global supply glut, helping push down shares of energy producers.
Republican senators kicked off the new U.S. Congress with legislation to approve the Keystone XL pipeline to bring oil from Canada, but the White House promptly threatened a veto. Energy stocks flourished, as TransCanada Corporation took on 49 cents to $54.70.
Despite weak metal markets, Seabridge Gold's chief executive is optimistic the company will find a partner this year to help fund and build its $5-billion KSM mine project, one of the world's biggest undeveloped gold and copper deposits. Seabridge shares slumped 23 cents, or 2.2%, to $10.28.
CIBC cut the price target on Crescent Point Energy to $41.50 from $44.00. Crescent Point shares moved higher 57 cents, or 2.3%, to $25.70.
RBC cuts price target on Crew Energy to $10.00 from $12.00. Crew shares inched up seven cents to $5.41.
Cowen and Company initiated coverage on Hudson's Bay Co. with an outperform rating, and a price target of $28.00. Bay shares spiked 50 cents, or 2.2%, to $23.50.
On the economic beat, Statistics Canada reported this morning that Canada's exports declined 3.5% in November and imports were down 2.7%. As a result, Canada's merchandise trade deficit with the world widened from $327 million in October to $644 million in November.
ON BAYSTREET
The TSX Venture Exchange inched up 0.42 points to 686.02
All but three of the 14 Toronto subgroups were higher in the early going, led by energy, up 1.3%, consumer staples, ahead 1.1%, and consumer discretionary stocks, gaining 0.9%.
The three laggards were gold, down 2.5%, materials, skidding 1.2%, and the metals and mining group, down 0.8%.
ON WALLSTREET
U.S. stocks jumped on Wednesday, with the S&P 500 rebounding from a five-session dive, after data on the labour market beat estimates and investors bet minutes from the Federal Reserve would signal ongoing stimulus.
The Dow Jones Industrials regained 170.34 points, or nearly 1%, to 17,541.98
The S&P 500 added 21.70 points to 2,024.31. The NASDAQ index recovered 50.04 points to 4,642.78.
Shares of J.C. Penney rallied in early New York trading after the retailer reported a 3.7% gain in same-store sales for the holiday season. American Express also gained after Goldman Sachs upgraded its shares to buy from neutral.
Private employers added 241,000 jobs to their payrolls in December, surpassing projections of a 226,000 gain, according to the ADP National Employment report.
The figures come two days before the U.S. Labor Department's non-farm payrolls report, with economists surveyed by Reuters looking for employment growth of 240,000 last month and a jobless rate of 5.7%.
Prices for 10-year U.S. Treasuries sagged, raising yields to 1.99% from Tuesday’s 1.96%. Treasury prices and yields move in opposite directions.
Oil prices gained 57 cents per barrel to $48.50 U.S.
Gold prices let go of $7.10 an ounce at $1,212.30 U.S.
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