Canada's main stock index rose for the fourth straight day on Wednesday, with nearly every sector making gains and energy companies getting a boost from rebounding commodity prices.
The S&P/TSX composite index gained 19.07 points to greet noon at 15,140.09
The Canadian dollar added 0.06 cents to 81.82 cents U.S.
Gold stocks led the charge, with B2Gold up nine cents, or 4.4%, to $2.13.
Suncor Energy was among the most influential movers on the upside, rising 1.2% to $36.55, while Canadian Natural Resources advanced 1% to $38.09.
The materials group was higher, with Franco-Nevada Corp rising 1.3% at $65.90.
Financials, the most influential sector on the entire index, rose as Toronto Dominion Bank was among the more influential financial stocks, with shares notching a 0.3% gain to trade at $56.24.
Investors were also awaiting the minutes from the Federal Reserve's April meeting for clues on when the U.S. central bank will likely resume hiking interest rates.
On the economic beat, Statistics Canada said wholesale sales rose 0.8% to $53.9 billion in March after two consecutive monthly declines. Higher sales were recorded in five of seven sub-sectors, accounting for 66% of total wholesale sales.
ON BAYSTREET
The TSX Venture Exchange slid 0.21 points to 694.78
Nine of the 14 Toronto subgroups remained in the green midday, with gold surging 1%, energy better by 0.9%, and materials improving 0.5%.
The five laggards were weighed by global base metals, plummeting 7.4%, industrials, demurring 0.6%, and metals and mining, sliding 0.3%.
ON WALLSTREET
U.S. stocks traded sideways on Wednesday following a record close on the Dow as investors awaited the afternoon release of the Fed meeting minutes.
The Dow Jones Industrials fell from Tuesday’s all-time record by 19.15 points to 18,293.24, with Coca-Cola leading gains and JPMorgan Chase the greatest laggard.
The S&P 500 index faded 2.53 points to 2,125.30, with telecommunications leading four sectors higher and industrials the greatest laggard.
The NASDAQ dipped 4.58 points to 5,065.46
Major earnings before market open included Lowe's, Hormel Foods, Staples, Target. After the bell, L Brands, NetApp, Salesforce.com, Williams-Sonoma, American Eagle Outfitters are all due to report.
Lowe's missed estimates by four cents with quarterly profit of 70 cents U.S. per share. Revenue missed forecasts, and same-store sales rose less than expected. JPMorgan Chase analyst Chris Horvers told the media that rival Home Depot has an advantage over Lowe's in both execution and store location.
Hormel Foods reported quarterly profit of 67 cents U.S. per share, five cents above estimates, although revenue was shy of forecasts. Hormel does say that its Jennie-O turkey business could be "significantly challenged" due to the impact of the bird flu outbreak in the U.S. However, Hormel did reaffirm its full-year earnings forecast
Staples matched estimates with adjusted quarterly profit of 17 cents U.S. per share, but revenue fell short and sales fell more than anticipated. Staples is in the process of merging with rival Office Depot, just two years after acquiring OfficeMax.
Target reported earnings of $1.10 U.S. a share, beating estimates of $1.03 U.S. a share, and raised the low end of its forecast range for the year. Same-store sales rose 2.3%, matching expectations from Consensus Metrix, Reuters said.
Yahoo gained more than 3%. The stock came under pressure late Tuesday on concern that possible U.S. tax law changes could affect the company's planned spinoff of its Alibaba stake. However, Yahoo issued a statement saying it understands that the latest IRS statement on the matter is not specific to the planned move.
Authorities on Wednesday fined JPMorgan Chase, Citigroup, Barclay's, RBS and UBS a total of more than $5.5 billion U.S. for rigging rates, the U.S. Department of Justice said on Wednesday.
The Federal Reserve Open Market Committee releases the minutes from its April meeting at 2 p.m. The statement from that month removed all calendar references to the timing of a short-term interest rate hike.
Investors are also looking ahead to a Friday speech from Fed Chief Janet Yellen for possible new clues on when the central bank may start raising interest rates.
Chicago Fed President Charles Evans said in Munich on Wednesday that a rate hike is not likely to be appropriate until early 2016, Reuters reported.
Prices for 10-year U.S. Treasuries gained, lowering yields to 2.27% from Tuesday’s 2.29%. Treasury prices and yields move in opposite directions.
Oil prices added 80 cents a barrel to $58.79 U.S.
Gold prices took on $3.40 to $1,210.10 U.S. an ounce.
Related Stories
